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Court backs Yukos shareholders against Kremlin in $50 bn case

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A Dutch court Tuesday upheld an appeal by shareholders of the dismantled oil giant Yukos in a landmark ruling, boosting their fight in a $50 billion case for compensation.

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The ruling overturns a lower Dutch court’s ruling in favour of Russia, which had contested an original decision by the Hague-based Permanent Court of Arbitration that awarded shareholders billions of dollars after Yukos was dismantled in the mid-2000s.

“The Appeals Court in The Hague decided today that a previous ruling in favour of the Russian Federation was incorrect,” the court said in a statement, adding an original $50 billion award by the PCA — an international arbitral tribunal — “is in force again”.

Russia swiftly said it would appeal.

The long-awaited ruling comes almost 14 years after the once powerful company filed for bankruptcy and follows a controversial 2014 ruling that ordered Russia to pay out billions of dollars in compensation to its former shareholders.

The PCA that year ruled that Russia had forced Yukos into bankruptcy with excessive tax claims and then sold off its assets to state-owned companies.

It based its ruling on the provisions of a multilateral 1994 accord, the Energy Charter Treaty, which aimed to promote energy security and which says a dispute between a member state and a foreign investor could be solved through arbitration.

It then ordered Moscow to pay more than $50 billion to the former shareholders — a record award for the arbitration tribunal.

– ‘Brutal kleptocracy’ –

In a shock turnaround a local Dutch court in 2016 annulled the PCA’s decision, saying the legal body was “not competent” to rule in the case, based on the treaty.

But appeals judges Tuesday disagreed with the lower court’s findings, saying “Russia was under an obligation to enforce the treaty unless it was in breach of Russia law.”

“This court finds that there was no breach of Russian law.”

Yukos’ main shareholder GML hailed the ruling.

“A brutal kleptocracy has been held to account,” chief executive Tim Osborne said in a statement.

Tuesday’s decision however may not be the end of the saga: the parties may still fight the decision at the Dutch Supreme Court, officials said.

Moscow “will continue to defend its legitimate interests and, in an appeal, contest the verdict”, Russia’s justice ministry said in a statement.

Yukos, once Russia’s biggest post-Soviet oil company, was broken up after its former owner, Kremlin critic and ex-tycoon Mikhail Khodorkovsky, was arrested in 2003.

Khodorkovsky says the case against him was always political.

“The expropriation of Yukos was not about taxes, but about the fight against political opponents,” Khodorkovsky, who lives in exile in London, said on Twitter.

His arrest came after Russian President Vladimir Putin warned the nation’s growing class of oligarchs against meddling in politics.

Yukos was sold off in opaque auctions to state companies led by Rosneft between 2004 and 2006. State-owned Rosneft was then small, but has since grown into one of the world’s biggest listed oil companies by production volume.

The claimants have been seeking compensation for what they say are their losses caused by the break-up of Yukos.

– ‘Expropriation of the century’ –

The question “relates to the circumstances of the Yukos takeover by the Russian oligarchs during its privatisation in 1995 and 1996,” Russian government lawyer Andrea Pinna told AFP ahead of the ruling.

As the Soviet Union crumbled, unscrupulous businessmen amassed immense fortunes and influential empires by scooping up former Soviet assets — particularly in raw materials — at bargain-basement prices.

“Russia considers that the acquisition of Yukos was only possible through corruption and other illegal acts,” Pinna said.

Emmanuel Gaillard, representing former shareholders, told AFP that “Russia is making considerable diplomatic efforts to try and discredit the players in this case” which he called “the greatest expropriation of the 21st century”.

Khodorkovsky, who is no longer a stakeholder, spent a decade in prison on charges of tax evasion, fraud and embezzlement. He was suddenly pardoned by Putin in 2013 and flown out of the country.

