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Court Orders Belemaoil to Pay Over $21m, ₦10Bn Contract Debts to BGP/CNPC

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A High Court in port Harcourt, Rivers State, has ordered Belemaoil Producing Limited (Belemaoil) to pay the sum of more than $21 billion and another nearly N11 billion to BGP/CNPC International Nigeria Limited being an unpaid balance of services rendered for an executed contract.

Court Orders Belemaoil to Pay Over $21m, ₦10Bn Contract Debts to BGP/CNPC

BGP/CNPC, a limited liability company incorporated in Nigeria, had in Suit No. PHC/3442/S/2022 against Belemaoil, claimed that by a tripartite contract No. BPL055017-00063 signed on 04/02/2019, that they were contracted to provide onshore and swamp seismic acquisition services in respect of OML 55 for a period of three years, effective 24/04/18 and to lapse on 23/04/2021.

The suit noted that the contract sums with a payment split of 40% payable in Naira, while 60% payable in United States Dollar and that the firm had between November 2019 and January, 2021, it sent several invoices to Belemaoil for payment of work done, all of which Belemaoil duly received, acknowledged and did not dispute at all material times.

The firm claimed that it wrote several demand letters to Belemaoil, which were also duly received, without objecting to same, adding that Belemaoil had given its bankers (Sterling Bank PLC and Access Bank PLC) letters of irrevocable payment instructions in favour of BGP/CNPC and its co-contractor for payment of 90% of its anticipated cash call inflow from his senior partner NAPIMS but that no payment was made.

BGP/CNPC opined that several meetings were held by the parties wherein the outstanding sums were reconciled and agreed upon, and Belemaoil reiterated its commitment to paying the debt and agreed on a time line schedule for payment of the part of the debt that may not be accommodated by NAPIMS cash call contribution.

The firm noted that despite the agreement and repeated demands, Belemaoil failed to pay the debt which impacted negatively on their business and ability to meet its financial obligations, thereby initiating the suit through a summary judgment procedure, exhibiting tendering 32 copies of invoices, letters of demand, minutes of meetings and others documents.

But, Belemaoil in opposition to summary judgment admitted that BGP/CNPC was actually engaged to execute the contract and was issued some invoices wherein some discrepancies were discovered and several meetings were held to reconcile the differences in the amounts quoted by BGP/CNPC.

Belemaoil stated further that the sum of the invoices submitted by BGP/CNPC was a total of $28,008,170.07 and N 6,413,890,343.91, out of the said amount, Belemaoil made payment of the sum $7,578,365.67 and N 1,768,718,772.48, adding that the outstanding invoices issued by BGP/CNPC is $22,358,185.12 and N 5,053,732.656.30, but could not be attended to due to non-compliance with the terms of the contract by BGP/CNPC, for refusing to release data on work done to Belemaoil.

They told the court that all the invoices submitted have no certificate of job completion, and that BGP/CNPC is entitled to payment only upon the complete delivery of all seismic products and all data related deliverables, stating that it is not indebted to BGP/CNPC and urged the court to dismiss the application for summary judgment brought by BGP/CNPC.

Meanwhile, Belemaoil had during the pendency of the suit, sought the leave of court to settle the matter out of court and leave was granted by the court, and paid to BGP/CNPC the sum of N 2,440,000,000.00, and $500,000.00 out of the outstanding indebtedness, but failed to pay the balance.

However, delivering his judgment, Justice G. O. Ollor, presiding judge, held that in accordance with the Rules of court, judgment would be entered against a Respondent who is unable to show that he has a good defence to the claim.

Ollor noted that upon a careful perusal of all the processes filed by the parties and the application for summary judgment in particular, the affidavits, Exhibits and submission of both learned Counsels, he is not in doubt that BGP/CNPC was engaged by Belemaoil to provide onshore and swamp seismic acquisition works in respect of OML 55 which BGP/CNPC issued its invoices to Belemaoil, and that Belemaoil also admitted its indebtedness to BGP/CNPC in several meetings and in the documents before the court and that there is no bona fide evidence that the debt owed to BGP/CNPC is disputed by Belemaoil.

