“The administration respects the Rule of Law, and nothing will be done outside it to resolve the matter. President Buhari has taken due notice of judgment by the Federal High Court, Abuja, restoring Senator Araraume as the non-executive Chairman of the NNPCL.
He said the reinstated chairman of the board could decide to work on the probability that NNPCL has not been fully subjected to operate as a commercial entity which some stakeholders had suggested should be quoted on the stock exchange locally and internationally. While reacting to the court ruling, Johnson Chukwu, Chief Executive Officer at Cowry Asset Management Limited, contend that the verdict may not totally affect investment decisions made in the past, noting that the federal high court is just a court of first instance and that the federal government has the right to appeal the judgement.
“It is important to allow the standard of the rule of law to prevail in the interest of the international obligations and transactions of the NNPCL so as not to create a trust deficit in its operations,” Tietie said. Meanwhile, Abdul Balogun, a senior advocate of Nigeria , noted that the government has no choice but to obey the judgement of the court, unless it decides to appeal it.
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