Posts Tagged ‘ENI’

Shell Shareholders at Risk from Billion Dollar Nigerian Oil Scandal, says Global Witness

shell oil barrel

Following is a press release from Global Witness:

Shell‘s role in a billion dollar corruption scandal in Nigeria poses significant hidden risks for investors, Global Witness said at the company’s 2015 AGM. The warning comes as the oil major is lobbying the UK and US authorities to undermine the implementation of new transparency laws which would consign such secretive deals to history.

The corruption at the heart of the deal deprived the Nigerian state of over U.S. $1.1 billion, triggered investigations by authorities in three countries, and could potentially lead to Shell and its Italian partner Eni losing access to the oil block.

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