Ollor held further that the letters issued by Belemaoil, the irrevocable payment instruction to its banks (Access Bank and Sterling Bank) in respect of its indebtedness and resolutions reached at meetings with Belemaoil, BGP/CNPC and IDSL wherein Belemaoil admitted its liability to BGP/CNPC, reveals the fact that Belemaoil does not dispute any part of the claim being asserted by BGP/CNPC, even as Belemaoil did not dispute that work was done by BGP/CNPC nor the invoices that were issued.

The court held:“The Defendant/Respondent having failed to pay within the sixty days (60) period prescribe by the contract, the Defendant/Respondent has deprived itself of the benefit of the Naira to USD exchange rates applied in the unpaid invoices. Allowing the Claimant/Respondent to benefit from its own wrong will be unjust and contrary to equity.

“It is a settled law that summary judgment procedure is for the plain and straight forward, not for the devious and crafty. I find that the instant suit is plain and straight forward and this application for summary judgment by the Claimant/Applicant is apt, because the Defendant/Respondent has no good defence to this suit of the Claimant/Applicant.

“Accordingly, I hold from the above findings that the application of the Claimant/Applicant for summary judgment in this suit is meritorious and it is granted as prayed”.

The Court, however, ordered Belemaoil to pay to BGP/CNPC, the sum of N10,810,270,635.00, and $21, 858,185.12, being the balance outstanding of the invoices issued by BGP/CNPC to Belemaoil for work done.

The Court also ordered Belemaoil to pay post judgment interest at the rate of 10% per annum from the date of judgment until final liquidation of the judgment, while setting down the claims with regards to cost of action and pre-judgment interest for full trial. A cost of N200,000.00 was also awarded against Belemaoil and in favour of BGP/CNPC by the court.


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FG to Use Digital Economy Initiatives to Curb Corruption Among Youth

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Lateef Fagbemi (SAN), the Attorney-General of the Federation and Minister of Justice, has said that Federal Government is intensifying its use of digital-economy initiatives to curb corruption among young Nigerians.

Speaking at the commemoration of the 2025 International Anti-Corruption Day held on Tuesday in Abuja, the AGF said the administration of President Bola Ahmed Tinubu has deliberately positioned technology, innovation training, and digital-skills development at the heart of its anti-corruption strategy for young people.

The event, organized by Technical Unit on Governance and Anti-Corruption Reforms (TUGAR) domiciled at the Nigeria Extractive Industries Transparency Initiative (NEITI) had the theme: “Uniting with Youth Against Corruption: Shaping Tomorrow’s Integrity”.

Fagbemi, who delivered the keynote address, said the government believes that empowered, skilled and economically engaged youths are less vulnerable to corrupt influences.

According to him, programmes such as the 3 Million Technical Talents Programme (3MTT) and the recently launched Nigerian Youth Academy (NiYA) are already equipping millions of young Nigerians with ICT and digital-innovation skills, reducing their dependence on patronage systems that fuel corrupt practices.

“A hopeful youth is harder to corrupt; an engaged youth is harder to mislead; and an empowered youth is a powerful force for national transformation,” Fagbemi said.

He explained that by investing in digital literacy, tech entrepreneurship and innovation-driven training, the Tinubu administration aims to create a generation of young Nigerians who are globally competitive and resistant to corruption.

Beyond digital skills, the AGF pointed at several government efforts to expand educational access through the Nigeria Education Loan Fund (NELFUND), and support youth entrepreneurship via the Nigeria Youth Investment Fund (NYIF) and the iDICE programme, providing funding, training and mentorship for young innovators in tech, entertainment, agriculture and design.

Fagbemi added that the inclusion of young people in governance, through appointments and expanded civic-engagement platforms, was another strategic tool to strengthen integrity and transparency in public life.

