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Shell Nigeria: Allegations of insider trading and sharp practices

Screen Shot 2015-01-06 at 21.26.38From an article published by ThisDayLive on 6 March 2015 under the headline:

House Summons Alison-Madueke, Shell over Divestment from Oil Block

Screen Shot 2015-03-06 at 09.21.53

The Nigerian House of Representatives has resolved to investigate the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, and the Shell Petroleum Development Company (SPDC) over allegations of sharp practices in the divestment of Oil Mining Lease (OML) 11 by the Anglo-Dutch oil multinational.

Prompted by a motion sponsored by Hon. Uzoma Nkem Abonta (PDP, Abia), the House would probe the circumstances surrounding Shell’s exit from the said oil block and host communities knowing how interested it was in the build-up to the acquisition process.

According to Abonta, “Shell Petroleum is desirous of relinquishing its interest in some oil blocks especially OML11.

“We aware of the discrepancies, lack of transparency and insider trading arrangements in the bidding process by SPDC,” he said.

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