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Abdulazeez Abubakar
1 month ago
Overview
Shell’s $2.4bn Assets Sale To Renaissance Violates Court Order –
Global Gas and Refining Limited has expressed deep dissatisfaction with the recently announced completion of Shell’s $2.4 billion sale of its Nigerian subsidiary, Shell Petroleum Development Company of Nigeria (SPDC), to Renaissance Africa Energy Holdings.
The company insists that the completion of the sale violates a Federal High Court order in a case involving Shell and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Chairman of Global Gas, Kenneth Yellowe, who made this known, alleged that NUPRC’s approval of the sale disregards the rule of law and undermines Nigeria’s judicial system.
Yellowe said the company will take legal action against NUPRC and SPDC, citing a long-standing dispute over a gas processing agreement.
Recall that on March 13, 2025 Shell announced the completion of the sale of SPDC to Renaissance Africa Energy Holdings.
The Global Gas chairman noted that “This brazen act is not only condemnable and unacceptable but also a flagrant affront to the Nigerian judiciary, demonstrating Shell’s well-known blatant disregard for the rule of law and the integrity of the country’s legal system.
“This announcement is in clear violation of an order of the Federal High Court of Nigeria in Suit No: FH/ABJ/CS/413/2024, between Global Gas & Refining Limited (GGRL) vs. the Shell Petroleum Development Company Limited and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which the parties are aware of.
He queried how NUPRC, headed by the commission chief executive (CCE)/Gbenga Komolafe, could complete and approve the sale process, notwithstanding an Affidavit of Undertaking as to Injunction in Respective (sic) of the Applicant/Applicant’s Motion on Notice dated and Filed 2/9/2024, filed with the CCE’s full knowledge and consent, which clearly stated as follows:
“3. b. That the 2nd Respondent hereby undertakes not to take any step,make any decision, or take any action that may likely interfere with or affect the subject matter of the suit, pending the hearing and determination of this Suit.
“c. That the 2nd Respondent has utmost respect for this Honourable Court and the judicial process and undertakes not to do anything to undermine the subject matter of the suit pending the hearing and determination of same by this Honourable Court.
“d. That the 2nd Respondent knows as a fact that when there is a Motion for injunction, it is obligated in deference to the Court, not to take any steps until the application is heard and determined by the Court one way or the other.”
https://leadership.ng/shells-2-4bn-assets-sale-to-renaissance-violates-court-order-global-gas/
