May 27, 2024
Nigeria loses OPL 245 $1.1bn compensation claim in Italian court
Middle East: Oil demand remains low despite the ease in COVID-19 lockdown
– By Godswill Odiong

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By Eyo Nsima
Again, Nigeria has failed to win a $1.1 billion compensation claim in an Italian court over Oil Prospecting Licence (OPL) 245.

The appeals court in Milan, Italy, on Friday, rejected Nigeria’s request for $1.1bn compensation from Shell and Eni, the two IoCs that bought the oil block from Malabu Oil & Gas Limited in 2011.

The government had alleged that there was corruption in the deal, leading to a number of criminal trials in Nigeria and Italy.

The Milan appeals court rejected the nation’s claims and promised to make its reasons public within 90 days.

However, commenting on the case, Shell disclosed that it was pleased with the dismissal of the case, adding that Shell or its former employees have no case to answer.

In a statement obtained by The Daily, https://thedaily-ng.com, Shell stated: “We are pleased that these civil proceedings have been dismissed. This follows the Milan criminal tribunal’s finding that there was no case to answer for Shell or its former employees when they were fully acquitted in 2021, a decision that was upheld in July 2022, when criminal proceedings ended.”

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