He urged stakeholders to deepen efforts to integrate anti-corruption values into school curricula, establish integrity clubs, mentor young leaders, and leverage ICT tools to promote transparency, whistleblowing and public accountability.

Earlier, the Head of TUGAR, Mrs Jane Onwumere said the gathering was especially meaningful because it reflected a shared truth: that tomorrow’s integrity rests significantly in the hands of the youth.

“The theme therefore, is not just a slogan but a call to action and a reminder that young people are not only beneficiaries of good governance, they are co-architects of it.

“Corruption has affected lives and the economy negatively in many ways. One of such is the “japa wave” which has seen young Nigerians leave the country in droves in search of greener pastures. This syndrome has drained the country of resources and human capital. It has in many situations split the family unit, a critical foundation for anti-corruption efforts”, Onwumere, added.

In his speech, the Executive Secretary, NEITI, Hon. Musa Sarkin Adar expressed the agency’s commitment to empowering young Nigerians not only as advocates for accountability but also as active partners in shaping the future of integrity in the extractive industries and beyond.

“At NEITI, we recognize that corruption undermines opportunities for growth, distorts resource governance, and deepens inequality. We also know that a united, informed, and courageous generation can dismantle these barriers.

“This is why NEITI will continue to expand civic education, strengthen our reporting mechanisms, support youth-led innovation, and create more platforms for constructive engagement with young professionals, students, and entrepreneurs”, he added.

 


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SEC Seeks Freeze of CBEX Accounts Over N1.3tn Ponzi Scheme

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Securities and Exchange Commission (SEC) has asked the Investments and Securities Tribunal to order the freezing of bank accounts belonging to Crypto Bridge Exchange (CBEX) and 25 other defendants accused of defrauding Nigerians of about ₦1.3 trillion through an unlawful digital asset investment scheme.

SEC Seeks Freeze of CBEX Accounts Over N1.3tn Ponzi Scheme

CBEX

The request was made during the first sitting of the 6th Tribunal in case IST/OA/02/2025 between the SEC and CBEX with 25 others, presided over by tribunal chairman, Hon. Aminu Jinaidu.

The SEC urged the tribunal to compel commercial banks and financial institutions nationwide to freeze all accounts linked to the defendants.

It also sought orders for the seizure of houses and assets allegedly acquired with funds sourced from unsuspecting investors.

According to the commission, CBEX operated illegally by posing as a digital assets platform and capital market operator without registration.

“CBEX is an unregistered platform promising its users 100 percent return on investments within 30 days, which is unlawful and contrary to Section 3(b) of the Investments and Securities Act 2025,” the SEC told the tribunal.

The regulator disclosed that international authorities had previously raised concerns about CBEX.

The Securities and Futures Commission of Hong Kong issued an advisory on April 23, 2024, warning that the platform was a suspicious virtual asset entity.

The tribunal noted that CBEX and the other defendants failed to appear in court and were not represented by legal counsel.

Hon. Jinaidu therefore ordered that hearing notices be served on the defendants through national newspapers.

CBEX reportedly entered the Nigerian market in July 2024, operating via a website and mobile application, while claiming to use advanced Artificial Intelligence to generate unusually high profits from cryptocurrency trading.

Investors were promised returns of up to 100 percent within a 40 to 45 day lock-in period.

The scheme later collapsed, triggering widespread losses. Investigations revealed that CBEX functioned as a Ponzi scheme that siphoned more than ₦1.3 trillion, estimated at about $800 million, before disappearing.

The matter has been adjourned to January 27, 2026.


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Lagos Launches Tele-Vet, Nigeria’s First Veterinary Call Centre

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L-r: Asst. Chief Veterinary Officer, Dr. Olawale Olatunde; Permsec, Ministry of Agriculture and Food Systems, Mr. Emmanuel Audu; Commissioner for Agriculture & Food Systems, Ms. Abisola Olusanya; Nitroswitch Quality Assurance Officer, Mr. Israel Oluwafemi; Asst. Chief Veterinary Officer, Dr. Tolulope Akin-Oluwole; and Pathology Veterinary Officer, Dr. Esther Onyinye, at the commissioning of Nigeria's first Tele-Veterinary Call Center at the Lagos State Animal Hospital, Oko-Oba, Agege.
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The Lagos State Government, through the Ministry of Agriculture and Food Systems, has launched TELE-VET, Nigeria’s first Tele-Veterinary Call Centre, marking a groundbreaking milestone set to transform access to expert animal healthcare using mobile technology.

