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Court nullifies Shell, AFC, others’ ICC arbitration in Tempo Energy suit over OML 29

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A Federal Capital Territory (FCT) High Court in Abuja has nullified arbitration proceedings at the International Chamber of Commerce (ICC), London, instituted against indigenous energy company, Aiteo Eastern E&P Company Limited, by a group of lenders who partly financed its acquisition of Oil Mining Lease (OML) 29.

The court declared the arbitration a violation of its subsisting injunctive orders.

Aiteo acquired OML 29 and the Nembe Creek Trunk Line (NCTL) from Shell in a landmark $3.01 billion transaction concluded in 2014. The deal was largely funded by billionaire founder Benedict Peters, who contributed approximately $1 billion of his personal funds to close the purchase and restart production.

Justice S.B. Belgore gave the ruling on Tuesday, July 8, 2025, while delivering judgment in an application filed by Tempo Energy Nigeria Ltd., a minority equity contributor to the OML 29 deal.

According to court documents, the claims originated from a multi-party financing arrangement dating back to 2014. Tempo Energy alleged that several of the defendants breached their obligations under the governing facility agreements and, without including Tempo, initiated proceedings in the High Court of England and Wales and commenced arbitration before the ICC on December 11, 2020.

To protect its interest, Tempo filed a suit on January 14, 2021, seeking injunctive relief to restrain the defendants from taking any further steps in the UK proceedings and the ICC arbitration.

In a related application, filed by Tempo through its counsel, Kehinde Ogunwumiju, SAN, the FCT High Court granted interim injunctions on January 22, 2021, restraining the defendants from proceeding with the arbitration and the English court case pending the determination of the motion on notice. The court also consolidated pending applications and adjourned the matter.

The suit, marked FCT/HC/CV/079/2021, listed Aiteo Eastern E&P Company Ltd, African Finance Corporation, Ecobank Nigeria Ltd, First Bank of Nigeria, Guaranty Trust Bank, Fidelity Bank, Shell Western Supply & Trading, Shell International Trading & Shipping, Citibank Europe (UK Branch), Citibank N.A. (London Branch), FBN Trustees, Zenith Trustees, FBN Merchant Bank, Sterling Bank, Union Bank, Zenith Bank, and Dame Elizabeth Gloster as defendants.

Dissatisfied with the High Court’s ruling, the defendants filed an appeal at the Court of Appeal, Abuja Division. However, despite the subsisting interim injunctions issued by the High Court, the defendants continued with the ICC arbitration proceedings in London from 2021 to 2024.

In a unanimous judgment delivered on April 25, 2025, the Court of Appeal affirmed the validity and subsistence of the January 2021 injunctions. The appellate court dismissed the appeal as an abuse of court process, awarded N1.5 million in costs against the defendants, and ordered an accelerated hearing of the pending applications at the High Court. It also warned that any actions taken in defiance of valid court orders may be declared void.

Following the appellate court’s judgment, at the resumed hearing before the High Court on May 20–22, 2025, Tempo Energy applied for a restorative order to nullify the ICC arbitration. Ogunwumiju, SAN, argued that the arbitral proceedings were conducted in flagrant violation of the court’s orders.

Counsel to Ecobank Nigeria and other defendants, including Mrs. Joke Aliyu and Mr. Babatunde Fagbohunlu, SAN, filed a preliminary objection challenging the jurisdiction of the court. They argued that the FCT High Court lacked the competence to restrain foreign arbitral proceedings.

Justice Belgore dismissed the objection, describing it as incompetent and an abuse of court process. He ruled in favour of Tempo Energy and declared the ICC arbitration proceedings null and void, having been conducted in violation of subsisting court orders.

The court reiterated that the interim orders of January 22, 2021, remain valid and binding on all parties. It directed the defendants to desist from taking any further steps in defiance of its orders and awarded an additional N500,000 in costs to Tempo Energy. The matter was adjourned to September 29, 2025, for hearing of the consolidated interlocutory applications.

Aiteo had earlier sued Shell Petroleum Development Company of Nigeria, alleging fraud, deceit, and misrepresentation in the 2014 sale of its 30% stake in OML 29. In suit number FHC/ABJ/C8/738/2021, filed before a Federal High Court in Abuja, Aiteo claimed Shell failed to fully disclose the actual condition of the oil wells and asked for $2.5 billion in compensation.

The company cited the poor condition of the asset and repeated attacks by oil thieves on its infrastructure as reasons for its inability to meet its financial obligations to creditors.

According to documents, the consortium of lenders committed approximately $2 billion in financing: Zenith Bank – $323 million, First Bank and GTBank – $200 million each, Fidelity Bank – $175 million, AFC – $125 million, Ecobank Nigeria and Union Bank – $100 million each, Sterling Bank – $60 million, and Shell Western – $512 million.

