News
Court Orders Belemaoil to Pay Over $21m, ₦10Bn Contract Debts to BGP/CNPC
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.
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.
DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.
In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
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