Business
UK S’Court Okays Suit against Shell over Oil Spills
The ruling of the United Kingdom Supreme Court yesterday paved the way for a group of 42,500 Nigerian farmers and fishermen to sue Royal Dutch Shell (RDS) in English courts after years of oil spills in the Niger Delta contaminated land and groundwater.
In a major decision that is bound to have far reaching implications for multinationals operations in their host countries, Senior judges said UK-domiciled Shell, one of the world’s biggest energy companies, did have a common law duty of care, in the latest case to test whether multinationals can be held to account for the acts of overseas subsidiaries.
The ruling comes almost two years after a seminal ruling by the Supreme Court in a case involving mining company, Vedanta. The judgment allowed nearly 2,000 Zambian villagers to sue Vedanta in England for alleged pollution in Africa.
That move was seen as a victory for rural communities seeking to hold parent companies accountable for environmental disasters. Vedanta ultimately settled out of court in January.
Nigeria’s Ogale and Bille communities of Rivers State allege their lives and health had suffered because repeated oil spills had contaminated the land, swamps, groundwater and waterways and that there had been no adequate cleaning or remediation.
Represented by law firm Leigh Day, they argued that Shell owed them a duty of care because it either had significant control of, and was responsible for, its subsidiary SPDC. Shell countered that the court had no jurisdiction to try the claims.
“(The ruling) also represents a watershed moment in the accountability of multinational companies. Increasingly impoverished communities are seeking to hold powerful corporate actors to account and this judgment will significantly increase their ability to do so,” Daniel Leader, partner at Leigh Day, said.
SPDC is the operator of oil pipelines in a joint venture between the Nigerian National Petroleum Corporation which holds a 55 per cent stake, Shell which holds 30 per cent, France’s Total with 10 per cent, Italy’s Eni with 5 per cent.
A Shell spokesman said the decision was disappointing.
“Regardless of the cause of a spill, SPDC cleans up and remediates. It also works hard to prevent these sabotage spills, by using technology, increasing surveillance and by promoting alternative livelihoods for those who might damage pipes and equipment,” Shell said.
Shell has blamed sabotage for oil spills. It said in its annual report published last March that SPDC, which produces around 1 million barrels of oil per day, saw crude oil spills caused by theft or pipeline sabotage surge by 41 per cent in 2019.
Shell CEO Ben van Beurden said last week that the firm would take “another hard look at its onshore oil operations” in the West African country.
The ruling is the second judgement against Shell this year regarding claims against its Nigerian operations. In a landmark Dutch ruling two weeks ago, an appeals court held Shell responsible for multiple oil pipeline leaks in the Niger Delta and ordered it to pay unspecified damages to farmers, in a victory for environmentalists.
Leigh Day said that the amount of compensation sought would be quantified as the case enters the trial stage.
In 2015, Shell agreed to pay out 55 million pounds ($83.4 million) to the Bodo community in Nigeria in compensation for two oil spills, which was the largest ever out-of-court settlement relating to Nigerian oil spills.
Business
Naira opens 2025 on weak note against US dollar
Naira opens 2025 on weak note against US dollar
The Nigerian naira fell to N1,541.36/$ on the first trading day of 2025, marking a 0.36% decline from the closing rate of N1,535.82/$ recorded at the end of 2024, according to NFEM data on the Central Bank of Nigeria’s website.
Some authorised dealers quoted the dollar at N1,545/$, a slight improvement from the N1,550/$ quoted earlier in the week. Others quoted the naira at N1,520/$ at the close of trading on Thursday.
In the parallel market, the naira ended the day at N1,655/$, improving from N1,670/$ quoted on Tuesday.
The naira’s performance in 2024 saw a significant depreciation of 40.9% compared to its official rate of N907.11/$ at the close of 2023.
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The decline comes despite various foreign exchange policies introduced by the Central Bank of Nigeria (CBN) to improve market transparency and attract foreign investors.
One of the notable reforms was the December launch of the Electronic Foreign Exchange Matching System, which introduced new guidelines for authorised forex dealers. This initiative brought some stability to the naira towards the end of 2024.
Meanwhile, in the money market, the Nigerian Interbank Offered Rate saw declines across all maturities, indicating liquidity in the banking sector. The Open Repo Rate dropped by 0.61% to 26.69%, while the Overnight Lending Rate fell by 0.55% to 27.25%.
