Nigerian Govt’s approval of Shell’s $2.4bn divestment condemned by Firm

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A Nigerian oil firm, Global Gas and Refining Limited, has condemned the Federal Government’s approval of Shell Petroleum Development Company’s divestment of its onshore assets to Renaissance Africa Energy Company Limited.

The company made this known in a statement made available to DAILY POST on Tuesday.

This comes after Shell Petroleum Development Company, SPDC, recently announced that it has received a ministerial nod for its $2.4 billion divestment.

Reacting, Global Gas and Refining accused Shell of defying a court injunction and undermining Nigeria’s legal processes, labelling the move as a direct affront to the rule of law and national sovereignty.

Kenneth Yellowe, Chairman of Global Gas, described the approval as “extremely unwelcome”, stating that Shell’s actions blatantly disregard an existing court order restraining the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, from approving the transaction.

He emphasised that Global Gas is in ongoing negotiations with Shell to resolve disputes over substantial financial losses incurred due to alleged breaches of contract by the multinational company.

Yellowe highlighted what he called Shell’s “Stalingrad strategy”, a tactic aimed at delaying legal proceedings to exhaust smaller litigants.

He accused the company of habitual noncompliance with Nigerian court orders, a practice he claims Shell would not dare exhibit in its home country or other developed nations.

“This is a clear demonstration of Shell’s contempt for legal processes, good governance, and the rights of Nigerian businesses and communities, particularly in the Niger Delta,” Yellowe said.