• About
  • Contact Us
Monday, June 5, 2023
The Gist Day
No Result
View All Result
  • Login
  • News
    • All
    • National
    Bandits Attack: Sen. Wamakko mourns massive killing in Sokoto

    Bandits Attack: Sen. Wamakko mourns massive killing in Sokoto

    Osun To Boost IGR By Attracting Zimbabwean Investment In Agriculture – Adeleke

    Adeleke announces dissolution of Osun Assembly

    Blackout looms as electricity workers join NLC’s proposed strike

    Blackout looms as electricity workers join NLC’s proposed strike

    Oyo State

    Makinde seeks review of Supreme Court’s judgment to pay N3.4bn debt

    JUST IN: NNPP candidate, Kabir Yusuf wins Kano guber poll

    Gov. Yusuf warns criminals to stay away from Kano

    Bandits Kogi Indians

    Attack: Police confirm 30 dead in Sokoto

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Business
  • National
  • Politics
  • Opinion
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel
  • News
    • All
    • National
    Bandits Attack: Sen. Wamakko mourns massive killing in Sokoto

    Bandits Attack: Sen. Wamakko mourns massive killing in Sokoto

    Osun To Boost IGR By Attracting Zimbabwean Investment In Agriculture – Adeleke

    Adeleke announces dissolution of Osun Assembly

    Blackout looms as electricity workers join NLC’s proposed strike

    Blackout looms as electricity workers join NLC’s proposed strike

    Oyo State

    Makinde seeks review of Supreme Court’s judgment to pay N3.4bn debt

    JUST IN: NNPP candidate, Kabir Yusuf wins Kano guber poll

    Gov. Yusuf warns criminals to stay away from Kano

    Bandits Kogi Indians

    Attack: Police confirm 30 dead in Sokoto

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Business
  • National
  • Politics
  • Opinion
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel
No Result
View All Result
Morning News
No Result
View All Result
Home Business

Oil Spillage: Court Orders CBN To Pay Ogoniland N182.7bn

Emmanuel Onminyi by Emmanuel Onminyi
March 8, 2020
in Business, News
0
Shell Ogoni BB Naija Biafra
0
SHARES
118
VIEWS
Share on FacebookShare on Twitter

The Central Bank of Nigeria has been ordered to pay a judgment sum and interest of N182.7bn to Ogoni community from the account of First Bank of Nigeria, according to a judgement by the Federal High Court in Abuja.  READ ALSO: NOVA Merchant Bank Limited Declares N1.65bn In PAT

READ ALSO

Bandits Attack: Sen. Wamakko mourns massive killing in Sokoto

Adeleke announces dissolution of Osun Assembly

Shell Petroleum Development Company, whose activities in the oil-rich region caused damage to the community as a result of oil spillage, has its account managed by the First Bank of Nigeria.

Justice Inyang Ekwo, who presided over the case, ordered the CBN to deduct the sum from the First Bank of Nigeria’s account and pay the people of Ejama Community in the Eleme Local Government Area of Rivers State.

Justice Ekwo held that the Order Absolute was made upon the Order Nisi made on June 3, 2019, compelling the CBN to pay the judgment creditors monies belonging to the guarantor- First Bank of Nigeria Limited.

He said the ruling was in satisfaction of the judgment debt in Suit No. FHC/PH/CS/231/2001 (later renumbered Suit No. FHC/ASB/ CS/57/2010): Chief Isaac Osaro Agbara and five others vs CBN and two others as well as Suit No: FHC/ABJ/CS/562/19 2/: Agbara and two others, vs the Shell Petroleum Development Company of Nigeria Limited and others.

The ruling read in part: “The guarantor/surety/debtor secured and guaranteed to pay the judgment creditors special damages; and interest for delayed payment for five years from 1996 at 25 per cent per annum i.e. 25 per cent of the said sum till the date of judgment; N10bn as general damages; and 10 per cent interest on the judgment debt till payment giving a total of N76,871,175,831.18 as at June 14, 2010, being the date of the judgment but with the accrual of post judgment interest totalled N182.768,696,651.89.”

Starting in 1991, the case between the oil company and the community was originally instituted at the Rivers State High Court, Nchia Division, by six indigenes of Ogoniland against the Royal Dutch Shell Plc, Netherlands, Royal Dutch Shell Plc, United Kingdom, and SPDC over alleged oil spills that occurred when Shell performed it operations in the community.

The case, it was alleged, claimed the life of Human Rights activist, late Ken Saro Wiwa, who led the Ogoni struggle during the military administration of late General Sani Abacha.

Judgment was, however, delivered in favour of the Ogoni community by the state High Court, with the defendant launching an appeal against the ruling of the court.

In 2001, some representatives of the Ogoni people filed a fresh suit at the Federal High Court in Port Harcourt which was presided over by Justice Ibrahim Buba. They claimed N17bn and interests on the said sum for the losses allegedly caused by the oil spills.

