No New Legal Action Filed Against NNPCL as Parties Enter Discussions

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Contrary to recent speculation, no new case has been filed against the Nigerian National Petroleum Company Limited (NNPCL) and others. The issue, which originated in June and led to a matter being filed on September 6, 2024, is now being addressed through discussions among the involved parties. These discussions have been prompted by President Bola Tinubu’s directive on the Crude Oil and Refined Products Sales in Naira Initiative, which received the approval of the Federal Executive Council (FEC).

Significant progress has been made in these discussions, and the situation has evolved beyond the initial legal development. No court processes have been served to any of the parties, and there is no plan to proceed with such actions. The parties have mutually agreed to halt the legal proceedings.

Importantly, no court orders have been issued, and there have been no negative consequences for any party involved. It is anticipated that by the time the matter is scheduled for January 2025, the parties will be in a position to formally withdraw the case from the court.


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