Bi-Courtney Consortium says the N300bn suit it brought against the Assets Management Corporation of Nigeria has not been dismissed by the court.
The company, in a reaction to media reports that the case had been dismissed by the Federal High Court sitting in Lagos, described the claim as erroneous.
According to the company, owned by Dr. Wale Babalakin, the reports are a distortion of facts.
“The issue of whether AMCON was liable to pay damages to Bi-Courtney was never determined by the court. For the avoidance of doubt, the parties to the case had indeed entered into an out-of-court settlement as set out in an offer letter by AMCON, dated May 7, 2014. It was on account of the non-production of the said letter in court that Hon. Justice M. B. Idris dismissed the suit. We have filed a notice of appeal and we will have our day in court,” the statement added.
Bi-Courtney said that as the claimant, it had sought a number of reliefs against AMCON as the defendant.
The statement read in part, “The first relief (Relief 1) sought ‘A declaration that as of the 22nd of September 2014, the defendant’s offer letter dated 7th May, 2014, cannot create a new cause of action.’
“The ‘new cause of action’ referred being an ex-parte order granted on September 22, 2014 (Suit no. FHC/LCS/1361/2014) which prevented Dr. Babalakin from drawing from his bank accounts, with the resultant damage to his reputation and businesses.
“Among other reliefs, Bi-Courtney sought an award of general, aggravated and exemplary damages totaling N300bn – which the company insists were never determined by the court.”
According to the company, the court did not determine its N300bn claim for damages, and reports to the contrary are inaccurate and lacking in credibility.
“We urge members of the press to check all available facts and seek clarification from us in future, before rushing to publish outdated and lopsided reports,” it added.
Bi-Courtney stated that N10,000 was awarded as ‘punitive damages’ in favour of AMCON but that, did not represent a victory for the assets management corporation.
“Members of the public are discerning enough to reach their own conclusions about the N10, 000 damages, which is symbolic at best,” the statement added.
Nigeria’s Petrol Imports Decrease by 1 Billion Litres Following Subsidy Removal
Nigeria’s monthly petrol imports declined by approximately 1 billion litres following the fuel subsidy removal by President Bola Ahmed Tinubu, the National Bureau of Statistics (NBS) reported.
The NBS findings illuminate the tangible effects of this policy shift on the country’s petroleum importation dynamics.
Prior to the subsidy removal, the NBS report delineated a consistent pattern of petrol imports with quantities ranging between 1.91 billion and 2.29 billion litres from March to May 2023.
However, in the aftermath of Tinubu’s decision, the nation witnessed a notable downturn in petrol imports, with figures plummeting to 1.64 billion litres in June, the first post-subsidy month.
This downward trend persisted in subsequent months, with July recording a further reduction to 1.45 billion litres and August witnessing a significant decline to 1.09 billion litres.
August’s import figures represented a decrease of over 1 billion litres compared to the corresponding period in 2022.
The NBS report underscores the pivotal role of the subsidy removal in reshaping Nigeria’s petrol import landscape with the Nigerian National Petroleum Company emerging as the sole importer of fuel in the current scenario.
Despite higher petrol imports in the first half of 2023 compared to the previous year, the decline in June, July, and August underscores the profound impact of subsidy removal on import dynamics, affirming the NBS’s latest findings.
Nigeria’s Oil Rig Count Soars From 11 to 30, Says NUPRC CEO
The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has announced a surge in the country’s oil rig count.
Komolafe disclosed that Nigeria’s oil rigs have escalated from 11 to 30, a substantial increase since 2011.
Attributing this surge to concerted efforts by NUPRC and other governmental stakeholders, Komolafe highlighted the importance of instilling confidence, certainty, and predictability in the oil and gas industry.
He explained the pivotal role of the recently implemented Petroleum Industry Act (PIA), which has spurred significant capital expenditure amounting to billions of dollars over the past two and a half years.
Speaking in Lagos after receiving The Sun Award, Komolafe underscored the effective discharge of NUPRC’s statutory mandate, which has contributed to the success stories witnessed in the sector.
The surge in Nigeria’s oil rig count signifies a tangible measure of vibrant activities within the upstream oil and gas sector, reflecting increased drilling activity and heightened industry dynamism.
Also, Komolafe noted that NUPRC has issued over 17 regulations aimed at enhancing certainty and predictability in industry operations, aligning with the objectives outlined in the PIA.
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