Business
Court orders immediate handover of FPSO Tamara Tokoni
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
Nigeria’s oil and gas industry has recorded a significant legal development following a landmark judgment by the Supreme Court ordering the immediate handover of the Floating Production Storage and Offloading (FPSO) vessel Tamara Tokoni and the crude oil aboard it to General Hydrocarbons Limited (GHL), while setting aside the earlier judgment of the Court of Appeal that had placed the cargo under judicial custody.
The apex court’s decision effectively reverses a series of legal orders that had transferred control of the crude cargo to the Chief Registrar of the Court of Appeal and required proceeds from any sale to be held in an escrow account pending the determination of arbitration proceedings between GHL and First Bank of Nigeria over an alleged debt dispute.
The judgment marks a major victory for General Hydrocarbons in its long-running legal battle with First Bank and is expected to have far-reaching implications for secured lending, asset-backed financing, maritime law and commercial dispute resolution in Nigeria’s petroleum sector.
The dispute revolves around crude oil stored aboard the FPSO Tamara Tokoni, a production facility serving oil assets operated by General Hydrocarbons. First Bank had claimed that GHL owed approximately $225.8 million under loan arrangements secured with crude oil cargoes aboard the vessel.
Following the dispute, the bank obtained court orders aimed at preserving the cargo, leading to multiple proceedings before the Federal High Court and later the Court of Appeal. The appellate court had ordered that the crude cargo be protected, authorising its eventual sale with proceeds to be deposited in an interest-bearing escrow account under the custody of the Chief Registrar pending the conclusion of arbitration and related litigation.
General Hydrocarbons consistently challenged those orders, insisting that First Bank had breached the parties’ 2021 Subrogation Agreement and that no debt was outstanding. The company also argued that the bank improperly relied on ex parte orders to interfere with operations involving the crude cargo.
With the Supreme Court now nullifying the Court of Appeal’s decision, ownership and control of the FPSO and its crude cargo are to revert immediately to General Hydrocarbons.
Legal analysts say the ruling restores operational control of one of Nigeria’s important offshore production assets and removes uncertainty that had surrounded the handling of crude stored aboard the facility.
Industry observers believe the judgment could strengthen investor confidence by reinforcing the Supreme Court’s role in providing final certainty in complex commercial and maritime disputes involving strategic oil assets.
The decision is also expected to influence how financial institutions structure security arrangements for upstream oil financing, particularly where collateral consists of crude cargoes or offshore production facilities.
Energy experts note that prolonged legal disputes over producing assets can disrupt crude evacuation schedules, financing arrangements and investor confidence. The Supreme Court’s intervention is therefore seen as providing clarity that may enable normal operations to resume while allowing any outstanding commercial claims to be resolved through appropriate legal channels.
The case has attracted widespread attention across Nigeria’s financial and petroleum sectors because it involves one of the country’s leading commercial banks, a major indigenous upstream operator and billions of naira worth of crude oil assets.
Stakeholders are expected to study the full judgment closely to understand the court’s reasoning, particularly regarding maritime jurisdiction, secured creditor rights, arbitral proceedings and the extent of judicial powers over strategic petroleum assets.
The ruling is widely regarded as one of the most consequential judicial decisions affecting Nigeria’s oil and gas industry in recent years and is expected to shape future commercial litigation involving upstream financing, collateral enforcement and ownership disputes within the sector.
Business
North African Airline incurs Nigeria’s wrath
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.
The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.
According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.
The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.
Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.
“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.
He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.
According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.
Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.
He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.
The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).
Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.
He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.
The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).
“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.
The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.
Business
₦10m monthly made from akara and bread business -Umo Eno
Philippine Duru
philippineobetoduru@gmail.com
08034905774
Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.
Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.
According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.
“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.
The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.
Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.
His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.
The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.
Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.
His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.
Business
All share index gains about 0.81% as NGX rebounds
The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.
The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.
With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.
The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.
Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.
Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.
Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.
Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.
As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.
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