News
Supreme court says Shell’s N800bn oil spill claim appeal should be heard
Supreme Court has ruled that Shell should be granted a hearing over an alleged oil spill in the Niger Delta after the Court of Appeal halted an asset sale and ordered a judgement claim to be paid prior to hearing its case. The case, one of several against Shell Plc locally and abroad, started with a High Court ruling in November 2020 that ordered Shell to pay N800 billion to communities of Egbalor Ebubu in Rivers state, who accused the firm of an oil spill that damaged waterways and farms. Shell had appealed to stop the High Court from executing its judgement but the Court of Appeal ordered Shell to deposit the money in an account controlled by the court, before its appeal could proceed.

Shell was also ordered to pause the disposal of local assets last June until the Supreme Court ruling, to allow for any compensation due to the Niger Delta Community. Mohammed Ndarani, the community’s lawyer, told Reuters that the Supreme Court had now returned the case to the Court of Appeal. The Supreme Court ruled on Friday that the appeal court did not look into the merits of the case and directed that Shell be granted a hearing. The case is being closely watched after the country’s oil regulator refused to approve Exxon Mobil’s $1.28 billion asset sale to Seplat Energy in 2022, raising concerns among international oil companies about the difficulty of selling assets in Nigeria. Shell, like other oil majors operating in the country, is focusing on deep water drilling and divesting from onshore operations, which are prone to crude theft and vandalism of pipelines, hitting Nigeria’s oil production.
-
News1 day agoCardoso formally receives Central Bank of the Year Award
-
Economy1 day agoNigeria’s Digital Boom needs nuclear power partnerships for long-term success
-
Finance2 hours agoElon Musk becomes world’s first trillionaire as SpaceX shares soar on stock market debut
-
Uncategorized1 day ago
June 12 Democracy Day declaration not enough, as citizens wallow in pain – ActionAid, FG declares Friday public holiday
-
Stock Market2 hours agoFG to raise N4trn bond to settle electricity debt
-
Oil and Gas1 day agoNNPC is house of thieves, fraud; Kyari must be arrested dead or alive to account for N210 trillion—Oshiomhole
-
Oil and Gas1 day agoDangote Refinery seeks $1bn private placement ahead of planned listing
-
News1 day agoMiddle East Conflict sends global growth to lowest rate since COVID-19, WBG to Provide up to $100bn for Affected countries over 15 Months—WBG
