Shell Not Allowed The Sale Of Properties

Court Halts Shell’s Sale of Assets In Nigeria

Shell plc. has been barred from the sale of its assets in Nigeria as the oil company looks to diversify from oil production.

The order was handed down by a court of appeal which noted that the firm can only be allowed the sale of assets after it pays the $2 billion penalty appeal for an alleged oil spill.

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Shell was ordered to deposit the money in an account controlled by the court within two working days.

The energy firm’s appeal hearing is set to begin on May 5.

A spokesperson for Shell’s Nigeria unit said the company would immediately appeal the decision.

Last year, it agreed to pay a Nigerian community $111.68 million to settle a case of oil spill that took place more than 50 years ago.

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