Nigeria initiates suit in London against Shell, Eni for damages in OPL 245 case

The Government of Nigeria has filed an additional lawsuit against supermajor Shell and Italian giant Eni over allegations linked to the controversial OPL 245 oil block deal off Nigeria.

In addition to the ongoing trial in Milan involving the two oil players, the government of the West African country is now seeking to trace and recover billions of dollars it claims it is entitled to.

In documents filed in the High Court in London, Nigeria said it was seeking compensatory damages of $1.1 billion, which constitutes the consideration paid to Malabu Oil & Gas for its surrender and transfer of rights in OPL 245 to the consortium of Shell and Eni.

The Nigerian government is also seeking compensatory damages of $3.5 billion , which is the amount it claims the asset was undervalued in the deal, it said in the court documents first obtained by Finance Uncovered.

 

Source: Upstream

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