ON SUPREME COURT'S JUDGMENT REJECTING SHELL'S REQUEST TO VACATE N17 BILLION JUDGEMENT ON OIL SPILL - ANOTHER ANTI-INVESTMENT MOVE
November 28, 2020 | News
With regard to a recent report that the Nigerians Supreme Court has dismissed an application filed by Shell Petroleum Development Company of Nigeria Limited (SPDCNL) seeking to set aside its January 11, 2019 judgment upholding a N17bilion damages awarded against the oil company,
ON SUPREME COURT'S JUDGMENT REJECTING SHELL'S REQUEST TO VACATE N17 BILLION JUDGEMENT ON OIL SPILL - ANOTHER ANTI-INVESTMENT MOVE
With regard to a recent report that the Nigerians Supreme Court has dismissed an application filed by Shell Petroleum Development Company of Nigeria Limited (SPDCNL) seeking to set aside its January 11, 2019 judgment upholding a N17bilion damages awarded against the oil company, I believe this is just an anti-investment move, which requires the relevant authorities to apply caution and wisdom in handling it.
It was reported that the Nigerian Supreme Court had, in the January 11, 2019 decision, upheld an earlier judgment by the Court of Appeal, affirming a June 14, 2010 judgment of the Federal High Court which awarded the damages against Shell over an oil spill at Ejam-Ebulu in Tai Eleme LGA of River State in the early 1970.
The truth is that, the said judgment against Shell is anti-investment, especially if the country wants to be serious about addressing some of its problems.
If the Nigerian government and the Nigerian judiciary deliberately truncate and cripple the remaining operations of Shell, and expel the transnational oil giant from the Nigeria oil and gas industry, then of what benefit will that be to the economy of the country? What do we gain as a country with such action?
Everyday, we are told by the Government of the day that we need foreign investors to invest in the country. Yet, in the other hand, the Nigerian government at all levels and the Nigerian Judiciary appear to be hostile to foreign oil giants like Shell. It is a bad image for Nigeria, if transnational foreign oil giant companies are treated badly in Nigeria. Whereas, countries like US encourage transnational investments. Same with Russia, which even encourages Shell to invest in Russia's gas resources. In fact, The Royal Dutch Shell has the largest gas project of the world in Russia.
Sadly, here in Nigeria, we are more interested in reaping off these foreign companies and deliberately drive away the likes of Shell. While I am not in support of any sort of oil pollution to the natural environment, which could be as a result of equipment failures or third-party interference (vandalization and oil theft), but I also believe there are better ways to address such issues with the companies concerned, rather than cripple their remaining operations and ask them packing.
It is not a good public image for the country in the eyes of the international community, if international oil companies are frustrated out of the country by the government of Nigeria and its judiciary. While I have been appealing to Royal Dutch Shell to return to Delta State and re-invest in the state's vast oil and gas reserves, most of which they had divested. The Nigerian Supreme Court ought to have weighed the implications of its judgement before passing it. They should realize that not all of such careless judgements are good for the nation's economy. Such judgements are aimed to drive transnational investors away from investing in the country. It is painful to see how our government and judiciary are just plain ignorant.
Zik Gbemre.
November 28, 2020
We Mobilize Others To Fight For Individual Causes As If Those Were Our Causes
With regard to a recent report that the Nigerians Supreme Court has dismissed an application filed by Shell Petroleum Development Company of Nigeria Limited (SPDCNL) seeking to set aside its January 11, 2019 judgment upholding a N17bilion damages awarded against the oil company, I believe this is just an anti-investment move, which requires the relevant authorities to apply caution and wisdom in handling it.
It was reported that the Nigerian Supreme Court had, in the January 11, 2019 decision, upheld an earlier judgment by the Court of Appeal, affirming a June 14, 2010 judgment of the Federal High Court which awarded the damages against Shell over an oil spill at Ejam-Ebulu in Tai Eleme LGA of River State in the early 1970.
The truth is that, the said judgment against Shell is anti-investment, especially if the country wants to be serious about addressing some of its problems.
If the Nigerian government and the Nigerian judiciary deliberately truncate and cripple the remaining operations of Shell, and expel the transnational oil giant from the Nigeria oil and gas industry, then of what benefit will that be to the economy of the country? What do we gain as a country with such action?
Everyday, we are told by the Government of the day that we need foreign investors to invest in the country. Yet, in the other hand, the Nigerian government at all levels and the Nigerian Judiciary appear to be hostile to foreign oil giants like Shell. It is a bad image for Nigeria, if transnational foreign oil giant companies are treated badly in Nigeria. Whereas, countries like US encourage transnational investments. Same with Russia, which even encourages Shell to invest in Russia's gas resources. In fact, The Royal Dutch Shell has the largest gas project of the world in Russia.
Sadly, here in Nigeria, we are more interested in reaping off these foreign companies and deliberately drive away the likes of Shell. While I am not in support of any sort of oil pollution to the natural environment, which could be as a result of equipment failures or third-party interference (vandalization and oil theft), but I also believe there are better ways to address such issues with the companies concerned, rather than cripple their remaining operations and ask them packing.
It is not a good public image for the country in the eyes of the international community, if international oil companies are frustrated out of the country by the government of Nigeria and its judiciary. While I have been appealing to Royal Dutch Shell to return to Delta State and re-invest in the state's vast oil and gas reserves, most of which they had divested. The Nigerian Supreme Court ought to have weighed the implications of its judgement before passing it. They should realize that not all of such careless judgements are good for the nation's economy. Such judgements are aimed to drive transnational investors away from investing in the country. It is painful to see how our government and judiciary are just plain ignorant.
Zik Gbemre.
November 28, 2020
We Mobilize Others To Fight For Individual Causes As If Those Were Our Causes