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.
