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Nigeria’s Supreme Court Judges to Freeze Shell Asset Sale – SABC News

Nigeria’s Supreme Court upheld a lower court ruling that stopped Shell Plc from selling its assets in Nigeria until the 2019 dispute between the oil majors and the Niger Delta community over the oil spill is resolved.

In March, the High Court barred Shell from selling its assets in Nigeria until a decision on the dispute has been reached. Eighty-eight communities in Rivers state are responsible for Shell and have received $1.95 billion in damages for oil spills that damaged farms and waterways.

Shell, which denied the cause of the leak, appealed the compensation verdict and the ban on the sale of the assets. After that, the company filed an appeal and then continued to advertise bids for the property.

But the Supreme Court, in its June 16 ruling, said the parties must “keep the status quo” until they hear all applications from Shell and the community later this year.

“What the status quo here means is that there should be no hearings on applications fixed on November 3, 2022,” Mohammed Ndarani, an attorney representing the Delta community, told Reuters on Monday.

A Shell spokesperson did not immediately respond to a request for comment.

Shell wants to sell its stake in Nigeria’s onshore oilfield, which has been active since the 1930s, as part of a global movement to reduce carbon emissions.

As the most important international oil major operating in Nigeria, the company has faced a series of court actions in the past over oil spills.

In April, Shell said sabotage oil spills from the Delta more than doubled last year to 3,300 tonnes, the last seen level in 2016.

Nigeria’s Supreme Court Judges to Freeze Shell Asset Sale – SABC News

Source link Nigeria’s Supreme Court Judges to Freeze Shell Asset Sale – SABC News

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