Business
BP Appeals Against Settlement Claims
BP appealed last Friday for a halt to settlements to those affected by the massive 2010 Gulf of Mexico oil spill, because of what it says are “hundreds of millions of dollars, and what could reach billions of dollars, in awards to claims asserting fictitious losses.”
“Any such payment will constitute irreparable harm,” the energy giant argued. “Therefore, an expedited hearing is necessary.”
Such a hearing is now scheduled for March 22, after the court granted BP’s emergency motion.
The legal debate is part of the widespread fallout from the oil spill — the worst in U.S. history — which began after a rig explosion aboard the Deepwater Horizon in the Gulf. Eleven workers died, reports the CNN.
Roughly 205 million gallons of oil spewed into the sea for nearly three months before a cap was placed on the BP-owned Macondo well, nearly a mile beneath the surface.
Since then, the oil company has promised and paid out some settlement funds, while fighting others in court.
Earlier this year, U.S. District Judge Carl Barbier Jr. considered BP’s contention that a January 15 decision by the claims administrator about how settlements would be distributed.
BP had argued that the set-up would produce “absurd” results.
And yet Barbier sided against BP in a March 5 decision.
“The court adopts Class Counsel’s interpretation as it is most in line with the rest of the settlement agreement,” the judge wrote.
Business
Agency Gives Insight Into Its Inspection, Monitoring Operations
Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
Business
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