Business
Court awards N82bn damages against Mobil, NNPC over oil spills
A federal high court in Abuja has ordered Mobil Producing Nigeria Unlimited and the Nigerian National Petroleum Corporation to pay N81.9bn as damages to communities in Ibeno LGA of Akwa Ibom State over oil spillage.
The court awarded the sum of N42.8bn as damages for intangible losses, N21.9bn for special damages as annotated and N10bn as general damages.
Delivering the judgment on Monday, the judge, Taiwo Taiwo, said the companies must make payment to the communities within 14 days.
The suit was instituted against the two defendants by the aggrieved oil-producing communities led by Obong Effiong Archianga and nine others through their lawyers, Lucius Nwosu.
They had sought about N100 billion compensation for economic losses suffered from oil spillages caused by the defendants during exploration, NAN quoted court papers.
The judge held that the negligence of Mobil and NNPC caused environmental degradation in the communities.
He said NNPC is only interested in the revenue generations from the oil exploration at the expense of the people’s lives in the communities.
Taiwo said that he believed the oral and documentary evidence adduced by the plaintiffs to support their claims that lives were made miserable for them when their water and land were polluted through crude oil leakages from old oil pipelines.
He noted the claims of Mobil that it did clean up exercise and held that the oil giant failed to address the compensation that would have mitigated the economic losses of the people said to be mainly fishermen and farmers.
The judge also described witnesses called by Mobil as unreliable, adding that for no reason they became evasive during cross-examination by counsel to the plaintiffs.
He held that the oral and documentary evidence produced by Mobil Company were not in any way helpful to the court as they were targeted at serving predetermined interest.
The judge further said that some of the witnesses ought not to have come to the court at all going by the discrepancies in the documents brought to the court, adding that they only embarked on guess research that was not reliable.
He further held that both Mobil and NNPC were negligent by their failure to visit places of the leakages of the crude oil that led to the contamination of rivers and creeks.
The judge rejected the claims of the Mobil joint venture partner, NNPC, that the suit was statute-barred in 2012 when the aggrieved plaintiffs filed it.
The NNPC had claimed that the suit was not filed within 12 months by the plaintiffs as required by the provision of Section 12, Sub Section 1 of the NNPC Act, 2004.
However, the judge held that the instant suit had to do with fundamental rights that cannot be rendered impotent by the statute of limitations.
He stated further that Section 11, Subsection 5 of the Oil Pipeline Act made it mandatory for oil companies to monitor and repair their pipelines to avoid spillages and environmental degradation.
Auto
CFAO Mobility Open Day to offer special deals on new vehicles, parts, diagnostics
CFAO Mobility Open Day to offer special deals on new vehicles, parts, diagnostics
CFAO Mobility has announced plans to host the 2026 edition of its flagship CFAO Mobility Open Day, aimed at showcasing a wide range of innovative mobility solutions.
In a statement, the company said the event would take place on Thursday, April 30, 2026, at Harbour Point, Victoria Island, Lagos, from 9am to 6pm.
The Open Day is expected to bring together leading global automotive and equipment brands in a dynamic exhibition tailored to meet diverse mobility needs.
Participating brands are Toyota, BYD, Mitsubishi, Suzuki, Fuso, JCB, Howo, Sino Equipment, King Long, TechKing Tyres, Yamaha, Winpart and Auto Fast.
According to CFAO Mobility, attendees will experience an extensive display of products and services, ranging from brand-new vehicles and motorcycles to outboard engines, fleet management solutions, spare parts and aftermarket services.
The event, which is free and open to the public, will also feature test drives, professional vehicle diagnostics and exclusive spare-parts deals, offering participants a hands-on and engaging experience.
The company urged car enthusiasts, business owners and prospective buyers to take advantage of the Open Day to explore mobility solutions tailored to their personal and business needs.
With over 120 years of presence in Nigeria, CFAO Mobility remains a key player in the mobility and healthcare sectors.
It added that the Open Day reflects its continued commitment to delivering innovative, customer-focused mobility solutions.
Business
Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market
Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market
The Naira continued its positive performance on Thursday, appreciating further in the official foreign exchange market to close at ₦1,359.31 per US dollar, according to data published by the Central Bank of Nigeria (CBN).
