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
OPay launches new office in Jos
” Opening this office in Jos allows us to stay closer to the people we serve, better understand their needs, and continue to provide fast, secure, and reliable financial services that improve everyday life.”
OPay has officially launched its new office in Jos, Plateau State.
Speaking at the event, OPay’s Chief Operations and Technology Officer, Dotun Adekunle, said that the new Jos office reflects OPay’s continued commitment to putting customers first and advancing financial inclusion across Nigeria.
He said :” Our customers are at the center of everything we do.
Opening this office in Jos allows us to stay closer to the people we serve, better understand their needs, and continue to provide fast, secure, and reliable financial services that improve everyday life.”
Business
Governor Otti Commissions Ultimum Manufacturing Plant in Aba
Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.
Ultimum Limited, the manufacturers of Razzl brand of carbonated soft drinks has commissioned its state-of-the-art beverage manufacturing plant in Aba, Abia State.
Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.
Located in the Osisioma Industrial Layout, the new plant was commissioned by the Governor of Abia State, Dr. Alex Chioma Otti.
Otti described the investment as a clear signal of economic revival and growing investor confidence in Abia State.
“This investment confirms that we are creating the right conditions for businesses to grow, thrive, and succeed. Investors will always go where there is clarity, stability, and opportunity.
Our focus has been to build that environment, and today’s commissioning shows that the strategy is working,” he said.
The Chairman of Ultimum Limited and representative of the investor group, Mr. Whalen Kadji, emphasized the company’s long-term commitment to Aba and Nigeria.
“We did not come here by chance. We came because of the energy and entrepreneurial spirit of Aba. This city has always been a center of enterprise, and we believe strongly in its future.
This plant is more than an investment in beverages; it is an investment in people, in jobs, and in the growth of local industry. We are here for the long term, and this is just the beginning of what we intend to build here.”
The Managing Director of Ultimum Limited, Mr. Austin Ufomba, described the plant as a bold step in the company’s journey.
“Ultimum Limited started with a simple idea, to build world-class products right here in Africa,”he said.
Business
Oil price jumps to $106, stocks drop on uncertainty over US-Iran talks
Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.
Oil prices jumped and equities slid Thursday as hopes for a peace deal between the US and Iran wavered after Tehran rejected Washington’s bid to wind down the nearly four-week war.
Markets had been buoyed this week by US President Donald Trump’s announcement that strikes targeting Iran’s energy infrastructure would be postponed, adding that the two sides were in peace talks.
But uncertainty over the talks and the virtual closure of the Strait of Hormuz — through which around 20 percent of oil and liquefied natural gas passes — have cast a shadow over market sentiment.
“The market rollercoaster continues,” said Joshua Mahony, chief market analyst at Scope Markets.
Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.
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