Shell stopped from selling Nigerian assets until $2bln appeal decided

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A Nigerian court has stopped Shell Plc from selling any assets in Nigeria until a decision is reached on the company's appeal of a nearly $2 bln penalty for an alleged oil spill.

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A copy of the court ruling, which was seen by Reuters on Monday, was issued on March 11 and also ordered Shell to deposit the money in an account controlled by the court within two working days. A Federal High Court in November 2020 ordered Shell to pay 800bln naira to 88 communities of Egbalor Ebubu in Rivers state, who had accused the company of an oil spill that damaged their farms and waterways.Shell started talks with the Nigerian government last year about selling its stake in the West African country's onshore fields, where it has been active since the 1930s, as part of a global drive to reduce its carbon emissions.

 

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