Business
Court dismisses NNPCL’s objection to Dangote Refinery’s suit on import licence
A Federal High Court in Abuja has dismissed the objection raised by the Nigerian National Petroleum Company Limited (NNPCL) against the competence of a suit filed by Dangote Petroleum Refinery and Petrochemicals FZE (Dangote Refinery).
Dangote is seeking to void the licences issued by the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to some oil marketing companies to import refined petroleum products.
In its objection, the NNPCL challenged the jurisdiction of the court to hear the suit and urged the court to strike out its name from the suit on the grounds that it was not properly identified by the plaintiff.
It argued that the name, “Nigerian National Petroleum Company Limited,” being its registered name with the Corporate Affairs Commission (CAC), is not the one and the same entity the second defendant sued but the “Nigerian National Petroleum Corporation”.
Ruling yesterday, Justice Inyang Ekwo held that NNPCL’s objection was incompetent as it was filed in violation of Order 29 of the Federal High Court Civil Procedure Rules (FHCCPR), 2019.
Justice Ekwo also held that the NNPCL ought to have filed a defence in the form of a counter-affidavit to the plaintiff’s suit before raising an objection.
The judge averred that under the procedure in lieu of demurrer, any party is entitled to raise, by his pleading, any point of law, and that any point so raised may be disposed of by the trial court at trial or after the trial.
He explained that where a defendant seeks to challenge the jurisdiction of the court, it is the provision of Order 29 of the Federal High Court Civil Procedure Rules (FHCCPR), 2019, that would be applicable.Justice Ekwo added that the NNPCL failed to comply with the provision.
The judge held that the NNPCL, having not complied with the provisions of the FHCCPR 2019 could not be said to have filed a competent preliminary objection.
Business
Enugu Air, airport concession to support state’s $30bn economy goal –Commissioner
“We looked at Enugu as an economic hub where tourism, hospitality, investment, and aviation can work together to drive growth.”
The Enugu State government said its new airline, Enugu Air, and the concession of the Akanu Ibiam International Airport, will support its plan of growing the state’s economy from $4.4 billion to $30 billion by 2031.
In a statement, the Secretary to the State Government, Chidiebere Onyia, outlined how the state government plans to use aviation, tourism, and agriculture to drive economic growth.
He said that the airport concession is part of a broader strategy by Governor Peter Mbah’s administration to re-position Enugu as a major economic hub in the South East.
“We looked at Enugu as an economic hub where tourism, hospitality, investment, and aviation can work together to drive growth,” he said.
Mr Onyia said that the state expects an increase in visitor traffic in the coming years and believes air transport will play an important role in supporting that growth.
He further explained that the government’s projections are linked to plans to attract tourists, investors and businesses to the state
Business
Naira Exchange Rates Wednesday June 17
Black Market Rates
US DOLLAR (USD) Buy ₦1,395 Sell ₦1,405
GREAT BRITISH POUND (GBP) Buy ₦1,870 Sell: ₦1,900
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,357. 18
GREAT BRITISH POUND (GBP) ₦1,820.39
EURO (EUR) ₦1,573. 79
SWISS FRANC (CHF) ₦1,708. 87
JAPANESE YEN (JPN) ₦8.46
CHINESE YUAN (CNY) ₦200. 86
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,853.88
SAUDI RIYAL (SAR) ₦361.64
SOUTH AFRICAN RAND (ZAR) ₦83.67
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,395 Sell ₦1,405
GREAT BRITISH POUND (GBP) Buy ₦1,870 Sell: ₦1,900
EURO (EUR) Buy ₦1,585 Sell ₦1, 610
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Business
NAICOM Hands Over African Alliance Insurance to New Board, Management team
The Commissioner charged the newly constituted Board OF Directors to work collaboratively with shareholders while upholding the highest standards of corporate governance, regulatory compliance, and operational transparency.
The National Insurance Commission (NAICOM), has handed over the operations of African Alliance Insurance plc to a new Board of Directors and a new management team.
The new board is chaired by Rear Admiral Anthony Odogba Isa while the management team is led by Mr. Abayomi Olakunle Ogunkeye as the Managing Director.
The new board was nominated by the company’s shareholders, following the successful conclusion of a regulatory intervention commenced by NAICOM in the company in October 2024.
The handover marks a significant milestone in restoring the company’s financial stability, safeguarding the interests of policyholders and annuitants, and repositioning the organisation for sustainable growth.
NAICOM had in October 2024, intervened in African Alliance Insurance after it faced severe liquidity challenges, a backlog of unsettled claims particularly annuity obligations regulatory breaches, and reputational damage that threatened its continued existence and undermined policyholders confidence.
To address these challenges, NAICOM appointed an Interim Management Board (IMB) and an interim management team, with a clear mandate to stabilise the company, unlock liquidity, settle outstanding liabilities, conduct forensic and actuarial reviews, and restore stakeholder confidence.
Speaking during the handover ceremony, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, highlighted the transformative impact of the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025.
He noted that the legislation strengthens regulatory oversight, enhances public confidence, and supports deeper insurance penetration in Nigeria.
According to him, a major milestone under the Act is the establishment of the Insurance Policyholders Protection Fund (IPPF) a landmark mechanism designed to provide financial relief to policyholders in the event of insurer distress, insolvency, or liquidation.
The Fund represents a significant advance in consumer protection and aligns Nigeria’s regulatory framework with global best practices.
The Commissioner charged the newly constituted Board OF Directors to work collaboratively with shareholders while upholding the highest standards of corporate governance, regulatory compliance, and operational transparency.
He emphasised the importance of sustaining policyholder confidence through prompt claims settlement, sound solvency management, and prudent business practices.
He further directed the board to strengthen corporate governance structures, restructure portfolios, update and reconcile policyholder records as well as reinforce transparency and accountability.
Source : ThisDay
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