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Monday, June 1, 2020

Malabu: UK court throws out Nigeria’s $1bn bribery case

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An English court has thrown out a $1.1bn case which Nigeria brought against Royal Dutch Shell and Eni relating to a dispute over the purchase of Oil Prospecting Licence 245

The Nigerian government filed the case in 2018 at a commercial court in London alleging payments made by the oil major to get the OPL 245 in 2011 were used for kickbacks and bribes.

Eni and Shell jointly acquired the rights to the OPL 245 for about $1.3bn but the deal had spawned legal cases spanning several countries.

The OPL 245, one of the biggest sources of untapped oil reserves on the African continent with reserves estimated at nine billion barrels, is also at the heart of an ongoing trial in Milan, Italy.