Malabu Oil Deal: Nigeria’s $1bn Case Against Shell, ENI Suffers Setback
By Simeon Godpower
5 days ago
- Top Stories
A High Court in London on Friday ruled that the $1 billion case against oil giants Shell and ENI over the Malabu Oil deal cannot proceed.
The High Court Judge, Christopher Butcher, is reported to have held that the court does not have jurisdiction to hear the matter, which has a parallel proceeding in Italy, also brought by the Nigerian government over the Malabu deal.
This was what formed the basis on which Shell and ENI had moved to stop or stay proceedings in the $1 billion lawsuit in the UK, during virtual hearings of the case.
Both companies argued that the case in the UK court was a duplication of the ongoing criminal trial and a parallel civil claim brought by Nigeria in Italy over the same matter.
Nigeria had sued Shell and ENI for $1.1 billion in 2011 over the licencing of OML 245 which the nation claims the said companies made it miss as a result of bribes they paid to Malabu oil, owned by former Minister of Petroleum, Dan Etete.[NewsNaira]
Share this article!
Others are also reading
What is News₦aira Income Program(News₦IP)
News₦aira Income Program (News₦IP) is a system aimed at raising revenue for registered users that browse the NewsNaira Website. An online program driven by a goal of solving the financial problems among the youths, students, middle class and whoever wishes to take advantage of earning opportunity and making money online legitimately in Nigeria as it creates the channel for participants to earn residual income on weekly basis.
How News₦IP Works
News₦aira has 2 means of generating income for our members.
News₦AP: NewsNaira Affiliate Program - With News₦AP, participants earns ₦1,000 whenever they refer anyone to join NewsNaira Income Program. There is no limit to how many people you can refer.
News₦ARS: NewsNaira Ad Revenue Sharing - With News₦ARS, participants earns residual income bonus by reading news, commentting on articles, publishing forum posts, daily login to their NewsNaira account, and even sharing assigned sponsored post on social media.
We share our ads revenue with you weekly when you make NewsNaira community your news and information household.