Business
BREAKING: Nestoil/Neconde Reclaims Headquarters After IGP Complies with Supreme Court’s Ruling
The case stems from a long-running debt recovery action by a consortium of lenders led by FBNQuest Merchant Bank Limited and First Trustees Limited.
Image credit : Arise News
The Inspector General of Police has fully complied with the Supreme Court’s judgment, paving the way for Nestoil Neconde to peacefully move back into its corporate headquarters today.
The move marks the resolution of a long-standing dispute, with the company regaining control of its property in line with the Supreme Court’s directive.
Operations are expected to resume immediately following the reoccupation.
This development brings to a close a high-profile legal battle that had drawn attention across the oil and gas sector.
A five-member panel of the Supreme Court delivered a unanimous judgment in favour of Nestoil Limited and Neconde Energy Limited.
The apex court set aside the Court of Appeal’s earlier order that froze the assets of Nestoil, Neconde, and related entities.
It ruled that the Court of Appeal exceeded its jurisdiction by granting sweeping ex parte orders and injunctions in the matter.
The Supreme Court criticised the appellate court for assuming jurisdiction when the matter was not properly before it and for misuse of the judicial process, including issuing a stay of proceedings at the Federal High Court.
The ruling effectively restores control of the companies’ assets and operations to Nestoil/Neconde and their board-appointed representatives while the substantive $1.1 billion debt dispute continues at the Federal High Court.
The case stems from a long-running debt recovery action by a consortium of lenders led by FBNQuest Merchant Bank Limited and First Trustees Limited.
The lenders alleged over $1.1 billion in liabilities tied to financing for oil assets. A receiver/manager had been appointed, leading to disputes over asset control, legal representation, and possession of properties (including Nestoil’s headquarters).
Source: Arise News
Business
Exchange Rates Today Friday, 12 June
Black Market Rates
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Black Market Rates
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Business
Airtel launches data calculator to counter depletion complaints
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.
Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.
Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.
“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.
The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.
Business
Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.
The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.
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