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Court nullifies Shell, AFC, others’ ICC arbitration in Tempo Energy suit over OML 29
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.
More than ₦3 billion was targeted, but about ₦677 million reached the culprits, with recovery and prosecutions underway, reflecting how banks are responding to more sophisticated fraud risks.
Nigeria’s expanding digital banking sector is facing increasingly sophisticated fraud attempts, as financial institutions adapt to faster transactions and broader online services.
A recent case involving First City Monument Bank (FCMB), linked to fraudulent activity detected in December 2025, has drawn attention to how banks are responding to such incidents, with a focus on limiting exposure, recovering funds and working with law enforcement.
According to findings referenced in proceedings before the Lagos State Special Offences Court, the incident involved unauthorised transactions tied to a digital product. Early reports erroneously suggested more than ₦3 billion was lost. Subsequent clarification shows that over ₦3 billion was targeted, ₦2.4 billion was blocked and recovered, while ₦677 million got into the possession of the culprits. This outcome reflects the bank’s cyber security and monitoring capabilities, as well as improved collaboration among regulated financial institutions and with law enforcement agencies. Several suspects and beneficiaries have been apprehended, while recovery and prosecution efforts are ongoing, led by the Economic and Financial Crimes Commission (EFCC).
Proceedings at the Lagos State Special Offences Court have resulted in convictions, including that of a repeat offender, with restitution orders issued. Related matters are also being handled at the Federal High Court in Lagos, where additional suspects are being tried in connection with the scheme. This process is aimed at ensuring that bad actors are identified and permanently blacklisted from the financial system.
Authorities say recovery efforts are continuing as additional funds are traced.
Analysts note that the pace of legal action reflects closer coordination between financial institutions and enforcement agencies in addressing cyber-related financial crime.
The case comes as banks contend with more complex fraud methods, including social engineering and automated exploitation of system processes.
As digital products and platforms expand, so too does the risk associated with cyber-crime and related fraud.
“The scale of digital banking means risks are evolving alongside the systems,” said a Lagos-based financial analyst. “Institutions are now judged by how they manage these events.”
Observers say the sector is moving toward a stronger focus on response and recovery, rather than prevention alone.
This includes improving monitoring capabilities, strengthening transaction controls and enhancing collaboration with regulators and law enforcement. The FCMB case, with limited exposure relative to the amount targeted and ongoing recovery, reflects that shift.
For customers, the primary concern is the safety of their funds. In this case, there has been no indication of losses affecting customer deposits. Maintaining that level of protection remains central to sustaining trust in the financial system.
Nigeria’s financial sector continues to grow, supported by digital innovation and expanding access to banking services.
However, analysts say fraud attempts are likely to persist as systems become more complex and interconnected.
They say institutions will increasingly be judged not only on their ability to prevent incidents, but on how effectively they respond and recover when they occur.
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Ex-APC Deputy Guber flag bearer, Joshua MacIver backs Tinubu, express fears over implosion in Bayelsa APC
….congratulates new State Party Chairman, Warman Ogoriba
APC Deputy Governorship Candidate in the 2023 general elections in Bayelsa State, Great Joshua MacIver has declared his total commitment to the re-election of President Bola Tinubu come 2027, declaring that the Tinubu re-election project is non-negotiable.
Great Joshua MacIver, in his statement titled ” BAYELSA APC CONGRESSES: GOING FORWARD, A CALL TO LOOK INWARDS” and made available to newsmen in Yenagoa, warned APC leaders in the state to look Inward and take note of certain factors which may hinder or cut short our victory.
According to Great Joshua MacIver, such noticeable pitfalls include the imbalance in the united front being put up by the State Governor,Senator Douye Diri among various political blocs in the state.
In the statement issued at the weekend. Great Joshua MacIver stated that “First, before His Excellency, Senator Douye Diri, joined the APC in the state, there were clearly two political blocs that made up the party, with the approximate population ratios of the blocs standing at 95% to 5%.”
“After the entrance of His Excellency, Senator Douye Diri, ONLY THE SMALLER BLOC IS BEING CARRIED ALONG IN THE AFFAIRS OF THE PARTY, leaving the greater percentage to their fate, and this situation has the potential to build anger and dissatisfaction in our dear party.”
” The consequence of this has been the high level defection we have witnessed in the party recently and we believe more may likely follow, if we do not put our house in order.”
” If we do not pull together as a party, we may witness a situation where we will lose key stakeholders, especially after the State and National Assembly Primaries as well the Gubernatorial Primaries.”
“Finally, while it is very clear that we are the party to beat in the 2027 elections and that our loyalty to Mr. President IS NON-NEGOTIABLE, we must make haste to say that we cannot afford to create situations or loopholes in our unity which will be exploited by other political interests in the state. We cannot afford to under-rate anyone.”
“Our core interest remains the re-election of Mr. President, a project to which we have committed our all. We also pledge our total loyalty to the party as we have no alternative to the APC. However, our concern is that we must, as a party, look inwards and ensure that we do not create loopholes that can impede our common goal.”
Great Joshua MacIver, however congratulated the newly elected State Executives of the APC in Bayelsà State led by Hon. Warman Ogoriba, saying their emergence is welcomed at this critical time in our national history.
At least 23 people were killed in a series of suspected suicide bombings, police in Nigeria’s northeastern city of Maiduguri said on Tuesday.
https://www.stanbicibtcbank.com/nigeriabank/personal/products-and-services/all-loans/stanbic-ibtc-mreif-home-loans
More than 100 other people were injured in the blasts that took place on Monday evening in the capital of Nigeria’s restive Borno state.
No group has claimed responsibility for the suspected attacks.
The deadly blasts come after a military post was attacked overnight Sunday to Monday, which authorities blamed on suspected Islamist militants.
This sad incident is coming barely two weeks after Primate Elijah Ayodele, the Leader of INRI Evangelical Spiritual Church specifically warned against attacks in some states. He mentioned these states while calling on security operatives to pay close attention to them.
These were his words:
“Another attack is coming up in these following states where the military must watch carefully and intelligently; Kano, Kaduna, Zamfara, Kebbi, Niger, Borno, Kwara and Kogi state. They want to do a deadly attack, it’s preventable but it depends on how they will handle it. I have told you about the danger coming up.”
@primateayodele
Unfortunately, some of our military agencies don’t believe spiritual intelligence can save the country from so much danger hence, their neglect of this prophetic warning but now, it has been fulfilled with the miliary losing credibility by the day while Primate Ayodele continues to gain momentum.
Likewise, At least 26 passengers and crew sustained varying degrees of injuries on Monday following an accident involving the Kaduna–Abuja train, according to the Nigerian Railway Corporation (NRC).
Opeifa explained that the train departed Rigasa in Kaduna at 7:15 a.m. and was approaching Asham station around 9:16 a.m. when a loud bang was heard after the power car and trailing locomotive collided with one of the passenger coaches.
In July 2025, Primate Ayodele asked nigerians to pray not to see train mishap on the Kaduna-Abuja route.
@primateayodele #nigeriantiktok🇳🇬 #fulfillment #train #abuja #primateayodele
“Let’s pray not to see train mishap in Abuja-Kaduna, Kaduna-Abuja route.”
This has also been fulfilled.
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