Energy giant, Shell plc which has planned to divest its shallow water and onshore assets in Nigeria may face new hurdles as a judge has ordered for a resolution of an oil spill case it is involved in before the deal can progress.
The sale of its Nigerian assets will be postponed until a court rules on the company’s appeal of the N800bn penalty awarded against Shell by an Owerri High Court.
According to Mohammed Ndarani Mohammed, a lawyer for the plaintiffs, the order was issued on March 11 by a Federal Appeal Court in Owerri.
Ndarani said the three-judge panel also ordered Shell to deposit the judgment sum in a court-controlled account within two working days, according to a Bloomberg report.
For more than a decade, Shell has been selling onshore and shallow water licences to Nigerian independent producers.
Discover more from LN247
Subscribe to get the latest posts sent to your email.
