Business
Nigeria’s bid to nail P&ID in $9bn case suffers setback
Nigeria’s bid to set aside the $9bn P&ID Limited’s arbitration award has suffered a setback as VR Capital Group Limited has secured a United States’ court ruling to block the Federal Government from accessing its internal documents.
The move to access the documents was part of the government’s attempt to stop P&ID Limited, partly owned by VR, from collecting the nearly $9bn arbitration award.
US District Judge, Paul Engelmayer, in New York granted the hedge fund’s motion, overturning a ruling from May and quashing subpoenas issued by Nigeria.
Bloomberg reported that Nigeria sought the information to aid a corruption probe into P&ID Ltd., a company in which VR Capital acquired a 25 per cent interest in 2018.
Nigeria’s anti-graft agency is investigating a gas-supply contract a former minister concluded with P&ID in 2010 and subsequent arbitration proceedings that resulted in the hefty penalty against the country three years ago. The federal government alleged that the British Virgin Islands-registered company developed sham arrangements designed to fail and has accused P&ID of bribing its officials.
Nigeria is in English courts attempting to overturn both the 2017 arbitration award and a decision by a UK judge last year upholding it, claiming P&ID’s alleged fraud only recently came to light.
P&ID had denied any wrongdoing, saying Nigeria invented the accusations to evade its legal obligations.
Six months ago, Judge Lorna Schofield, also in the Southern District of New York, granted Nigeria permission to gather information from US banks concerning transactions involving companies and people affiliated with P&ID, as well as former government officials.
The Nigerian government also wanted VR Capital to hand over documents concerning its purchase of P&ID shares as well as the decade-old contract and ensuing arbitration.
But VR Capital applied to the federal court in New York to set aside the subpoenas principally on the grounds that Nigeria should have sought authorisation through its mutual legal assistance treaty with the United States. While the hedge fund is based in London, the four entities and two directors targeted by Nigeria are in New York.
Nigeria “misled” Schofield by denying any intention to use the documents in the English proceedings, according to Engelmayer’s November 6 opinion.
VR Capital claimed Nigeria would use the information provided by the hedge fund for the same goal.
Nigeria told Engelmayer that the main use of VR Capital documents would be in its domestic corruption probes. In his ruling, Engelmayer accepted Nigeria’s argument that it would be permissible for the government to present some material to support efforts to challenge the arbitration award in England.
However, a review of the request by the U.S. Justice Department under the treaty would help decide if the information sought was “genuinely intended for use in a criminal prosecution or investigation” or “the improper purpose of fortifying Nigeria’s attempt in the English courts to void the multi-billion-dollar arbitral award against it,” Engelmayer said.
It is unclear if Nigeria plans to submit a new application under the bilateral agreement.
“Delay tactics” adopted by VR Capital and P&ID are “prolonging the discovery process and preventing us from obtaining critical evidence,” a spokeswoman for Nigeria’s Attorney General and Minister of Justice, Mr. Abubakar Malami, said.
“These evasive efforts are manifestly inconsistent with P&ID’s position that it has nothing to hide,” she said.
“Misleading the U.S. court” is part of Nigeria’s last-ditch efforts to avoid payment of the arbitration award,” said Zachary Rosenbaum, a lawyer at Kobre & Kim LLP who is representing P&ID and VR Capital.
Nigeria scored a victory in September when a London judge ruled the government had established a “strong prima facie case of fraud” against P&ID and should be permitted to test its allegations at a trial to determine the legitimacy of the arbitration award.
Following the decision, Nigeria’s lawyers wrote to Engelmayer asking him to dismiss VR Capital’s motion.
Information collected from the banks had contributed evidence to the anti-corruption agency’s probe, which in turn had been “critical” to the country’s success in the English court, they said.
Business
More heads to roll in NNPCL, subsidiaries as Ojulari assumes office
More heads to roll in NNPCL, subsidiaries as Ojulari assumes office
There are indications that more heads will roll in the Nigerian National Petroleum Company Limited, NNPCL and its subsidiaries as Engineer Bayo Ojulari yesterday assumed office as the new Group Chief Executive Officer.
This was even as the management and staff of NNPC Ltd welcomed the appointment of a new GCEO Officer and Board of Directors for the company by President Bola Ahmed Tinubu.
However, checks Vanguard showed that the reorganisation would start from the corporate headquarters to the subsidiaries, including Upstream, Gas and Power, new Energy, Downstream and Non-Energy businesses.
The checks indicated that the reorganisation would be targeted at ensuring that round pegs are placed into round holes based on the commitment of the new leadership to achieve national goals and objectives in the oil and gas industry.
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It was confirmed that the businesses to be impacted include the NNPC E&P Limited (NEPL), NNPC Upstream Investment Management Services (NUIMS), NNPC Energy Services Limited (EnServ), NNPC Engineering and Technical Company (NETCO), NNPC New Energy Limited (NNEL), NNPC Gas Infrastructure Company (NGIC), NNPC Gas Marketing Limited (NGML), and NNPC Gas & Power Investment Services (NGPIS).
