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Court Denies Petro Union’s Application to Enforce $15bn Judgement
By Joseph Amah, Abuja
The Federal High Court in Lagos has dismissed an application by Petro Union Oil and Gas Company to enforce a £2.550 billion judgement delivered on the 11th of March 2014 against the Central Bank of Nigeria, Union Bank, the Ministry of Finance, and the Attorney-General of the Federation jointly and severally.
This application by Petro Union and its officials sought to enforce the erstwhile judgement against Union Bank even as the appeals of Union Bank, CBN and the Attorney-General of the Federation remains pending at the Supreme Court and the Court of Appeal respectively.
The criminal trial of Petro Union and its directors at the Federal High Court for sundry criminal offenses including fraud, forgery, and uttering is also ongoing.
Together with interest, the judgement which Petro Union attempted to enforce before their efforts were frustrated by today’s judgement, amounts to over $15 billion – which equates to about half of Nigeria’s current foreign reserves.
On the 18th of June 2021, Petro Union had approached the Federal High Court through a Motion Ex-Parte seeking an Order of Interim injunction to restrain Union Bank from accepting, or offering for sale its assets, in any manner – pending the determination of the Motion on Notice filed in the suit and an Order directing maintenance of status quo and suspension of all actions, proceedings and processes relating to the intended sale of Union Bank’s assets – pending the hearing and determination of the Motion on Notice already filed in the suit of which the Court granted the Motion Ex Parte.
Upon being served the Order Ex-Parte, Union Bank, through its lawyers, Olaniwun Ajayi LP filed an application to set aside the Order Ex-Parte and also filed other processes in opposition to the Motion on Notice filed by Petro Union asking the Court to make the interim order permanent. Union Bank argued that a litigant cannot prevent a shareholder of a company with which it is involved in litigation from selling its shares, and that such an action by a shareholder cannot be imputed to the company. It was further argued that the judgement, which formed the basis of the suit was obtained by fraud, as an appeal against the judgement was pending at the Supreme Court where an application for stay of execution was also pending and that Petro Union and its directors were standing trial for fraud-related offenses before the same Court.
In its judgement, the Federal High Court, presided over by Justice Osiagor, quoted paragraph 2 of the publication by Bloomberg which read: “Bloomberg, which quoted sources familiar with the matter disclosed that Atlas Mara Limited, the London Stock Exchange-listed pan-African banking group started by Mr. Bob Diamond has received a number of approaches for its 49.97 per cent holding in Lagos-based Union Bank of Nigeria”, and held that the quoted paragraph shows that it is Atlas Mara Limited that has received offers for the sale of its shares in Union Bank. The Court further held that shares belonging to shareholders is not the same as the assets of a company, hence the Court cannot prevent a shareholder from selling its shares. The Court also held that because of the appeal pending at the Supreme Court, it would not make any preservatory order on a matter which is currently before the Supreme Court. He went further to state that there was no threat to the res to necessitate a preservatory order of the Court thus dismissing the Originating Summons filed by Petro Union.
With this judgement, Union Bank, the CBN, and indeed every citizen of the Federal Republic of Nigeria can heave a sigh of relief at the forestalling of what would have been another P&ID crisis – this time orchestrated on Nigerian soil.
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Nigeria at 66: Which Way Nigeria?
By Tochukwu Jimo Obi
Sixty six years after independence, Nigeria should be asking itself a question that can no longer be postponed: what exactly has become of the great promise of our nation? A country blessed with enormous human and natural resources should not, at this stage of its journey, still be struggling with problems that ought to have become distant memories.
As we mark 66 years of independence, this should be more than another occasion for colourful ceremonies, patriotic speeches and celebrations. It is a time for sober reflection as a people, to examine where we are, where we ought to be and, most importantly, how best to move Nigeria forward.Undoubtedly, Nigeria is not where it used to be. There have been significant developments in different sectors of the economy and society, and successive administrations have introduced policies and programmes aimed at addressing the country’s challenges. However, we must also acknowledge that we are certainly not where we ought to be, considering the enormous human and natural resources available to us. A nation blessed with abundant natural resources, a large youthful population and considerable human capital should be able to provide a higher standard of living for its citizens.
At 66, Nigeria should have no reason to still be battling with inadequate power supply, dilapidated roads, massive unemployment and widespread hunger. These are challenges that have persisted for decades, despite the huge resources committed to addressing them. While some of our past and present leaders may have done, or may still be doing, their best, the reality remains that their efforts alone have not been enough to solve the numerous problems bedevilling the nation. What Nigeria requires is sustained commitment, effective institutions, accountability and policies that go beyond individual administrations.
Corruption and insecurity also continue to pose serious challenges to national development. Resources that should be channelled towards infrastructure, education, healthcare, job creation and other essential services can be undermined by corruption and poor accountability. Similarly, insecurity discourages investment, disrupts economic activities and threatens the lives and livelihoods of citizens. We cannot continue like this as a nation. There must be a collective determination to strengthen institutions, uphold the rule of law and confront the factors that continue to undermine national development.
Unfortunately, the people themselves appear to have become accustomed to many of these perennial problems. This has contributed to a situation where some citizens fail to demand accountability from leaders or make effective use of their democratic power during elections. Democracy gives citizens the opportunity to choose their representatives and to replace those whose performance does not meet their expectations. Elections should therefore be about competence, integrity, policies and the ability to serve the public interest, rather than personal loyalty or temporary benefits.
Sycophancy has also become increasingly visible in our political space. Some people praise leaders excessively for personal gain, defend actions they would ordinarily condemn and, in some cases, sell their votes during elections, only to complain about bad leadership afterwards. Citizens must understand that leadership and followership are interconnected. When voters trade their electoral power for immediate personal benefits, they may be contributing to a system that makes it more difficult to demand responsible governance later. The ballot should be treated as an important instrument for shaping the future of the country.
