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.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.
-
Editorial5 days agoThat Oshiomhole’s Call On FG’s Road Projects
-
City Crime5 days agoTinubu Appoints Ex-Tide Staff Registrar Of Chartered Chemists
-
Sports5 days agoRivers-born Chess Player Clinches Third Position At World Amateur Rapid Chess Championship
-
News5 days agoNDLEA Alerts Parents After Uncovering Drugs In Cookies, Gummies
-
Featured5 days agoWe’ll Be Intentional In Our Support To Improve NYSC Scheme -Fubara
-
News5 days agoRIWAMA, PCRC Join Forces To Curb Illegal Waste Dumping In Rivers
-
Politics5 days agoINEC Extends Candidate Submission Deadline Till ‘Morow
-
Nation5 days agoHYPREP Marks 15 Years Of UNEP Report, Highlights Major Cleanup Milestones