A Federal High Court in Abuja has ordered the reinstatenment of Ifeanyi Ararume as the executive chairman of the Nigeria National Petroleum Company (NNPC) Company Ltd.
Justice Inyang Ekwo on Tuesday held that the action of President Muhammadu Buhari in removal of Ararume was arbitrary, unlawful and illegal.
Justice Ekwo ordered the immediate reistatement of Ararume to the position and the payment of the sum of N5 billion in damages to him.
The court further declared all actions taken by the board as null and void.
Ararume had through his lawyer, Chris Uche (SAN) argued that his removal as executive chairman of NNPCL was a violation of the Companies and Allied Matters Act (CAMA) after incorporating the oil company in his name.
Ararume further contended that his removal after incorporation and before inauguration violated Section 63(3) of the Petroleum Industry Act, 2021.
However, President Buhari’s counsel, Abubakar Shuaib, had opposed the suit, arguing that it was statute barred but it was rejected by the court.