Thursday , April 15 2021

Bank accounts in the shell are blocked



Nigerians have decided to make life difficult for multinational companies with questionable oil practices and their business relationships with local partners. Following the failures of ExxonMobil, whose local CEO was the subject of an arrest warrant, Shell is being watched as its bank accounts are blocked by justice.

And I must say that Shell’s misfortunes are accumulating in Nigeria. Indeed, after a series of unfavorable decisions in disputes between residents of the Niger Delta, Aiteo Eastern E&P is discussing an old dispute with a British major. Nigerian justice has allowed Shell to be restricted in its bank accounts. To unlock the situation, he will absolutely have to negotiate with this local oil company owned by Nigerian billionaire Benedict Peters.

It will be recalled that the case concerns a consortium consisting of Shell, Total and Eni, which in 2015 sold its 45% stake in the oil block and the main line Nembe Creek (NCTL) to Aiteo Eastern for $ 2.4 billion.

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Except that Shell was not very honest about the information provided to the buyer during the transaction. For example, the pipelines were in an indescribable state of disrepair. Thus, they subjected oil to constant population selection. Eventually, this situation led to a significant deficit, which prevented the repayment of loans taken to purchase this unit.

However, Aiteo received $ 1.5 billion for this acquisition. She then appealed to justice to claim damages from Shell for up to $ 9 billion, appointed solely responsible for the revaluation and damages. The court has now asked Shell to fund at least $ 2.8 billion, otherwise it will not be able to access its accounts.




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