Shell strives for corporate transparency; remits $6.3b to Nigeria

Shell Petroleum Development Company (SPDC) and Shell Nigeria Exploration and Production Company Limited (SNEPCo) pledged to remain at the forefront of the drive for greater corporate transparency as the sum of $6.3 billion was remitted to Nigerian government in 2018.

The money which represented tax and production entitlement for the 2018 fiscal year and was paid to the Nigerian National Petroleum Corporation (NNPC), Federal Inland Revenue Service (FIRS), Department of Petroleum Resources (DPR), and the Niger Delta Development Commission (NDDC).

The payments signified a 48 per cent increase from the 1.5 trillion naira the country earned in 2017; making it the second time in two years that Nigeria was grossing the largest revenues from the company.

The payment also formed part of Shell’s Sustainability report which was released by the Group Chief Executive Officer of the Royal Dutch Shell, Ben Van Beurden.

“We will continue to be more open about what we do and why we do it. We want to help people better understand Shell’s performance, values and principles.

“These reports outline our approach and activities in the crucial areas of sustainability and our relationships with industry associations and governments”.

The Nigerian National Petroleum Corporation (NNPC) received the lion’s share with payments in kind valued at $3.776 billion.

FIRS received $1.286 billion in taxes, while the DPR received $1.253 billion from royalties and fees. The NDDC was paid fees totalling $81.5 million.

The Shell Sustainability Report outlines Shell’s approach to sustainability and covers its social, safety and environmental performance in 2018.