Nigerian court overturns ruling against NNPC, nullifying $22M payout to former board chair.

The Court of Appeal in Nigeria has overturned a Federal High Court ruling that would have forced the Nigerian National Petroleum Company (NNPC) to pay former board chairman, Senator Ifeanyi Ararume, N5 billion in damages. Ararume was removed from his position in 2022, and the initial ruling had ordered his reinstatement and compensation. The recent appeal decision removes a significant financial burden and legal risk for the NNPC, reinforcing board decision validity and corporate governance in Nigeria's oil sector.