Economy

Supreme Court Declares Rivers Owners of 17 Disputed Oil Wells

Published

3 years ago

May 6, 2022

Eric

Rivers State floored Imo State at the Supreme Court on Friday over the disputed 17 oil wells.

The court in its judgement also ended the political arrangement on the sharing of revenue from the oil wells.

The apex court ruled that the oil wells located in Ndoni and Egbema communities belong to Rivers in its verdict.

The Supreme Court, had February 2022 fixed May 6 for judgment in the legal battle between Rivers and Imo states over the ownership of 17 oil wells in their territories.

The apex court fixed the date after taking arguments from lawyers to the parties.

Justice Olukayode Ariwoola, who led a panel of justices of the apex court, fixed the date after the adoption of the final written addresses by the lawyers.

The plaintiff in the matter, represented by a former President of the Nigerian Bar Association, Joseph Daudu (SAN), while adopting his final address, asked the apex court to give judgment in favour of Rivers State on the grounds that historical evidence right from 1927 till date clearly indicated that the oil wells belongs to the state.

Daudu drew the attention of the Supreme Court to the boundary adjustment paper of 1976, where Ndoni and Egbema were confirmed to belong to Rivers State.

He disagreed with the Attorney-General of the Federation in his claim that adjudication in the suit ought not to have originated from the Supreme Court but a Federal High Court, because oral evidence ought to be taken from the people of the area.

Daudu said the Supreme Court had original jurisdiction and could conveniently use all available sufficient historical documents right from the colonial era to determine the real owners of the oil wells.

In his own arguments, counsel for Imo State, Chief Olusola Oke (SAN), asked the apex court to dismiss the suit on the grounds that it ought to have originated from the Federal High Court.

Oke claimed that because of the nature of the matter, oral evidence ought to be called from the people of the area to confirm where they actually belong.

According to him, Rivers State ought not to have started the suit from the Supreme Court and he prayed the court to dismiss it.

In the same vein, counsel for the AGF, Dr Remi Olatubora (SAN), aligned himself with the position of Imo State to the effect that proper procedure for such a suit was not adopted by Rivers State.

Although Olatubora claimed that the AGF was neutral in the matter, he, however, said scientific evidence must be considered along with open court hearing for the Supreme Court to make good findings.

Justice Ariwoola announced May 6, 2022 for judgment in the matter.

Economy

My Policy on Fuel Subsidy Removal Yielding Results, Says Tinubu

Published

1 month ago

March 11, 2025

Eric

President Bola Tinubu has declared that his fuel subsidy removal policy is yielding the desired results, pointing out that prices are gradually declining.

The President also asserted that investors are increasingly showing interest in the Nigerian economy, a development he attributed to the removal of fuel subsidies, a policy introduced on 29th May 2023.

Tinubu made these remarks on Monday while inaugurating the National Youth Council at the Presidential Villa, Abuja.

Addressing the youths, Tinubu emphasised that while politicians will always be politicians, true leadership is about fostering development that benefits future generations.

He urged Nigerian youths to take advantage of the opportunities being created by the government, particularly in the ICT sector, to contribute to national development.

Tinubu said: “I have listened to you. Today is not for long speeches. I just want to reassure you that you are the hope of this country. Everything rests on your shoulders. Every decision I have taken is about you and the future.

“When we removed the fuel subsidy, we were securing a future for generations yet unborn. Where is the investment? Where is the infrastructure? When you hear many professionals say they want to ‘JAPA’, it is because prosperity is not widespread at home. If we create opportunities and empower our people, they will have no reason to leave.

“This is your country to develop, build, and prosper in. The government is fully committed to you. Take this seriously. You can criticise politicians all you want, but ultimately, politics is about development and securing a future for the next generation.

“At the beginning, it seemed uncertain, difficult, and even hopeless. It felt like drawing water from a dry well. But today, the economy is turning a corner. Prices are falling, confidence in our economy is improving, and investors are showing interest. Technology is advancing, and you have opportunities before you.”

The President reminded the youths that they have a crucial role in advancing the nation’s development.

“It is all in your hands. My role is to help navigate, push, and implement key programmes to clear the path for you. But it is up to you to seize the moment. Look me in the eye and tell me what you think—whether it is right or wrong—and offer suggestions. We will consider them as long as they contribute to the prosperity of this country.

“I assure you that we will do everything possible to make Nigeria a better place for you, but we cannot do it alone. You represent over 60 per cent of our population. You are the heartbeat of our nation, and I hope you take this opportunity very seriously,” he said.

Economy

Naira Gains over Dollar for Three Straight Days in Parallel FX Market

Published

2 months ago

February 15, 2025

Eric

The Naira recorded three consecutive days of appreciation against the dollar in the parallel foreign exchange market, ending the week on a high note on Friday.

According to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, the Naira strengthened to N1,565 per dollar on Friday, up from N1,570 on Thursday.

On a day-to-day basis, the Naira gained N5 against the dollar compared to the N1,570 traded on Thursday.

In the last three days, the Naira has gained N15 against the dollar in the black market.

In contrast, in the official market, the Naira continued to depreciate as of Thursday, according to data from the Central Bank of Nigeria.

The apex bank’s exchange rate data showed that the Naira fell to N1,507.88 per dollar on Thursday from N1,504.30 on Wednesday.

Overall, exchange rate movements across FX markets showed that the Naira ended the week with mixed sentiments of losses and gains against other foreign currencies.

Economy

NASS Passes Tinubu’s N54.99tr 2025 Budget Proposal

Published

2 months ago

February 13, 2025

Eric

The National Assembly, on Thursday passed, the N54.99trillion 2025 Appropriation Bill.

The bill was passed separately by the Senate and the House of Representatives.

A breakdown of the budget showed N3.645trillion for statutory transfers, N14.317trillion for debt servicing, N13.64trillion for recurrent expenditure and N23.963trillion capital expenditure (development fund), with fiscal deficit put at N13.08trn.

The Deficit-to-Gross domestic product (GDP) Ratio was put at 1.52%.

Last Week, President Bola Tinubu increased the 2025 fiscal year budget from an initial N49.7trillion to N54.2trillion, seeking approval from the Senate and the House of Representatives.

Chairman of the House Committee on Appropriations, Abubakar Bichi, while presenting the bill for consideration, stated that the committee met with the Presidential Economic Planning team to further discuss revenue projections and expenditure for the 2025 Appropriation Bill.

According to him, the 2025 Appropriation Bill was presented late, compared to that of 2024.

He urged the executive to present subsequent budgets to the National Assembly not later than three months before the next financial year, to maintain the January to December budget cycle.