Justice Buba in his judgment in 2010 awarded the sum to the plaintiffs, just as the court equally granted the Ogoni chiefs 25 per cent interest charge on the principal sum of about N17bn.

The judgment was appealed by SPDC and applied for a stay of execution pending the appeal. The court, in the meantime, asked Shell’s bankers, First Bank, to provide a guarantee of the judgment sum as a condition for granting it; a condition that was complied with.

But Shell’s appeal failed at the Court of Appeal on technical grounds.

Tags: Central Bank of NigeriaFirst Bank of NigeriaNigeriaOgonilandRivers StateShell Petroleum Development Company

Related Posts

Bandits Attack: Sen. Wamakko mourns massive killing in Sokoto
News

Bandits Attack: Sen. Wamakko mourns massive killing in Sokoto

June 5, 2023
Osun To Boost IGR By Attracting Zimbabwean Investment In Agriculture – Adeleke
National

Adeleke announces dissolution of Osun Assembly

June 5, 2023
Blackout looms as electricity workers join NLC’s proposed strike
National

Blackout looms as electricity workers join NLC’s proposed strike

June 5, 2023
Oyo State
News

Makinde seeks review of Supreme Court’s judgment to pay N3.4bn debt

June 5, 2023
JUST IN: NNPP candidate, Kabir Yusuf wins Kano guber poll
National

Gov. Yusuf warns criminals to stay away from Kano

June 5, 2023
Bandits Kogi Indians
Metro Gist

Attack: Police confirm 30 dead in Sokoto

June 5, 2023

glo
app




app
GTBank ADs GTBank ADs GTBank ADs

LATEST NEWS

Dollar To Naira Black Market Exchange Rate Today 25th December 2022

Dollar To Naira Black Market Exchange Rate Today 5th June 2023

June 5, 2023
Dollar To Naira Black Market Exchange Rate Today 25th December 2022

Dollar To Naira Black Market Exchange Rate Today 2nd June 2023

June 3, 2023
VIDEO: Empress Njamah’s Fiancé Leaks Her N*de (Watch Here)

VIDEO: Empress Njamah’s Fiancé Leaks Her N*de (Watch Here)

January 3, 2023
Dollar To Naira Black Market Exchange Rate Today 25th December 2022

Dollar To Naira Black Market Exchange Rate Today 1st June 2023

June 1, 2023
‘I need one hit song with you’, Snoop Dogg tells Tems

‘I need one hit song with you’, Snoop Dogg tells Tems

January 20, 2023

EDITOR'S PICK

NDA Attack: This Nonsense Must End – Chief Of Defence Staff, Lucky Irabor

NDA Attack: This Nonsense Must End – Chief Of Defence Staff, Lucky Irabor

August 25, 2021
Ekweremadu Organ Harvesting

Alleged Organ Harvesting: Court Sets Date To Rule On Victim’s Biodata

September 20, 2022
Hushpuppi Abba Kyari United States

U.S Prosecutors Allege Hushpuppi Tried To Defraud EPL Club, Others

July 4, 2020
Hushpuppi Abba Kyari United States

US Court To Sentence Hushpuppi In October

July 31, 2021

About

We bring you the stories that perfect for news, finance, politics etc. Check our landing page for details.

Follow us

Categories

  • A Call to Prayer
  • Agriculture
  • Appointments
  • Business
  • Celebrities
  • Coronavirus
  • Corporate Amazon
  • Economy
  • Education
  • Entertainment
  • Environment
  • Fashion
  • Financial Literacy
  • From the Kaaba
  • From the Pulpit
  • Gist & Jabs
  • Health
  • Jobmart
  • Lifestyle
  • Living
  • Metro Gist
  • National
  • News
  • Op-Ed
  • Opinion
  • Politics
  • Press Release
  • Religion
  • Sport
  • State News
  • Tech
  • Tourism
  • Travel
  • Uncategorized
  • World News

Recent Posts

  • Iyabo Ojo assures lover of lifetime commitment
  • Bandits Attack: Sen. Wamakko mourns massive killing in Sokoto
  • Yvonne Jegede addresses rumours of secret wedding to Ned Nwoko
  • Adeleke announces dissolution of Osun Assembly
  • Disclaimer
  • Google Adsense
  • Home 2
  • Ikoyi building collapse: Corper who redeployed from Borno to Lagos, confirmed dead
  • Leaked Conversation: There Will Know Peace Until Hope Uzodimma Leaves Government House – Emeka Ihedioha
  • MAN Condemns Invasion Of Dangote Cement Plant By Kogi State Govt
  • Privacy Policy
  • Sample Page
  • TheGistDay
  • Whitemoney And New Lady Spotted Stepping Out Of Hotel Together (Video)

© 2022 TheGistDay.

No Result
View All Result
  • News
  • Business
  • National
  • Politics
  • Opinion
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel

© 2022 TheGistDay.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In