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
Petrol Prices Reach ₦1,080 Per Litre in Lagos as Global Oil Prices Soar
Petrol Prices Reach ₦1,080 Per Litre in Lagos as Global Oil Prices Soar
Petrol prices in Lagos State have surged to as high as ₦1,080 per litre amid rising global crude oil prices and ongoing geopolitical tensions in the Middle East. Market surveys conducted across several filling stations on Saturday revealed that the price of Premium Motor Spirit (PMS) now ranges between ₦1,020 and ₦1,080 per litre, depending on location and station.
The increase follows a recent adjustment in the ex-depot price by the Dangote Petroleum Refinery, which raised its gantry price from ₦874 to ₦995 per litre. This adjustment determines the cost at which fuel marketers purchase petrol before selling it to consumers. Analysts say the hike is linked to rising global crude prices, foreign exchange pressures, and distribution costs.
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As of the latest trading session, Brent crude was priced at about $92.69 per barrel, driven by hostilities involving the United States, Israel, and Iran, which have raised concerns over potential disruptions in global oil supply. Energy experts warn that continued volatility in international oil markets could push domestic petrol prices in Nigeria even higher, possibly approaching ₦1,100 per litre in the coming weeks.
The price spike is not limited to Lagos. Reports from Ibadan indicate that petrol is selling at up to ₦1,200 per litre in some areas. Consumers and transport operators have expressed concerns, noting that higher fuel prices will increase transport fares, logistics costs, and the overall cost of living.
The Dangote Petroleum Refinery stated that its pricing adjustments reflect market realities and operational costs, and the refinery has absorbed part of the increase to ease the burden on consumers. Nevertheless, analysts advise Nigerians to expect continued fluctuations in petrol prices as global supply and geopolitical factors evolve.
Petrol Prices Reach ₦1,080 Per Litre in Lagos as Global Oil Prices Soar
Business
Recapitalisation: 30 Nigerian banks meet CBN minimum capital requirement
Recapitalisation: 30 Nigerian banks meet CBN minimum capital requirement
The Central Bank of Nigeria (CBN) has announced that 30 Nigerian banks have now met the new minimum capital requirements introduced as part of the banking sector recapitalisation programme launched in March 2024.
In a statement issued on Friday, Hakama Sidi Ali, Acting Director of Corporate Communications at the apex bank, said a total of 33 banks have successfully raised additional capital through rights issues, initial public offerings (IPOs), and private placements since the policy was introduced.
According to the CBN, the recapitalisation programme is aimed at strengthening the resilience, stability, and long-term capacity of Nigeria’s banking system to support economic growth and development.
“The Central Bank of Nigeria introduced a capitalisation programme for the banking sector in 2024 to strengthen the resilience, stability, and long-term capacity of the financial system to support Nigeria’s economic development,” the bank said.
“Since the introduction of the policy, banks across the industry have taken steps to strengthen their capital base in line with the revised regulatory requirements.
“As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty banks have met the new minimum capital requirements applicable to their respective licence authorisations.
“In total, thirty-three banks have raised additional capital through rights issues, IPOs and private placements as part of the programme.”
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The apex bank said the capital positions of the remaining banks are currently undergoing routine regulatory verification before final confirmation of compliance within the stipulated timeline.
“The CBN reiterates that the Nigerian banking system remains stable and sound. The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth,” the statement added.
The regulator also assured that it would continue to maintain close supervisory engagement with financial institutions to ensure full compliance with prudential and capital requirements.
Earlier, on February 24, Olayemi Cardoso, Governor of the Central Bank of Nigeria, disclosed that 20 banks had already met the minimum capital requirement, noting that the recapitalisation process was progressing steadily across the sector.
Cardoso also revealed that as of February 19, 2026, the total verified and approved capital raised by Nigerian banks had reached about ₦4 trillion, reflecting strong investor participation and confidence in the banking sector.
The recapitalisation programme follows the CBN’s March 28, 2024 directive reviewing the minimum capital base for commercial banks, with institutions given until March 31, 2026 to fully comply.
Under the revised framework, banks with international authorisation are required to have a minimum capital base of ₦500 billion, while national banks must raise ₦200 billion and regional banks ₦50 billion.
Financial analysts say the policy is designed to create stronger and better-capitalised banks capable of financing large-scale investments, supporting businesses, and improving financial stability in Africa’s largest economy.
The recapitalisation exercise has also triggered increased activity in Nigeria’s capital market, with several lenders launching public offers, rights issues, and strategic fundraising programmes to meet the regulatory thresholds.
Industry experts believe the ongoing exercise could lead to further consolidation in the banking sector, including potential mergers and acquisitions among smaller institutions struggling to meet the capital requirements before the deadline.
Recapitalisation: 30 Nigerian banks meet CBN minimum capital requirement
Business
Dangote Refinery Hikes Petrol Price to ₦995 per Litre Amid Global Oil Price Surge
Dangote Refinery Hikes Petrol Price to ₦995 per Litre Amid Global Oil Price Surge
The Dangote Petroleum Refinery has raised its Premium Motor Spirit (PMS) gantry price to ₦995 per litre, marking a sharp increase of ₦221 in just four days amid rising global crude oil prices and shipping costs. The move signals further upward pressure on fuel prices nationwide, with retail petrol likely to surpass ₦1,050 per litre in many parts of Nigeria.
A senior refinery official confirmed the revision, stating that the price adjustment reflects recent fluctuations in international oil markets, crude oil replacement costs, and logistics expenses. The official said, “Yes, the price has been reviewed. The new gantry price is now ₦995 per litre.”
This hike follows an earlier increase this week when the refinery raised its ex-depot price from ₦774 to ₦874 per litre, meaning the cost of petrol from Dangote Refinery has risen nearly 29 per cent within four days. Updated pricing data on petroleumprice.ng confirmed the new benchmark for Nigeria’s downstream petroleum sector.
The refinery temporarily halted truck-out operations early Friday, a move often preceding price adjustments, leaving marketers uncertain about future costs. Industry sources noted that this pause in loading activities indicated a likely price increase, which has now been confirmed.
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Refinery officials emphasised that petrol prices in Nigeria’s fully deregulated market are influenced by global crude oil prices, foreign exchange rates, and supply chain costs, and are not set arbitrarily. They added that the facility has absorbed about 20 per cent of rising costs to reduce the impact on the domestic market.
The development comes amid geopolitical tensions, particularly the US-Iran conflict, which has pushed Brent crude prices above $84 per barrel, fueling additional cost pressures. Dangote Petroleum stated that it will prioritise domestic supply to help insulate Nigerians from global supply shocks.
Data from the Major Energies Marketers Association of Nigeria (MEMAN) shows that imported petrol remains cheaper than locally refined fuel, with landing costs at ₦809.37 per litre, compared to Dangote’s gantry price. Diesel prices reflect a similar trend, with Dangote diesel at ₦1,169.42 per litre versus ₦1,125.70 per litre for imports.
The latest price hike is expected to push retail petrol prices higher, further straining household budgets and increasing transport costs across the country. Consumers and businesses alike are bracing for a surge in energy costs as the ripple effects of the gantry price increase reach filling stations nationwide.
Dangote Refinery Hikes Petrol Price to ₦995 per Litre Amid Global Oil Price Surge
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