Shell achieves significant win in Supreme Court against attempts to sell multi-billion dollar assets in Nigeria

According to persons with knowledge of the situation, the Supreme Court of Nigeria has upheld an appeal filed by the local branch of Shell Plc against a decision pertaining to a pollution issue that has stopped the oil major from selling billions of dollars’ worth of assets in the nation.

In 2022, a court order was given to Shell Petroleum Development Company of Nigeria Ltd. prohibiting it from selling the assets until the case’s conclusion. Following that, its parent firm put a stop to the sale of its onshore oil operations.

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The individuals, who wished to remain anonymous until the decision was made public, stated that all the specifics of the judgment—which was delivered orally on Friday—will be documented in writing within seven days.

Among other owners in a joint venture in Nigeria is the state oil firm, which SPDC owns 30% of.

In response to inquiries, a unit spokeswoman stated, “We note the Supreme Court’s judgement on SPDC’s appeal.” The SPDC is “evaluating its implications at this time.”

The plaintiffs’ attorney, Mohammed Ndarani Mohammed, stated he would wait to comment until he had a chance to review the decision.

Shell has been an oil producer in Nigeria for over fifty years. However, due to ongoing sabotage and theft, the company announced nearly three years ago that it intended to leave its onshore oil holdings, although it remained dedicated to its offshore gas assets. At the time, Ben van Beurden was the Chief Executive Officer.

The outcome on Friday offers SPDC little relief, as the business is still facing lawsuits in Nigerian and the uk.

About 1,200 plaintiffs in Akure, a city in southwest Nigeria, are being represented by the same attorneys. They allege they were impacted by an oil leak that occurred in 2011. In yet another protracted legal dispute, a British court has decided that a group of Nigerian fisherman can file claims against Shell Plc.