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
Johnson & Johnson Willing To Pay $5.5bn To End Baby Powder Lawsuits Against The Company
The proposed settlement encompasses approximately 76,000 claims, including those consolidated in federal court in New Jersey and related cases in state courts, representing nearly all outstanding talc-related allegations against the company.
Johnson & Johnson has announced a provisional settlement of an estimated $5.5 billion to resolve tens of thousands of lawsuits alleging its talc-based products, including baby powder, caused ovarian cancer.
The proposed settlement encompasses approximately 76,000 claims, including those consolidated in federal court in New Jersey and related cases in state courts, representing nearly all outstanding talc-related allegations against the company.
J&J had previously settled the majority of cases asserting that its talc contained asbestos and led to mesothelioma
The landmark agreement could bring an end to a contentious legal battle that has plagued the pharmaceutical giant for a decade.
The Independent UK reported yesterday. Plaintiff law firms confirmed the deal, describing it as a positive resolution following the protracted court proceedings.
For the agreement to become final, it requires acceptance from 95 per cent of the ovarian cancer claimants across state or federal jurisdictions.
Erik Haas, J&J’s Vice President of Litigation, maintained that the claims were “meritless” but stated the company was willing to settle to achieve “closure.”
Business
FG Availing ₦3.6bn to 200,000 Tailors Nationwide
Dr Afiz Ogun, Director-General of the ITF, announced the approval during the nationwide screening of applicants for the 2026 edition of the SUPA Programme in Abuja.
Image credit: Bella Naija
The Federal Government has launched a ₦3.6 billion funding to support about 200,000 tailors under the Industrial Training Fund’s (ITF) Skill Up Artisans (SUPA) Programme.
Dr Afiz Ogun, Director-General of the ITF, announced the approval during the nationwide screening of applicants for the 2026 edition of the SUPA Programme in Abuja.
He said that the screening is designed to ensure only genuine artisans benefit.
Applicants are assessed on documentation, practical skills, commitment to the trade and readiness for further training.
The programme, launched in 2024, aims to reduce Nigeria’s dependence on foreign artisans by equipping local professionals with modern technical and entrepreneurial skills.
Under a new business incubation model, beneficiaries will receive industrial-grade sewing machines, specialised tailoring equipment, business signboards, mentorship and technical support.
The ITF dropped its previous practice of distributing starter packs after discovering that many beneficiaries sold the equipment instead of using it to build businesses.
Business
Naira Exchange Rates To Foreign Currencies Wednesday, July 29
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,405 Sell ₦1,415
GREAT BRITISH POUND (GBP) Buy ₦1,900 Sell: ₦1,930
EURO (EUR) Buy ₦1,585 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Sterling Bank
Currency Buy Sell
USD / NGN ₦1350.00 ₦1385.00
GBP / NGN ₦1774.08 ₦1861.62
EUR / NGN ₦1514.63 ₦1595.45
ZAR / NGN ₦80.34 ₦84.76
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,365.43
GREAT BRITISH POUND (GBP) ₦1,816.05
EURO (EUR) ₦1,552.88
SWISS FRANC (CHF) ₦1,667.11
JAPANESE YEN (JPN) ₦8.33
CHINESE YUAN (CNY) ₦201. 66
WEST AFRICAN CFA (XOF) ₦2. 36
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,847.10
SAUDI RIYAL (SAR) ₦363.74
SOUTH AFRICAN RAND (ZAR) ₦81.54
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