Shell Petroleum Pays $31 Billion to Federal Government

  • Shell Petroleum Pays $31 Billion to Federal Government

The Shell Petroleum Development Company (SPDC) paid a total of $31 billion to the federal government between 2002 and 2016.

According to Mr Igo Weli, the General Manager, External Relations of the company, a total of $29.8 billion was remitted to the federation account between 2002 and 2016. While another $1.2 billion was paid to the Niger Delta Development Commission (NDDC) in the last 4 years.

Weli, who made the disclosure on Monday after angry youths shut down the company’s flow station and gas plant in Belema community said the action of the youths would not merely send the wrong signal to the international community but it will also discourage further investment in the Niger Delta.

“People are having high expectations from SPDC; they forget the company is not government and do not have the resources to solve world hunger.

“SPDC has made several efforts to sensitise the people on how our business is run, so that their expectations can be realistic and align with realities of how we run our business.

“The business we do add value in several ways through contributions to the federation account and the NDDC.

“Between 2012 and 2016, SPDC JV contributed $29.8 billion to the federation account which flows down to the state governments, local governments and to the communities,” he said.

The general manager described the action of the youths as `worrisome’ especially as the company and its partners had sent millions of naira on human and infrastructure programmes in the communities.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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