This is an old issue that started in June and culminated in a matter being filed on September 6, 2024

Currently, the parties are in discussion since the President Bola Tinubu’s directive on Crude Oil and Refined products sales in Naira Initiative, which was approved by the Federal Executive Council (FEC).

We have made tremendous progress in that regard and events have overtaken this development.

No party has been served with court processes and there is no intention of doing so. We have agreed to put a halt to the proceedings.

It is important to stress that no orders have been made and there are no adverse effects on any party. We understand that once the matter comes up in January 2025, we would be in a position to formally withdraw the matter in court.