Economy
$2.7bn Debt: NNPC Wins Judgement Against ESSO, Shell
By Adedapo Adesanya
The Nigerian National Petroleum Corporation (NNPC) was on the triumphant side of the verdict delivered by the United States Southern District Court of New York in a judgement between the corporation and ESSO Exploration and Production Nigeria Limited and Shell Nigerian Exploration and Production Company Limited (collectively ESSO).
This was disclosed in a statement issued by Mr Ndu Ughamadu, the spokesman for the corporation on Sunday in Abuja.
It will be recalled that a court hearing was held on February 1, in the protracted litigation arising from the dispute between NNPC and ESSO regarding the implementation of the production sharing contract dated May 21, 1993 covering OPL 209/OML 133.
ESSO referred its claims to arbitration in Nigeria and obtained an arbitral award of $1.799 billion on October 24, 2011, with annual interest running at LIBOR plus four percent.
Unsatisfied with the ruling, the NNPC challenged the award at the Federal High Court, Abuja, which in May 2012, ordered that the arbitral award be set aside.
Notwithstanding the decision of the Nigerian court, ESSO applied to the United States District Court, Southern District of New York for recognition and enforcement of the arbitral award.
NNPC challenged ESSO’s application on the ground that there was no award, which the US court could enforce as a competent court in Nigeria had since set aside the award.
The corporation also contended that there was no legal basis for the US court to exercise jurisdiction over it as it had no presence in the United States, owned no property and does not conduct its businesses therein.
ESSO argued that the NNPC was the alter ego of the Federal Government of Nigeria, owned assets in the USA including bank accounts and also conducts businesses in the USA.
It thereafter, obtained the leave of court to conduct jurisdictional discovery to ascertain if the US court could assert personal jurisdiction over NNPC.
At the close of the discovery procedure, the court ordered NNPC and ESSO to appear for oral hearing, which was held before Judge W. H. Pauley on February 1, for parties to canvass their respective positions.
On September 4, the US court delivered its judgment by which it upheld the corporation’s application to dismiss ESSO’s enforcement application on the ground that a competent Nigerian court had set aside the underlying award.
It also directed the clerk of the court to terminate and discontinue all motions and processes filed by ESSO in the matter.
“By this development, NNPC has successfully secured the dismissal of ESSO’s application to secure recognition and enforcement of its arbitral award valued in excess of $2,699,405,616 plus interest.
“The effect is that ESSO, who had sought the order of the US court to enforce the said award, has lost the right. While ESSO is at liberty to appeal this decision, NNPC is optimistic that its case on appeal is very strong.
“This is a significant decision in the history of this case as the US court has not only discharged NNPC from any indebtedness to ESSO, but also set the stage for NNPC’s pursuit of the challenge of three other outstanding enforcement applications filed in the US court by other production sharing contract contractors,” Mr Ugahmadu said.
He also said that the decision of the US court would lend weight to the effort of NNPC and the production sharing contract contractors to explore amicable resolution of other underlying disputes.
The statement noted that NNPC was represented by the US law firm of Messrs. Chaffetz Lindsey and Nigerian law firm of Messrs. Streamsowers and Kohn.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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