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Ex-gov candidate Nwosu, Akpabio’s SA Ibritam, others bag MSc from UniAbuja

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Former Chief of Staff to the Imo State Government and ex-governorship candidate, Uche Nwosu, along with Sir Richard Odibo, a former Federal Commissioner on the Board of the Nigeria Population Commission, Barr. Freedom Friday Ibritam, a Senior Legislative Aide to Senate President Godswill Akpabio, and three others have been awarded Master’s degrees (MSc) in Public Governance and Leadership, as well as in Policy and Strategic Studies. These degrees were conferred by the Abuja Leadership Centre (ALC) at Yakubu Gowon University, previously known as the University of Abuja.

Professor Philip Dahida, the Director of the Centre, disclosed that these achievements were awarded after the recipients completed all requirements, including the successful external defense of their dissertations on Monday, March 16, 2026.

Nwosu, who previously served as Deputy Chief of Staff to the Imo State Government, Ibritam—a former senior police officer—and Odibo received their MSc degrees alongside real estate developer Egbe Oloche Daniel and Gila Ibiere Dikko. Additionally, Dr. Success Tosin Ademeso, a lecturer at the University of Abuja, earned an MSc in Policy and Strategic Studies.

After the event, Professor Dahida praised the external examiner, Professor Charles Nwekeaku from Nasarawa State University, for his thorough and professional evaluation of the MSc candidates. He urged the graduates to strictly adhere to the examiner’s counsel and ensure all suggested corrections are implemented. Dahida also encouraged them to apply the knowledge they gained for the betterment of society.

Reacting to this academic achievement, Sir Richard Odibo explained that he chose the programme (public governance and leadership) because of his interest in the subject. He noted that his research on the census in Nigeria could help the country plan more effectively and take its rightful place among nations. Odibo emphasized that the findings from his academic work could motivate scholars and citizens to advocate for the depoliticization of the census process.

He advised the Federal Government to conduct a new national census, recalling that the last one occurred in 2006. Odibo stated, “For Nigeria to have a good development plan, reliable census data is essential. Without accurate figures, planning becomes impossible. You can’t develop evenly.”

He further explained, “The need for a census is critical for us; it’s like oxygen. Without it, we’ll continue to make misguided plans, and if you fail to plan, you plan to fail.”

Odibo expressed that one major challenge Nigeria faces is obtaining reliable and acceptable census data, a problem that has persisted since before independence. As a former Federal Commissioner, he felt a personal responsibility to investigate these challenges, stating, “This became a challenge that drove me to look deeper into the reasons behind our difficulties with censuses. I believe my research will help persuade citizens and scholars alike that we must remove politics from the census process. If we can achieve that, Nigeria will benefit greatly.”

The Abuja Leadership Centre at the University of Abuja is recognized as a TETFUND Centre of Excellence for Public Governance and Leadership, dedicated to enhancing public governance and leadership in Nigeria and beyond.

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RED ALERT: Borno Under Tight Security Cordon

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☆☆As Reports inficate Possible Insurgent Threats.
By: Special Correspondent.
In apparent response to recent security developments relating to insurgent movements and emerging operational concerns within the Maiduguri, the Borno State Capital and surrounding areas, security operatives have been placed on red alert.
Our correspondent gathered over the past few days indicate that insurgent elements have been attempting to regroup and reorganise their activities in across the state, especially around Maiduguri metropolitan axis.
This is even as the Borno State Government have assured of adequate security arrangements to ward off any possible security threat.
According to findings, these developments have generated growing concern among local communities and security observers, who in turn called the attention of the Borno state government..
Although intelligence monitoring over the last three days,indicates reduction in their vissible activities, owing to patrols by security personnel and frontline defence groups, the city remains under intense watch..l
Further reports available to us indicate that some of the insurgent elements were sighted operating around Duwari village under Konduga Local Government Area, where they appear to be attempting to regroup and reposition themselves, for possible mischief during the upcoming Eid prayer gatherings, which they may perceive as opportunities to exploit large public gatherings.
Highly placed security source told our correspondent that, the current surveillance and intelligence monitoring across the state by soldiers, members of the Civilian Joint Task Force (CJTF), and other frontline defenders remains a capable check against any mischief.
“Our level of preparedness against any mischief remains on high and we are prepared to confront any insurgent threat should the situation call for it”.