Speaking at the event held at the Lagos State Ministry of Agriculture and Food Systems, Animal Hospital, Oko-Oba, Agege, the state’s Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, described TELE-VET as a transformative initiative that strengthens animal health systems, improves food safety, and accelerates agricultural innovation across the state and beyond.

She stated that technology continues to redefine global food systems, and Lagos, under the leadership of Governor Babajide Olusola Sanwo-Olu, remains committed to deploying digital solutions that enhance efficiency, empower farmers, and safeguard public health. The Commissioner explained that TELE-VET addresses long-standing challenges faced by farmers and pet owners, especially limited access to timely and professional veterinary care.

Ms. Olusanya highlighted that TELE-VET builds on the existing mobile platforms, M-Agric and M-Health, available on MTN and Glo networks, which provide daily expert tips, mentorship, and animal-care guidance. By dialing *20791#, users can subscribe for ₦100/day, ₦300/week, or ₦500/month, gaining instant access to a variety of services, while all active subscribers can access the Call Centre free of charge.

She added that the Call Centre will deliver emergency support, first-aid guidance, disease-prevention information, and livestock and pet care assistance, noting that the platform helps farmers reduce costs, save time, and access expert care without traveling long distances. She emphasized that TELE-VET will also enhance surveillance and early detection of zoonotic diseases, aligning with the One World, One Health framework that integrates human, animal, and environmental health.

The Commissioner further mentioned that TELE-VET sets the stage for future innovations, including livestock and pet health insurance, e-commerce for veterinary products, improved mobility for safe animal transport, and enhanced financing opportunities for farmers, positioning Lagos as a national leader in technology-driven agricultural transformation.

Earlier, the Permanent Secretary, Ministry of Agriculture and Food Systems, Mr. Emmanuel Audu, commended the initiative as a groundbreaking intervention that will significantly improve service delivery within the State’s veterinary ecosystem. He stressed that TELE-VET responds to the evolving needs of farmers and pet owners who require swift and professional support to enhance productivity and ensure animal well-being.

Mr. Audu noted that the Ministry has invested extensively in strengthening the infrastructure, technical systems, and human resources needed to operate a world-class veterinary call centre. He stated that the service is a strategic investment in Lagos State’s food security architecture, enabling efficient livestock health management and timely response to potential disease outbreaks.

The Permanent Secretary explained that the Call Centre will minimize animal losses, improve farm management practices, and provide timely advisory services to farmers, aligning with the Ministry’s mandate to promote sustainable agricultural practices across all 57 LGAs and LCDAs. He praised the collaboration among veterinary professionals, ICT partners, and technical teams that made the initiative possible.

Mr. Audu reaffirmed the Ministry’s commitment to continuously upgrading the TELE-VET platform to accommodate innovations that improve efficiency and expand service offerings. He encouraged residents to adopt the platform fully, noting that its success depends on widespread participation.

In his remarks, the Director of Veterinary Services, Dr. Rasheed Macaulay, stated that the launch of TELE-VET marks a new era in veterinary care delivery in Lagos State. He explained that the platform provides a practical solution to challenges such as limited manpower, delayed emergency response, and difficulties reaching farmers in remote areas by connecting residents directly to certified experts.

Dr. Macaulay added that TELE-VET will strengthen disease surveillance and reporting across the State, aiding early detection of animal diseases and preventing zoonotic infections. With real-time consultations, improved documentation, and faster escalation processes, the platform will support frontline veterinarians and promote safer, healthier food systems for all Lagos residents.


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