Read how Nigerians could win billions thanks to this company
– Oil giant Royal Dutch Shell is being investigated for its actions in Nigeria
– Several of the company’s offices around the world have been searched
– The company could lose billions if it is subject to a fine
The global oil giant Royal Dutch Shell is being investigated and Nigeria could be awarded billions of Naira if the company is fined.
Italian prosecutors are investigating the company as part of a probe into the acquisition of a Nigerian oil field.
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The oil giant said it was cooperating with the authorities and will stand up to account.
The probe is connected to the 2011 $1.3bn purchase of Nigeria’s OPL-245 offshore oil block by Eni and Shell.
As part of the investigation, Shell headquarters in The Hague were searched in February by Dutch police and prosecutors, a spokesman added.
Shell has been accused of polluting Nigeria with oil leaks and fires
“We can confirm we have received notice of proceedings from the public prosecutor in Italy,” the Shell spokesman said.
“Shell attaches the greatest importance to business integrity, one of our core values.”
Italian prosecutors are working jointly with an anti-fraud team in the Netherlands in order to determine whether the two oil companies paid bribes to obtain licences for the Nigerian site, confirming reports by Italy’s daily Corriere della Sera.
The OPL-245 block has been at the centre of a series of long-standing disputes and some Nigerians see a double standard in how the country is treated.
It was initially awarded in 1998 by former Nigerian oil minister Dan Etete to Malabu Oil and Gas, a company in which he was a shareholder.
The field was then sold in 2011 to Eni and Shell. According to documents from a British court, Malabu received $1.09 billion from the sale, while the rest went to the Nigerian government.
The oil block is estimated to contain 9 billion barrels of crude oil.
Shell, which sold some Nigerian assets in 2015, has been active in the country since 1937.
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