Bloomberg UK
Shell Permits Probed Over Loss of $200 Million in Nigeria
- Motion argues state lost revenue through 30-year licenses
- Investigation targets joint venture operated by Shell
By William Clowes: 23 June 2022, 13:04 BST
Nigeria’s Senate will investigate Shell Plc’s historic license renewals in the West African state to determine whether they were extended unlawfully and cost the government up to $200 million.
Senate President Ahmad Lawan formed a committee on Wednesday to probe the oil major’s permits that expired in 1989 and 2019, according to a statement emailed by his spokesman. The decision followed a motion submitted by Senator George Sekibo who said the duration of the licenses should have been 20 years rather than 30 years under Nigerian law.
A spokesman for Shell didn’t immediately respond to a request for comment.