Trading in the secondary market for Federal Government of Nigeria (FGN) bonds remained subdued, resulting in a marginal increase in the average yield to 19.76%. In the sovereign Eurobonds market, buying pressure across various segments of the yield curve led to a 6-basis-point decline in the average yield to 9.62%.
Naira opens 2025 on weak note against US dollar
Auto
Jetour attributes Nigeria’s award to customers loyalty, innovation
Jetour attributes Nigeria’s award to customers loyalty, innovation
Jetour has been declared the fastest growing auto brand in Nigeria.
The award was announced on Wednesday December 11, 2024 in Lagos at an impressive ceremony organised by the Nigeria Auto Journalists Association (NAJA).
Jetour representative in Nigeria, Jetour Mobility Services, has taken to its Facebook page to celebrate its customers for making this to happen, attributing the success to its commitment to innovation in creating remarkable driving experiences.
Jetour known for its luxury offerings is one of China’s most revered auto brands, a marque of Chery Holding Group established in 2018.
It mainly produces crossovers and Sports Utility Vehicles (SUVs).
The recognition of Jetour as the Fastest Growing Auto Brand in the country is coming about a year after its introduction into the Nigerian market.
Jetour arrived in Nigeria in the last quarter of last year. And the SUVs available for this market are X70 – Liberty, X70 Plus – Elegance, X90 Plus – Cruise and Dashing.
Chairman of the NAJA Awards Organising Committee, Mr Theodore Opara, said despite being new in the Nigerian market, the brand was quickly able to secure a prominent place for itself in the highly competitive industry and received considerable attention from new car enthusiasts.
The committee, he added, had no difficulty in picking the brand as the fastest growing in the Nigerian auto market.
The name “Jetour” is a combination of the word “jet” and “tour”, which according to the automaker signifies a “convenient journey”. And its models try to depict this connotation in designs and performance.
Jetour Mobility Services said it considered the award a great honour, adding that it was a validation of its commitment to innovation and creating remarkable driving experiences.
The firm celebrates the award on its Facebook page with the following comments:
“We’re honoured to be named the Fastest Growing Auto Brand of the Year at the prestigious NAJA Auto Awards, powered by the Nigeria Auto Journalists Association.
“This achievement is a testament to our commitment to innovation, quality, and creating unforgettable driving experiences.
“A huge thank you to our amazing customers and everyone who has been a part of the journey — your trust propels us forward! Cheers to more milestones ahead!”
Jetour says its focus is to be a leader in mobility as well as provide reasonable travel solutions for individuals and families.
Its goal is to provide an excellent vehicle that demonstrates individuality for today’s young people, it adds.
As in the global market, the brand users in Nigeria are said to be an uncompromising group of individuals, unwilling to settle for less.
Jetour is not only winning in Nigeria, it is also a toast of a section of the Saudi market. One of its models, Dashing, recently won the Best Midsize Crossover Award for 2023-2024.
National Automotive Supply Company, the authorised distributor of Jetour vehicles in the Kingdom of Saudi Arabia, announced that the new and advanced Jetour Dashing won the “Best Midsize Crossover” award during the awards ceremony of the 11th edition of the “PR Arabia National Automotive Award” in Saudi.
Jetour Dashing was announced as the winner at the ceremony held in mid-November in Jeddah under the patronage of the Saudi Automobile and Motorcycle Federation and in the presence of several princes and VIPs, as well as representatives of regional offices of automotive brands.
Business
NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo
NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo
Former President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million offer from billionaire businessman Aliko Dangote.
In an exclusive interview with Channels TV, former President Olusegun Obasanjo revealed that in 2007, Dangote offered a staggering $750 million to manage the Port Harcourt and Kaduna refineries.
Obasanjo explained that the Nigerian National Petroleum Corporation (NNPC), now rebranded as NNPCL, rejected the offer due to its inability to operate the refineries effectively.
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He said, “Aliko got a team together and they paid $750m to take part in PPP (Public–public-private partnership) in running the refineries.
“My successor refunded their money and I went to my successor and told him what transpired. He said NNPC said they wanted the refineries and they can run it. I now said but you know they cannot run it.
“But I was told not too long ago that since that time, more than $2 billion have been squandered on the refinery, and they still will not work,” he added
NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo
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