News
Court backs Yukos shareholders against Kremlin in $50 bn case
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.
News
Hon. Hamma Adama Ali Kumo Applauds APC Consensus, Declares Full Support for Dr. Jamilu Gwamna and Governor Yahaya’s Senatorial Bid
Hon. Hamma Adama Ali Kumo, National Deputy Financial Secretary of the All Progressives Congress (APC), has congratulated Dr. Jamilu-Isiyaku Gwamna on his emergence as the party’s consensus governorship candidate for Gombe State ahead of the 2027 general elections.
In a statement issued in Abuja, Hon. Kumo described Dr. Gwamna as “a visionary leader, accomplished technocrat, and grassroots mobilizer whose credibility and capacity will strengthen the APC’s position in Gombe.” He noted that the consensus arrangement reflects the party’s commitment to unity and inclusiveness, adding that it is a step toward consolidating APC’s achievements in the state.
Hon. Kumo called on all aspirants who contested for the governorship ticket to rally behind Dr. Gwamna, stressing that collective effort is essential for the APC to secure victory. “Every aspirant remains a vital pillar of our party. By joining hands with Dr. Gwamna, we can ensure APC’s continued dominance and deliver progress for the people of Gombe,” he said.
He further commended Governor Muhammadu Inuwa Yahaya for his exemplary leadership, which has brought peace, infrastructural development, and political stability to Gombe State. Hon. Kumo emphasized that the governor’s guidance was instrumental in the smooth adoption of consensus candidates, describing him as “a leader whose vision has transformed Gombe and whose legacy will endure.”
Hon. Kumo also reaffirmed his support for Governor Yahaya’s senatorial aspiration, expressing confidence that his wealth of experience will bring quality representation to the National Assembly. He noted that Yahaya’s senatorial bid complements Dr. Gwamna’s governorship candidacy, creating a formidable team to advance APC’s mission in Gombe.
Concluding his remarks, Hon. Kumo urged party members, stakeholders, and the electorate to remain steadfast in their support for APC candidates, assuring that with unity and determination, the party will deliver victory and sustain progress in Gombe State.
News
Nassarawa 2027: Crisis Rocks APC as Lawyer petitions governor Sule anointed Aspirants over dual membership of SDP/APC.
A legal practitioner in Nasarawa State and member of the All Progressives Congress (APC), Barr Tari Trochon has submitted a Formal petition to the National Secretariat of the party demanding proper investigation into the alleged dual membership of Senator Aliyu Ahmed Wadada.
Senator Wadada has won elections into the Senate in 2023 on the platform of the Social Democratic Party (SDP) and has emerged the preferred choice of Governor Abdullahi Sule of Nassarawa State for the APC Governorship primaries scheduled for May 21st 2026.
According to the petition signed by Barr Trochon from Nakere ward of Wamba LGA, “we demand immediate investigation into Wadada membership and compel him to produce verifiable evidence of resignation from the SDP which should be verified from the national leadership of the SDP and not forged documents.
“His disqualification from the participation in the primaries if he fails to establish lawful and exclusive membership of the APC among other legal violations of the Constitutional provisions by Wadada participating in the process while holding dual membership of SDP and APC”
The legal Practitioner warned that allowing Wadada participate in the forth coming gubernatorial primaries would amount to institutional endorsement of illegality that will set the grounds for pre-election legal challenges that might lead to disqualification.
” The enormous credibility issues bothering on how his failure to inform the Senate of his alleged defection, nine months after, provides a fertile ground for litigations that may be costly to the APC in Nasarawa State if he is not stopped.
“We are aware that the SDP is set to take Senator Wadada to court over his defection to APC while still maintaining his membership with SDP simultaneously” he said.
The Petitioner added that in view of time constraint, he will be left with no other option than to proceed to court in order to save the APC in Nasarawa State from imminent problems that may cost us electoral misfortunes.
“There is prima facie infraction of section 222 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), section 77 of the Electoral Act 2026, Conventions of the Senate and clear expressions of lack of credibility and character which must be looked into.
“He shouldn’t go into our Direct Primaries, and we’ll ensure the Courts stop him from further participation” he said.
He maintained that the Petition has since been submitted to the APC national Secretariat, signed received and acknowledged.
News
NEW LAFIA BYPASS ENDS YEARS OF TRAFFIC NIGHTMARE, TRANSFORMS MOBILITY AND LIVELIHOODS
BY MOHAMMED MUSA
Residents and motorists in Nasarawa State are already feeling the relief that comes with good infrastructure, as the main construction of the Lafia bypass has been completed, slashing travel time through the state capital from 45 minutes to just 15 minutes.
The bypass, a critical section of the Keffi Road Phase II project, was constructed by China Harbour Engineering Company, CHEC, and its completion is quietly transforming local traffic conditions. Although the formal handover is still being prepared, many residents and drivers say the improvement in travel time and road environment is unmistakable.
For years, Lafia, the capital of Nasarawa State, has groaned under the weight of heavy transit traffic. As a major gateway linking Abuja to Makurdi and the eastern corridor, all long-haul vehicles had no choice but to crawl through the city centre. The result was predictable: congestion, wasted man-hours, higher fuel consumption, and increased safety risks for both residents and commuters.