The latest figure represents an improvement of ₦12.50 compared to the previous trading day, reflecting a 0.9 percent gain from Wednesday’s closing rate of ₦1,371.82/$.
The appreciation highlights continued stability in the official foreign exchange window, where recent policy measures have helped improve liquidity and reduce pressure on the local currency.
Market analysts attribute the naira’s relative strength to ongoing foreign exchange reforms by the CBN, increased dollar supply in official channels, and tighter regulation aimed at narrowing the gap between official and parallel market rates.
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The CBN has in recent months intensified efforts to stabilise the currency through measures such as improved FX market transparency, better coordination with market participants, and steps to attract foreign portfolio inflows.
Despite the gains in the official market, traders note that the parallel market remains more volatile, with rates still influenced by strong demand for foreign currency from importers, travellers, and businesses outside official allocation channels.
Economists say the recent appreciation could help ease short-term inflationary pressure, particularly on imported goods, fuel pricing, and manufacturing inputs, although they caution that sustained stability will depend on broader macroeconomic fundamentals.
These include stronger foreign reserves, improved export earnings—especially from crude oil—and continued investor confidence in Nigeria’s economic policy direction.
The naira’s performance also comes amid renewed attention on Nigeria’s broader economic outlook, with stakeholders closely monitoring the impact of monetary tightening and ongoing fiscal reforms.
As of the latest trading sessions, market participants expect the CBN to maintain its current policy stance in the near term as it works to consolidate recent gains in the foreign exchange market in Nigeria.
Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market
Business
Nigeria May Face ₦2,000 Petrol Price Without Intervention, TUC Warns FG
TUC Warns Petrol May Hit ₦2,000/Litre, Proposes Crude Revenue Subsidy Plan to FG
DETAILS:
The Trade Union Congress of Nigeria (TUC) has warned that petrol prices in Nigeria could rise to as high as ₦2,000 per litre if urgent economic measures are not introduced to stabilise the country’s energy and currency markets.
TUC President, Festus Osifo, issued the warning during a press briefing in Abuja, citing the combined impact of rising global crude oil prices and continued depreciation of the naira as major drivers of worsening fuel costs.
Osifo said Nigerian workers are already under severe economic pressure, noting that in some parts of the country, fuel pump prices are already approaching the ₦2,000 threshold due to market volatility and transportation differentials.
He explained that the 2026 national budget benchmarked crude oil at about $64.85 per barrel, while current international prices hover around $100 per barrel, creating what he described as significant “excess revenue” for the government.
The TUC is proposing that the Federal Government allocate about 60% of this excess crude revenue to support local production by subsidising crude supply to domestic refineries, including the Dangote Refinery and other modular refineries.
According to Osifo, this approach would be more transparent and harder to manipulate than the previous fuel subsidy regime, while also helping to reduce the cost of petrol, diesel, and aviation fuel within a short period.
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He argued that targeted support at the refinery level could reduce pump prices within two weeks if implemented, stressing that the current cost structure is unsustainable for households and businesses.
The TUC president also criticised the slow expansion of Compressed Natural Gas (CNG) infrastructure, noting that although CNG adoption is being promoted as an alternative to petrol, the absence of refuelling stations along major highways limits its practicality for long-distance transport.
Beyond economic issues, Osifo also raised concerns over worsening insecurity in parts of the country, particularly recent killings in Plateau State, urging the government to strengthen military response capabilities with modern technology and intelligence tools.
He warned that failure to address rising fuel costs could reverse recent gains in inflation control, arguing that high petrol prices directly impact inflation, transport fares, and food costs across Nigeria.
Osifo further suggested that the naira’s fair value should ideally be within the ₦800–₦900 per dollar range to ease pressure on fuel pricing and broader economic stability.
The TUC stated that it will formally present its proposal to the Federal Government ahead of upcoming federation revenue distributions, insisting that urgent intervention is necessary to prevent further economic hardship.
As of the time of filing this report, the Federal Government has not issued an official response to the proposal or the ₦2,000-per-litre warning.
Nigeria May Face ₦2,000 Petrol Price Without Intervention, TUC Warns FG
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