“Only a few days ago, insurgent elements made an attempt to regroup in some areas around Maiduguri Metropolitan and Konduga, and upon receiving credible intelligence regarding their presence and movements, we immediately moved in with our swift operational response team”, the source added.
While reassuring that available security assets, including soldiers and members of the Civilian Joint Task Force (CJTF), are capable of confronting any insurgent group, our source, said, any attempt by any group to come into Maiduguri, will amount to “a suicide mission”, on their part.
Our correspondent further reports that, the Borno state Government has in the last few weeks provided enormous logistics and equipment to security operatives in what looks like a renewed fight against Boko Haram and ISWAP elements, who have been attempting a resurgence in activities.
Reports across Borno state indicate that, Boko Haram and ISWAP terrorists, who have been fleeing their enclaves following intense attacks on them by troops, have in the process been attacking vulnerable communities in search of food and other logistics.
Reports say most of their camps have been destroyed, and they are desperately making attempts at re-entering Maiduguri.
Camps around the notorious Sambisa forest are said to have been vacated ahead of oncomming onslaughts and the terrorists have retreated and fled into the Mandara mountains close to Nigeria’s border with Cameroun.
Subsequent surveillance checks conducted through intelligence monitoring channels confirmed that the fleeing elements were attempting to regroup in nearby locations, suggesting a continued attempt to maintain an operational presence within some areas.
Borno state Governor, Professor Babagana Umara Zulum, who recently concluded a statewide tour has expressed concerns about the operational coordination among community-based security groups, with a promuse to ginger them up for more action.
As a result, several community defence formations operate simultaneously, including, the Civilian Joint Task Force (CJTF), Hunters,Vigilante groups
and other local frontline defenders.
He has vowed to flush out, what inteligence observers, described as certain individuals within these formations, who may have indirect alignments or may be responsible for information leakages that could potentially compromise ongoing security operations.
The inteligence circle in Borno has often complained that, insurgent elements appear to have prior knowledge of local security movements and response patterns, even as it raised concerns about possible infiltration or operational compromise within these community security structures.

Governor Zulum, during his recent tour promised to remedy the situation, after a careful institutional review and restructuring in order to strengthen operational discipline and reduce vulnerabilities within the community defence architecture.
Information available to us indicate that, certain
security measures are being contemplateded for Maiduguri during the Eid celeberations, which may include strict monitoring of vehicular and human movements to minimize potential vulnerabilities that hostile elements could exploit to infiltrate the city.
While physical security alert remains in place, this medium gathered that, intelligence gathering is being strengthened and early warning mechanismsactivated across Maiduguri.
In the face of these, uneasy calm still pervade the citizenry as they prepare for the oncoming celeberations.

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Dogara Celebrates Baba Jang at 82, Hails Him as a Visionary Statesman

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Former Speaker of the House of Representatives and Chairman, Board of Trustees of the National Credit Guarantee Company Limited (NCGC), Rt. Hon. Yakubu Dogara, has joined Nigerians in celebrating Former Governor Jonah Jang, fondly called Baba Jang, as he clocks 82 years.

In a glowing tribute, Dogara described Baba Jang as a visionary leader whose life and service remain a beacon of hope for generations. He noted that Jang’s tenure as Governor of Plateau State was marked by courage, foresight, and an unwavering commitment to peace, unity, and development.

“Baba Jang’s life is a testimony of service and sacrifice. He invested in infrastructure, strengthened institutions, and worked tirelessly to foster unity in Plateau State. His leadership was never about personal gain but about building lasting foundations for progress,” Dogara said.

He further emphasized that Jang’s integrity, resilience, and mentorship have shaped leaders across Nigeria, adding that his legacy continues to inspire beyond the boundaries of Plateau State.

“As he celebrates 82 years, we honor him not just for the offices he has held, but for the enduring impact he has made on countless lives. Baba Jang remains a statesman, a father figure, and a model of quality leadership,” Dogara added.

The tribute underscores Baba Jang’s enduring influence in Nigerian politics and governance, highlighting his role as a leader whose footprints on the sands of time cannot be erased.

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