However the story has changed.
Abdullahi Mohammed , a small shop owner in Lafia and a regular traveler on the route, captures the mood on the street. “It used to take about 45 minutes to pass through the city, especially when heavy trucks were on the road. Traffic jams and delays were common,” he said. “Now, with the completion of the Lafia bypass, it only takes about 15 minutes to get across. These past few days, the roads feel much smoother, and going out is more reassuring.”
The impact is even more direct for commercial drivers who earn their living on the road. A freight driver who spoke with our correspondent explained that the old route through the city was not just slow but costly. “Previously, vehicles had to pass through the city, which was time-consuming, increased fuel consumption, and posed safety risks,” he noted that, “now with the bypass, we save time and it’s safer. This is very important for those of us in transport because we save on fuel consumption and time spent on the road, which has greatly improved profitability.”
It is worthy of note that, Lafia has long endured heavy transit traffic pressure, with urban roads often congested during peak hours. The city’s status as an administrative and commercial hub means that local traffic already competes for limited road space. The hundreds of trailers and tankers heading to Benue, Cross River, and beyond, through Lafia put a lot of strain on Lafia’s inner roads.
With the completion of the bypass’s main works, transit vehicles will gradually be diverted, easing the burden on city traffic. The benefit goes beyond speed. Improved road conditions will also provide more efficient channels for agricultural product transport and daily goods circulation. Nasarawa is an agrarian state, and farmers along the corridor stand to gain from faster access to markets in Abuja and Makurdi. For residents, it means fresher produce, lower transport costs, and a tangible lift in quality of life.
The bypass is not just another road; it is a strategic intervention that had stalled for years before the current administration revived it. Delivering it required more than engineering skill, it demanded discipline, planning, and resilience.
Despite a complex security environment, the CHEC construction team advanced steadily by strengthening site management and optimizing construction organization. The company ensured the smooth completion of the section in record time, maintaining standards across earthworks, hydraulic structures, stone base, asphaltic concrete, and drainage.
The result is a road that meets specification and already delivers value before formal commissioning. Preparations for handover are now underway, and the bypass’s traffic relief function will gradually take effect. Industry observers note that CHEC’s ability to deliver under pressure reinforces its reputation for quality and timely delivery on federal road projects across Nigeria.
Engr Shuaibu Abdullahi the Principal Engr Federal Ministry of Works Lafia Field Headquarter, Nasarawa State couldn’t have put it better while commending CHEC and the impact of the bypass: “The Lafia bypass road project stands as a transformative and important road corridor for both the community along the road and commuters. By significantly reducing travel time between Lafia and Makurdi, easing traffic congestion within Lafia metropolis, and lowering vehicle maintenance costs, the project enhances mobility, productivity, and overall quality of life. Equally impactful is the lifesaving construction of drainage systems in Mararaba, a deliberate corporate social responsibility effort by the contractor aimed at mitigating the effects of perennial flooding, safeguarding lives, property, and livelihoods. Together, these interventions not only improve access to markets for farm produce but also reinforce a commitment to sustainable development and community well-being.”
In a similar vein, Abdullahi Shehu Kasimu the Village head of Mararaba Akunza gave commendation to CHEC for its Corporate Social Responsibility works to control flooding on the Mararaba axis of the road corridor: “On behalf of the Mararaba Akuza community, we wish to express our sincere appreciation to Messrs CHEC for coming to our aid through the expansion of drainage facilities in Mararaba Akuza. For many years, the community suffered persistent flooding that damaged homes and property, but this intervention has brought much-needed relief.
Today, residents are already experiencing the positive impact of the upgraded drainage system, which has significantly improved water discharge and offers lasting protection against future flooding.
We also extend our gratitude to His Excellency, Engr. A. A. Suleiman, the Executive Governor of Nasarawa State, for his prompt response to our concerns and support for this intervention”.
Expectation is high in Lafia. “If it can be fully opened soon, it will be good for all of us,” said Aliyu Subair, echoing a view expressed by several residents. For traders, students, civil servants, and transporters, the bypass represents time recovered and costs saved. For the state government, it frees up inner-city roads for local use and reduces maintenance pressure caused by heavy-duty vehicles.
As follow-up works continue, this vital regional corridor is steadily unlocking its value for people’s livelihoods and national development. The bypass does three things at once: it cuts travel time by 66 percent, improves road safety by separating through-traffic from city traffic, and creates an economic artery for Nasarawa and neighboring states.
The completion of the main works is proof that with political will, proper funding, and competent contractors, Nigeria can turn frustration into free flow. CHEC’s delivery of the Lafia bypass to good standard and in record time sets a benchmark for how critical road interventions should be executed.
For Abdullahi Sabo, the shop owner, the change is simple but profound: “Going out is more reassuring.” For Nigeria’s transport economy, it is another step toward an integrated, efficient road network.
The Lafia bypass may have been built quietly, but as an important local transportation milestone, the project has improved the regional road network, eliminated urban congestion, and enhanced traffic safety. Supported by complementary drainage works, it has addressed flooding issues affecting livelihoods, effectively driving commercial and agricultural upgrades along the route, revitalizing the regional economy, and becoming a benchmark project for high-quality infrastructure cooperation between China and Nigeria
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