Shell Petroleum Development Company of Nigeria Limited (SPDC) and Shell Nigeria Exploration and Production Company Limited (SNEPCo) paid a sum of $1.09 billion in corporate taxes and royalties to the Nigerian government in 2023.

This figure, revealed in the recently published 2023 Shell Briefing Notes, shows Shell’s commitment to supporting Nigeria’s development through substantial financial contributions.

According to the briefing notes, SPDC disbursed $442 million in taxes and royalties, while SNEPCo remitted $649 million.

Despite a decrease from the $1.36 billion paid in 2022, these payments highlight Shell’s continued role as a key contributor to Nigeria’s revenue generation efforts.

Osagie Okunbor, Managing Director and Country Chair of Shell Companies in Nigeria said “Shell companies in Nigeria will continue to contribute to the country’s economic growth through the revenue we generate and the employment opportunities we create by supporting the development of local businesses.”

The briefing notes also provided insights into Shell’s ongoing operations and initiatives in Nigeria. The company’s investments span more than six decades, with a focus on powering progress and promoting socio-economic development.

Through collaborations with stakeholders and communities, Shell aims to provide cost-effective and cleaner energy solutions while fostering sustainable growth.

“It is important to emphasize that Shell is not leaving Nigeria and will remain a major partner of the country’s energy sector through its deep-water and integrated gas businesses,” Okunbor reiterated, underscoring Shell’s long-term commitment to Nigeria’s energy landscape.

Shell’s contributions extend beyond financial payments, encompassing initiatives aimed at enhancing local capacity building, fostering job creation, and promoting social development. By prioritizing safe operations and environmental stewardship, Shell seeks to align its business objectives with Nigeria’s sustainable development goals.

As Nigeria navigates economic challenges and seeks avenues for growth, Shell’s substantial tax and royalty payments serve as a testament to the company’s enduring partnership with the Nigerian government and its commitment to driving economic progress.

Through continued collaboration and investment, Shell endeavors to play a pivotal role in Nigeria’s journey towards prosperity and sustainability.

The Federal Government, through the Corporate Affairs Commission (CAC), has issued a stringent directive mandating Point of Sales (PoS) operators to register their agents, merchants, and individuals within a two-month timeframe.

The move comes as part of efforts to comply with legal requirements and align with the directives of the Central Bank of Nigeria (CBN).

The decision was reached during a crucial meeting between representatives of the fintech industry and the Registrar-General of the CAC, Hussaini Ishaq Magaji, held in Abuja on Monday.

With over 1.9 million PoS terminals deployed nationwide by merchants and individuals, the registration requirement aims to bolster consumer protection measures and fortify the integrity of the financial ecosystem.

According to the Registrar-General, the initiative is in line with Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, as well as the 2013 CBN guidelines on agent banking.

Speaking on the matter, Hussaini Ishaq Magaji emphasized that the registration deadline, set for July 7, 2024, is not intended to target specific groups or individuals but rather serves as a proactive measure to safeguard businesses and ensure regulatory compliance across the board.

In a statement released by the commission, it was highlighted that the collaboration between the Corporate Affairs Commission and fintech companies underscores a mutual commitment to upholding industry standards and fostering a conducive environment for financial transactions.

The decision to implement this registration requirement follows recent concerns over fraudulent activities involving PoS terminals, which accounted for 26.37% of fraud incidents in 2023, according to a report by the Nigeria Inter-Bank Settlement System Plc (NIBSS).

The directive from the Federal Government comes amidst a broader crackdown on financial irregularities, including the prohibition of cryptocurrency trading and heightened scrutiny of fintech operations by regulatory authorities.

Last week, major fintech firms were instructed by the CBN to halt onboarding new customers and to warn against cryptocurrency trading on their platforms.

The move by the CBN is part of a larger effort to enhance regulatory oversight and combat illicit financial activities, including money laundering and terrorism financing.

Prior to this directive, the Economic and Financial Crimes Commission (EFCC) had obtained court orders to freeze numerous bank accounts allegedly involved in illegal foreign exchange transactions.

In response to the directive, fintech firms have pledged to collaborate with regulatory authorities to ensure compliance with the registration requirement.

However, they have also stressed the importance of comprehensive sensitization efforts to educate stakeholders about the implications of non-compliance and the benefits of regulatory adherence.

As the deadline approaches, PoS operators are expected to expedite the registration process and ensure that all agents, merchants, and individuals are duly registered with the Corporate Affairs Commission, demonstrating a collective commitment to maintaining the integrity of Nigeria’s financial system.

The Onne Multipurpose Terminal (OMT) recently played host to the largest container ship ever to conduct full operations at an eastern port.

The container vessel, named Kota Cempaka and owned by Pacific International Lines (PIL), measures an impressive 300 meters in length and boasts the capacity to carry 6,600 twenty-foot equivalent units (TEUs) of containers.

During its maiden call at the Onne Port in April 2024, the Kota Cempaka undertook the loading and discharging of over 2,000 containers, handling a mix of Nigerian imports and exports.

This achievement underscores the terminal’s capability to accommodate large-scale vessels, marking a significant advancement for both the Onne Multipurpose Terminal and the Nigerian Ports Authority (NPA).

James Stewart, the Chief Operations Officer of Onne Multipurpose Terminal, expressed pride in the successful berthing and operation of the Kota Cempaka at Onne Port.

He highlighted the trust placed by PIL in OMT’s handling capabilities, emphasizing the global trend of shipping lines deploying larger vessels to enhance efficiency and reduce transportation costs for Nigerian traders.

Jacob Gulmann, the Managing Director of OMT, acknowledged the collaborative efforts between OMT and the NPA to prepare for the influx of larger vessels.

He particularly commended the NPA’s initiatives to ensure adequate water depth at the port, a critical factor in accommodating the new generation of vessels.

Situated within the Onne Port Complex in Rivers State, OMT commenced operations in 2021 as a container terminal operator equipped with state-of-the-art infrastructure.

With 750 meters of deep-water berths, a water depth of 12 meters, and modern handling equipment, including mobile harbor cranes and terminal trucks, OMT stands as a vital player in Nigeria’s logistics sector.

The terminal’s utilization of advanced IT systems from Navis Terminal Operating System and SAP enables seamless cargo handling across various categories.

OMT’s commitment to efficiency and innovation reflects its dedication to supporting Nigeria’s maritime trade and economic growth.