Business
Indigenous oil and gas engineering company, Kaztec, Urges Appeal Court to Set Aside Judgment on OMLs Dispute
An indigenous oil and gas engineering company, Kaztec Engineering Limited, has asked the Abuja Division of the Court of Appeal to set aside the judgment of Justice Nkeonye Evelyn Maha of Federal High Court Abuja, which struck out its suit filed against the Ministry of Petroleum Resources, and five others regarding Oil Mining Leases (OMLs) 123, 124, 126 and 137.
Justice Maha had in her judgment delivered on December 15, 2023, struck out suit number: FHC/ABJ/CS/1291/2020, filed by Kaztec Engineering Limited against the Ministry of Petroleum Resources; the Attorney General of the Federation; Mars Exploration and Production Company Ltd; the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Petroleum Company Limited (NNPCL).
Dissatisfied, Kaztec Engineering Limited in its Notice of Appeal filed by its team of lawyers, led by Jeph C. Njikonye, SAN is praying the appellate court to allow the appeal and set aside the whole decision striking out the appellant’s suit/claims.
The appellant also urged the court to invoke Sections 15 and 16 of the Court of Appeal Act and assume jurisdiction to determine its 2nd Amended Originating Summons; and resolve issues 5 endorsed on the appellant’s Amended Originating Summons filed on March 22, 2023 in its favour.
The appellant argued that the trial court erred in law when it struck out its suit on the grounds of non joinder of Salvic Petroleum Resources Ltd, stating that the law is trite that non-joinder of a party does not defeat the cause of action.
Njikonye argued that the joint award of the disputed OMLs to the appellant and Salvic Petroleum Resources Ltd. was clearly delineated to be on equity participation of Kaztec
He urged the court to hold that the appellant (Kaztec) had a distinct cause of action against the respondents to commence its suit and to seek the reliefs sought.
Besides, Njikonye argued that the trial court erred in law when it held that non production of document evidencing payment of signature bonus rendered the court incompetent to entertain the suit.
He stated that the lower court had in its rulings affirmed the appellant’s reasonable cause of action against the respondents, submitting that the appellant never sought any reliefs against Salvic Petroleum Resources Limited being not a necessary party for the determination of the appellant’s suit.
He urged the court to hold that “The appellant had locus standi to commence and maintain the action in its personal capacity, and that the non joinder of Salvic Petroleum Resources Ltd. as a party could not have defeated the Appellant’s cause of action.”
He submitted that the matter submitted to the lower court was for the interpretation of Section 2(1)(B); 12(1); Paragraph 35 Schedule 1 of the Petroleum Act; Letters of Award of Oil Mining Lease (OMLS) 123, 124, 126 and 137 dated 30th March, 2021, 7 April 2021 and 11th June, 2071 and a determination that the review of the award of the OMLs to the appellant in the circumstances of the case was wrongful.
He stated that the issue of payment of signature bonus would not arise until the award to the appellant is restored.
The appellant argued that the competence and jurisdiction of the court to determine matters in dispute between persons, government or authority is regulated by the Constitution and relevant statutes.
He submitted that there was nothing in the provisions of the Petroleum Act, any other law or Section 251 of the Constitution of the Federal Republic of Nigeria 1999 (as amended) that made payment of signature bonus a condition precedent for the appellant to commence the suit in the circumstances of the action.
The lower court had issued an interim order directing the parties to the suit (including the Minister of Petroleum Resources and the NUPRC) to maintain the status quo in relation to the said OMLs.
However, in the judgment of the court delivered last Friday, the court held that the Originating Summons was incompetent, having failed to join a necessary party (Salvic Petroleum) to the suit. Consequently, the suit was struck out.
In effect, the appeal entered by Kaztec Engineering Ltd shall act as stay of further action on the subject matter until the appeal is finally determined.
Business
CBN revokes 46 MFBs’ licences
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).
CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.
She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 395 Sell ₦1, 405
GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,870
EURO (EUR) Buy ₦1, 580 Sell ₦1,600
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
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,370. 68
GREAT BRITISH POUND (GBP) ₦1,825.05
EURO (EUR) ₦1,572.98
SWISS FRANC (CHF) ₦1,705.00
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦203. 32
WEST AFRICAN CFA (XOF) ₦2.41
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,875. 81
SAUDI RIYAL (SAR) ₦367.19
SOUTH AFRICAN RAND (ZAR) ₦84.12
The Federal Government has intensified efforts to protect Nigeria’s pig industry from the growing threat of African Swine Fever, a highly contagious livestock disease.
The Minister of Livestock Development, Idi Mukhtar Maiha, says the government is strengthening biosecurity measures, disease surveillance, and stakeholder collaboration to prevent the spread of the disease and safeguard livestock production nationwide.
Speaking during a technical presentation on the status of African Swine Fever in Nigeria, the Minister commended the Chief Veterinary Officer of the Federation, Dr. Yakubu Yanet Ago, for sharing lessons from a recent study visit to Denmark.
He said that the experiences gained from the visit would help Nigeria develop practical solutions to livestock health challenges and improve preparedness against disease outbreaks.
Maiha highlighted Denmark’s pig traceability and compensation system, where every pig is tracked from birth and farmers contribute to a dedicated fund that provides compensation during disease outbreaks.
According to him, such a model encourages early disease reporting, strengthens transparency, and could be adapted to support Nigeria’s livestock sector.
The Minister also pointed to Denmark’s strict biosecurity measures, including mandatory disinfection of vehicles transporting pigs and controls to prevent contact with wild animals.
He stressed that biosecurity should be viewed as an investment rather than a burden, noting that strict movement controls and farm access restrictions have proven effective in containing disease outbreaks.
To strengthen disease prevention, the Minister directed relevant departments to map livestock movement routes, identify major pig markets and commercial farms, improve animal traceability systems, and deepen collaboration with pig farmers, state governments, and development partners.
He also called for stronger surveillance systems, improved laboratory capacity, and greater investment in veterinary research.
In his remarks, the Chief Veterinary Officer of the Federation, Dr. Yakubu Yanet Ago, described African Swine Fever as a devastating viral disease with mortality rates of up to one hundred percent and revealed that outbreaks have been recorded in about twelve states.
He revealed that the Federal Government’s response focuses on improved surveillance, farmer education, and stronger biosecurity, while urging greater cooperation among all tiers of government, increased funding, and alignment with international disease control strategies to achieve long-term eradication of the disease.
Nigeria Moves from Decline to Stability – Finance Minister Oyedele (Photos)
CBN revokes 46 MFBs’ licences
Nigeria must never experience another civil war, Obasanjo warns
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
News3 days agoJUST IN: Two Trucks, Car Collide on Lagos Expressway, Several Injured
-
Business3 days agoNaira Exchange Rates Monday, 29 June 2026
-
Health3 days agoWHO Confirms 1,300 deaths in Europe heatwaves
-
Politics3 days ago2027: Atiku Alleged Plot To Keep ADC Off Ballot
-
News3 days agoJAMB and Rite Foods Initiate Rewarding Top Performing Candidates
-
Business2 days agoBUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club
-
News3 days agoFG bans motorcycles, tricycles on Lagos-Calabar Coastal Highway
-
Politics2 days agoJUST IN: Adeboye says he Admires Trump, declaring “He is the best politician I’ve met’