Shell paid Nigerian govt, agencies $6.3bn in 2018

The multinational oil company, the Royal Dutch Shell, says it paid over $6.397 billion to the Nigerian government and its agencies in 2018. The payment include its exploration and production activities in the country comprising Shell Petroleum Development Company of Nigeria Limited (SPDC) and Shell Nigeria Exploration and Production Company Limited (SNEPCo). The amount represents a 48 per cent increase over payments by the companies to Nigerian government in 2017 which was $4.322 billion.

A breakdown of the figures shows that the companies paid $3.776 billion to the Nigeria National Petroleum Corporation (NNPC) as production entitlement while $1.286 billion was paid in taxes to the Federal Inland Revenue Service. Another sum of $1.253 went to the Department of Petroleum Resources for royalties and fees, while $81.5 million was remitted to the Niger Delta Development Commission.

Details are contained in the four documents released on Tuesday by the Group Chief Executive Officer of the Royal Dutch Shell, Ben Van Beurden, a move said to signal the global oil giant’s renewed commitment to greater transparency. The documents are: Shell Sustainability Report; Industry Associations Climate Review; Nigeria Briefing Notes; and Payments to Government Report.

Commenting Beurden said, “Shell must remain at the forefront of the drive for greater corporate transparency. We will continue to be more open about what we do and why we do it,” said van Beurden. “We want to help people better understand Shell’s performance, values and principles. These reports outline our approach and activities in the crucial areas of sustainability and our relationships with industry associations and governments.”

Managing Director of SPDC and Country Chair, Shell Companies in Nigeria, Osagie Okunbor, described the reports as a further testament to Shell’s efforts to increase transparency around activities that are important to investors, governments and civil society.  “We are irrevocably committed to transparency just as we are to business integrity part of our core values and central tenets of the Business Principles that govern the way we do business.”

 

Source: Leadership

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