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Finally, Shell to pay Niger Delta locals €15 million compensation after decades of legal battle

Published

2 years ago

December 23, 2022

Oil and gas giant, Shell, has revealed that it will pay 15 million euros in compensation to Nigerian farmers for oil spills that severely polluted three villages in the Niger Delta.

A statement by the multinational says “Shell and Milieudefensie have negotiated a settlement for the benefit of the communities of Oruma, Goi and Ikot Ada Udo in Nigeria, which were impacted by four oil spills between 2004 and 2007.”

The group said Shell “will pay an amount of 15 million euros for the benefit of communities and individual plaintiffs.”

The agreement, which cannot be seen as an “admission of liability”, settles all claims and ends all pending litigation related to the spills, Shell said.

Recall that a Dutch court ruled in 2021 that Shell’s Nigerian subsidiary was liable for damages resulting from the spills and ordered Shell to pay compensation in the long-running lawsuit brought by four Nigerian farmers.

The legal battle dates back to 2008, when Milieudefensie – the Dutch branch of the international organisation Friends of the Earth – four Nigerian farmers and fishermen approached the court to demand that Shell – whose headquarters were then in The Hague – pay for the clean-up work and pay them compensation.

The plaintiff, Mr Eric Dooh remarked that the ruling “is a great relief to all of us that after years of a legal battle with Shell, we will soon receive this money as compensation for all that we have lost.”

Dooh in a statement by Milieudefensie said “companies will no longer be able to get away with polluting and ignoring human rights,” and can now “be called to account.”

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”