Court of Appeal Overturns N5bn Damages Award Against NNPCL in Ararume Case
The Court of Appeal has overturned a N5 billion damages award against the Nigerian National Petroleum Company Limited (NNPCL) in the case involving former federal lawmaker Senator Ifeanyi Ararume. The NNPCL announced the appeal judgment on Tuesday, stating that the decision nullified the April 2023 ruling of the Federal High Court that had reinstated Ararume and awarded damages for reputational harm.
The Court of Appeal agreed with NNPCL's argument that the lower court lacked jurisdiction and that the damages awarded were excessive. The verdict is seen as a win for governance stability and sets a corporate governance precedent in Nigerian law.
Ararume had been appointed as NNPCL chairman in September 2021 but was replaced without explanation in January 2022, leading to his lawsuit seeking reinstatement and damages.
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