Nigeria's Supreme Court upholds freeze on Shell's asset sale - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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

An overview of the Niger delta where signs of oil spills can be seen in the water in Port Harcourt, Nigeria August 1, 2018.An overview of the Niger delta where signs of oil spills can be seen in the water in Port Harcourt, Nigeria August 1, 2018.

Shell, which denied causing the spill, appealed the compensation verdict and the ruling blocking the sale of its assets. The company then went on to advertise for bids for the assets after filing an appeal. “What the status quo means here is that there should be no bids, no sales until the hearing of the applications which has been fixed for November 3, 2022,” Mohammed Ndarani, the lawyer representing the Delta communities told Reuters on Monday.Shell wants to sell its stake in Nigeria’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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