However, energy expert, Debo Fagbemi, said the verdict is victory for the Petroleum Industry Act, PIA, as it has shown that it is no longer business as usual.
“You know that the NNPCL is now a CAMA company and it is expected to operate with minimal political interference. Chukwu said the NNPCL is purely operating as a commercial entity under the new law and cannot be subjected to political interference. “The judgement of a court is presumed to be obeyed by all parties until it is set aside. In the absence of any stay of execution, the judgement must be obeyed.
“Not obeying the judgement will send the wrong signal to the international business community,” Balogun cautioned. “Despite Ararume winning his case in court, I think a political solution should be deployed to resolve the situation that has been created by the judgement of the court. Otherwise, the government may not be able to manage the situation,” he said.