They also include NNPC Trading Limited (NTL) NNPC Retail Limited (NRL), NNPC Shipping Limited (NSL), NNPC RefChem Limited (NRCL), NNPC Downstream Investment Services (NDIS), Nigerian Pipelines and Storage Company Limited (NPSC), National Energy Reserve Management Company (NERMC), NNPC Non-Energy Investment Services (NNIS), NNPC Foundation Limited/Gte, NNPC Academy, NNPC Properties Limited (NPL), and Health Maintenance Organization (HMO) and Research Technology and Innovation (RTI).
More heads to roll in NNPCL, subsidiaries as Ojulari assumes office
Business
NNPCL hikes petrol pump price to N950/litre
NNPCL hikes petrol pump price to N950/litre
The Nigerian National Petroleum Company Limited (NNPCL) has raised petrol prices to N925 per litre in Lagos and N950 per litre in Abuja, effective April 2, 2025.
This represents an N65 increase from the previous price of N860 per litre in Lagos and an N70 increase from the previous price of N880 in the North.
Last week, MRS and other independent marketers increased the price of petrol, raising its pump price to ₦930 per litre in Lagos and ₦960 for residents living in the northern part of the country.
Industry experts stated that the new increase is a direct fallout of the recent suspension of sales of petroleum products in naira by the Dangote refinery.
The adjustment reflects changes in Nigeria’s deregulated fuel market, including competition, supply costs, and global oil price trends.
It also coincides with the appointment of new leadership at the national oil firm, NNPCL, by President Bola Tinubu on Wednesday. The board was also restructured.
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The NNPCL retail stations in Fadeyi, Ago Palace Way, and Ogba, as well as the NNPC station on College Road, have adjusted their prices to N925.
In Ikeja, outlets on Acme Road and the Lagos-Abeokuta Motorway have also raised their pump prices to the new rate.
However, due to logistical delays, not all NNPC stations in Lagos may have updated their prices simultaneously.
In the Federal Capital Territory, the national oil firm station located along the Kubwa motorway upped its price to N950 from N880 per litre. Other stations along Wuse effected the same increase.
This adjustment follows months of price competition. In March 2025, NNPC dropped their pricing to N860 per litre, matching Dangote Refinery’s lower rates.
However, due to rising global oil prices, exchange rate fluctuations, and changes in crude oil sourcing costs, NNPC has now revised prices upward.
Earlier in 2025, NNPC had supplied petrol at N925 per litre in December 2024 before various price adjustments.
The present rate in Lagos remains cheaper than in certain other places, including Abuja, where rates recently stood at ₦880 per litre.
NNPCL hikes petrol pump price to N950/litre
Auto
Toyota corporation taps on Winpart by CFAO to distribute CWorks batteries in Nigeria
Toyota corporation taps on Winpart by CFAO to distribute CWorks batteries in Nigeria
Leading distributor and importer of high-quality automotive spare parts and lubricants in Nigeria, Winpart by CFAO, has commenced the distribution of Cworks batteries in Nigeria.
Cworks is a premium automotive battery brand from Toyota Tsusho Corporation.
The battery introduction, the company says, marks a new era of reliability, durability, and high performance for Nigerian motorists and businesses.
The firm in a statement obtained by Newstrends says as an official distributor and importer of top-quality automotive spare parts, Winpart by CFAO has continued to bring globally trusted brands to Nigeria, ensuring that vehicle owners and businesses have access to world-class solutions.
Developed under the renowned Toyota Tsusho Corporation, Cworks batteries are engineered to deliver superior power, a longer lifespan, and consistent performance in all driving conditions.
Winpart by CFAO says CWorks is a product of “renowned Toyota Tsusho excellence, designed to meet global automotive standards; long-lasting performance, built for durability and resilience on Nigerian roads and weather conditions.”
The company disclosing that the batteries are now available through Winpart by CFAO outlets added that the product would facilitate “reliable power supply, ensuring smooth engine starts and sustained power for all vehicle types”.
General Manager of Winpart by CFAO, Mohamed TALEB, said, “We are excited to introduce Cworks batteries to Nigerian motorists. As a brand from Toyota Tsusho Corporation, Cworks battery reflects the same commitment to quality and performance that Toyota is known for worldwide.
“With Winpart by CFAO, Nigerians can now enjoy a battery that delivers reliability, longevity, and value.”
According to the firm, through Winpart by CFAO, Cworks batteries will be available across Nigeria via authorized dealers and service centres, ensuring easy access to high-quality battery solutions.
The company added that more information on CWORKS Batteries, can be obtained from its website- www.winpart.com.ng.
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More heads to roll in NNPCL, subsidiaries as Ojulari assumes office
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