Peters’ total equity contribution included $898,237,697.35 in cash and an additional $257 million at closing to cover fees, ancillary costs, and restart production. Tempo Energy, among other small equity holders, contributed $136 million.

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Olowu Celebrates Former Military President, Ibrahim Babangida, At 84

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Olowu Celebrates Former Military President, Ibrahim Babangida, At 84

Olowu Celebrates Former Military President, Ibrahim Babangida, At 84

 

Olowu of Kuta, HRM Oba Dr Hammed Oyelude Makama, CON, Tegbosun III, has congratulated former military president, Gen Ibrahim Badamasi Babangida, rtd, who is 84 today.

Olowu Celebrates Former Military President, Ibrahim Babangida, At 84

Olowu, in a statement he signed, eulogised the former military ruler for his modest achievements while he was in power.

 

According to Olowu, ” IBB is an enigma. He has carved a niche for himself as a former military president. His tenure witnessed the completion of many monumental legacy projects that are still visible today. His Hill Top Mansion in Minna has become a Mecca of sorts for those who aspired to lead Nigeria.”
Olowu, who described Gen Babangida as being grossly misunderstood, said history would be kind to him.

 

He said, “The launch of Gen Babangida’s Autobiography: ‘A Journey In Service’, and the testimonies from the likes of President Bola Ahmed Tinubu and Africa’s richest man, Aliko Dangote, Tony Elumelu, Jim Ovia, Abdusalam Rabiu, Oil Magnate, Arthur Eze, and many others, testified to his goodwill despite leaving public office three decades ago.

” On behalf of myself, my Oloris and Olowu-In-Council.

All members of the defunct IBB Vision 2003 and Vision 2007, I wish President Ibrahim Babangida, rtd, a happy birthday. I also wish him all the best as he aged gracefully,” Olowu added.

 

Born on August 17, 1941, Gen Ibrahim Babangida, rtd, ruled Nigeria from 1985 to 1993.

 

His presidency was marked by significant political and economic reforms.

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HRH Oba Isiaka Babatunde Malik Adekeye Ascends the Throne of Agunjin Land

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A new dawn breaks over Agunjin — a moment etched in gold in the annals of history — as the crown of the Ariwajoye Adekeye Royal Dynasty returns to its rightful home. With this homecoming, the living legacy of Agunjin’s royal heritage is renewed, strengthened, and destined to shine for generations to come.

The proud sons and daughters of Agunjin welcome His Royal Highness, Oba Isiaka Babatunde Malik Adekeye, Ariwajoye III of Agunjin Land, with joy, reverence, and boundless hope for the future.

A distinguished Nigerian based in New York, Oba Adekeye is a dynamic and accomplished professional whose illustrious career spans cinematography, international trade, and hospitality. Born into the revered Ariwajoye Adekeye Royal Family of Agunjin, in Ifelodun Local Government Area of Kwara State, His Royal Highness now carries forward an ancestral legacy steeped in honor, dignity, and purpose.

The new Oba Adekeye is the proud nephew of the late Oba Jimoh Ajide Adekeye and the grandson of Oba Alade Adekeye — custodians of Agunjin’s noble traditions whose names remain deeply woven into the history of the land.
As the Yoruba say,
“Adé kì í wọ́ lórí aláìní orí.” — The crown does not rest on a head without destiny.”
His Royal Highness wears the crown not as a mere ornament, but as a solemn trust from his ancestors to his people.

The Adekeye Royal Family extends profound gratitude to: His Excellency, H.E.AbdulRahman AbdulRazaq, CON, Chaiman GFON, Sadauna Ngeri of Ilorin, Executive Governor of Kwara State; The Chairman, Kwara State Council of Chiefs, Alhaji (Dr.) Ibrahim Sulu-Gambari, Emir of Ilorin; The Chairman, Igbomina Traditional Rulers Forum, Oba (Barr.) Alh. Ismail Bolaji Yahaya Atoloye Alebiosu, Olupo of Ajase Ipo; The Chairman, Ifelodun Traditional Council, HRM Oba (Dr.) Alhaji Ahmed Awuni Babalola Arepo III, Elese of Igbaja; The Ifelodun Traditional Council Members and the Kwara State Traditional Council.

Our heartfelt appreciation also goes to the Hon. Commissioner for Local Government, Chieftaincy Affairs and Community Development, Hon. Abdullahi Bata, and to the Executive Chairman, Ifelodun LGA, Hon. Femi Yusuf, for their steadfast commitment to upholding historical truths and safeguarding the cherished traditions of Agunjin.