As Nigeria marks this 66th anniversary, our leaders at all levels must put the interest of the nation at the centre of their decisions and actions. Religious, political and ethnic considerations should not be allowed to take precedence over the collective interest of Nigeria. Diversity should be a source of strength rather than a reason for division. Those entrusted with public office must remember that political positions are temporary, while the consequences of decisions taken in office can affect generations yet unborn.
The people also have an important role to play in moving Nigeria forward. Citizens must obey the law, reject corruption, participate responsibly in elections, demand accountability and contribute positively to their communities. Professionals must give their best in their respective fields, young people must be encouraged to pursue productive opportunities, and the private sector must continue to contribute to economic development. Nation building cannot be left entirely to government. Every Nigerian has a responsibility to contribute to the Nigeria we desire.
At 66, the question, therefore, is not simply which way Nigeria, but what kind of Nigeria do we want to leave for the next generation? The answer lies in our collective willingness to change the things that have held us back, strengthen the institutions that sustain democracy and development, and place national interest above personal, political, religious and ethnic considerations. Nigeria has the resources, talent and potential to achieve greatness. What is required is the collective will to translate that potential into reality. As we celebrate 66 years of independence, let us renew our commitment to building a peaceful, prosperous and united nation. Nigeria shall be great again.
Tochukwu Jimo Obi, Obosi Anambra state.
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Customs Recruitment: Nearly 3,000 Candidates Screened Without Casualty
By Tambaya Julius, Abuja
The Nigeria Customs Service (NCS) has concluded the final phase of its 2025 recruitment exercise, with nearly 3,000 shortlisted candidates undergoing screening in an exercise the Service said recorded improved coordination and efficiency.
The two-week exercise, held at the Training and Doctrine Command (TRADOC), Gwagwalada, Abuja, commenced on September 7 and ended on September 19, 2026.

Candidates shortlisted for the Assistant Superintendent of Customs II (ASCII), Inspectorate and Customs Assistant cadres underwent documentation, physical fitness assessments and medical screening as part of the final stages of the recruitment process.
The exercise was conducted in batches, a measure introduced by the Service to reduce congestion and ensure smoother movement of candidates through the various screening points.
Speaking on the exercise, the Assistant Comptroller-General of Customs in charge of Human Resource Development, Frank Onyeka, said the Service had addressed challenges identified during the earlier phase of the recruitment process.
According to him, measures were introduced to improve coordination and reduce congestion at the screening centres.
“We have put measures in place to reduce congestion and ensure a smoother process this week. The gaps identified last week have been addressed, and we do not expect them to recur this week,” Onyeka said.
He urged candidates to remain disciplined and comply with the procedures established for the exercise.
The Service also introduced personalised screening forms as part of efforts to strengthen verification and minimise discrepancies in candidates’ records.
The Deputy Comptroller of Customs and member of the recruitment coordinating team, Adamu Musa, said each shortlisted candidate was provided with a form containing personal information and details required for the various stages of the screening.
He said the approach represented a departure from the previous system in which candidates received forms at the screening venue.
“Any candidate that has been shortlisted has a form designed especially for him, unlike in the past where you come, they issue you a form, and then some people along the way go and even change some of the records,” Musa explained.
According to him, the forms contained candidates’ names and other details covering sports, medical assessment, documentation and related requirements.
“So, once the candidate comes, you just verify what you already have from the system,” he added.
Musa said the new arrangement had made it easier for officials to authenticate candidates’ information while reducing opportunities for alterations and discrepancies.
The recruitment team also assessed candidates against established requirements, including age, physical fitness and drug screening.
Musa disclosed that candidates who test positive for hard drugs, exceed the stipulated age requirement or are found to have physical conditions that could affect their ability to perform their duties may be disqualified, subject to the final decision of the Service’s management.
He also stressed the importance of continuous recruitment and manpower development, noting that the expanding responsibilities of the Customs Service require personnel capable of responding to emerging challenges.
According to him, a well-trained workforce remains important to the Service’s responsibilities in national security, border protection, revenue collection and trade facilitation.
The Service also warned candidates and members of the public against relying on unverified information about the recruitment exercise.
Musa urged applicants to obtain recruitment updates only through the official communication channels of the Nigeria Customs Service, including its official website and verified social media platforms.
He warned that fraudsters could exploit the recruitment process by circulating fake announcements, misleading applicants or making unauthorised demands.
The warning comes as the Service moves towards the next stages of the recruitment process following the completion of the final screening exercise.
With the introduction of personalised forms, batch screening and tighter verification procedures, the NCS said it had strengthened the process to improve efficiency, reduce congestion and protect the integrity of the recruitment exercise.
Post Recapitulation: NAICOM Holds First Quarterly Staff Meeting
By Tony Obiechina, Abuja
The Commissioner for Insurance, Olusegun Ayo Omosehin, at the weekend presided over the Quarterly Staff General Meeting of the National Insurance Commission (NAICOM), the first such gathering since the successful conclusion of the insurance industry’s recapitalization exercise.
The meeting brought together management and staff to review the achievements recorded during the recapitalization programme and to align on the Commission’s strategic direction for the period ahead.
Participants also used the occasion to discuss issues bordering on staff welfare, institutional effectiveness, and the overall growth of the organization.
In their deliberations, the Commission reaffirmed its commitment to stronger regulation and supervision of the insurance sector, continuous capacity building for staff, and sustained operational excellence.
NAICOM said in a statement on Saturday that the resolutions reached at the meeting would help drive the emergence of a more resilient, competitive, and trusted insurance industry in the country.


