A Federal High Court sitting in Abuja has returned one of Nigeria’s richest oil blocks, OPL 245 to Shell and ENI, Premium Times reports.
The court on Friday reversed its January 26 order where it retrieve the ownership of the oil block from the multinational companies based on a motion by the Economic and Financial Crimes Commission.
Both companies approached the court with an application, challenging the ruling.
They argued that the rights of parties to fair hearing was not followed before the ruling was reached.
They sought a reversal of the order and prayed the court to allow the parties address the issue, legally.
Malabu, the company which was given the oil block in controversial circumstance in 1998 had also applied to be a party to the application.
Justice John Tsoho, who delivered the ruling on the various applications regarding the matter, said the ownership of the company should return to Shell and ENI.
The court also refused the application by Malabu to join in the matter.