As the newly crowned Ariwajoye III, Oba Adekeye brings decades of professionalism, global exposure, and deep cultural pride to his reign. His vision is noble and unwavering — to champion sustainable development across the Agunjin district, preserve the rich traditions of the land, and unite his people both at home and in the diaspora under one banner of progress, peace, and pride.
In the words of an old royal proverb, “When the king builds bridges, the people will cross to a better tomorrow.” Ariwajoye III now stands as that bridge — connecting the heritage of the past with the promise of the future.

Long live Ariwajoye III. Long live the Ariwajoye Adekeye Royal Family. Long live Agunjin Land.

Prince Oluwatoyin Adekeye For the Family

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From Ejigbo to the World: How Primate Ayodele’s Prophecies Shape Public Debate

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The Man Who Makes Nigeria Listen — Primate Elijah Ayodele’s Prophetic Influence

Primate ELIJAH AYODELE: The Seer, And the Country That Listens

By Femi Oyewale

Ejigbo, Lagos — When Primate Babatunde Elijah Ayodele steps onto the pulpit of INRI Evangelical Spiritual Church each week, he does more than preach: he convenes a national conversation. For decades, the clergy has issued blunt, often headline-grabbing prophecies about presidents, markets, and disasters — pronouncements that are dutifully copied, debated, and digested across Nigerian newsrooms, social media, and political corridors.

 

The Man Who Makes Nigeria Listen — Primate Elijah Ayodele’s Prophetic Influence

 

Primate Ayodele is best known for two things: the regular release of New Year’s and seasonal “warnings to the nation,” and a large, loyal following that amplifies those warnings into national discourse. He publishes annual prophecy booklets, holds prayer mountain conventions where journalists are invited, and maintains active social media channels that spread his messages quickly beyond his church gates. In July 2025, he launched a compendium of his prophecies titled “Warnings to the Nations,” an event covered by national outlets, which Ayodele used to restate concerns about security, governance, and international affairs.

 

Ayodele’s prophecies have touched on lightning-rod topics: election outcomes, the health or fate of public figures, infrastructure failures, and international crises. Nigerian and regional press have repeatedly published lists of his “fulfilled” predictions — from political upsets to tragic accidents — and his followers point to these as proof of his accuracy. Media roundups in recent years credited him with dozens of prophecies he argued had been realised in 2023 and 2024, and his annual prophetic rollouts continue to attract wide attention.

 

Impact beyond prediction: politics, policy, and public mood

The practical effect of Ayodele’s ministry is not limited to whether a prophecy comes to pass. In Nigeria’s politicised and religiously engaged public sphere, a prominent seer can:

• Move conversations in electoral seasons; politicians, commentators, and voters listen when he names likely winners or warns about risks to candidates, and his claims sometimes become part of campaign narratives.

• Shape popular expectations — warnings about economic hardship, insecurity, ty or public health influence how congregations and communities prepare and react.

 

• Exert soft pressure on leaders — high-profile admonitions directed at governors or ministers often prompt responses from the accused or their allies, creating a feedback loop between pulpit pronouncements and political actors.

 

Philanthropy and institution building

Ayodele’s public profile extends into philanthropy and church development. He runs INRI Evangelical Spiritual Church from Oke-Afa, Lagos, and his ministry periodically organises humanitarian outreach, scholarships, and hospital visits — activities he frames as evidence that prophetic ministry must be accompanied by concrete acts of charity. Church events such as extended “17-day appreciation” outreaches and scholarship programmes have been widely reported and help cement his appeal among congregants who value spiritual counsel paired with material support.

 

What makes him unique

Several features set Ayodele apart from other public religious figures in Nigeria:

1. Productivity and documentation. He releases extensive, numbered lists of prophecies and compiles them into booklets — a tactic that makes his predictions easy to track (and for supporters to tally as “fulfilled”).

2. A blend of national and international focus. His pronouncements frequently move beyond parochial concerns to name international actors and events, which broadens his media footprint.

3. Media-savvy presentation. From staged press events to active social accounts, Ayodele understands how to turn a prophecy into a viral story that will be picked up by blogs, newspapers, and TV.

 

The public verdict: faith, influence, and skepticism

To millions of Nigerians — and to his core following — Primate Ayodele remains a pastor-prophet whose warnings must be taken seriously. To others, he is a media personality whose relevance depends as much on spectacle and circulatory power as on supernatural insight. What is indisputable is his role in magnifying the religious dimension of national life: when he speaks, politicians, congregants, and newsrooms listen. That attention, in turn, helps determine which social and political questions become urgent in public debate.

Looking ahead

As Nigeria heads into another cycle of elections and economic challenges, Ayodele’s annual pronouncements will almost certainly return to the front pages. Whether they are read as sober warnings, political interventions, or performative theology, they will continue to shape conversations about destiny, leadership, and the kinds of risks a deeply religious nation believes it must prepare for.

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