• FG demands $406m underpayment from SPDC

    FG demands $406m underpayment from SPDC

    The Federal Government is seeking a court order to compel Shell Petroleum Development Company of Nigeria Limited and its subsidiary, Shell Western Supply & Trading Limited, to pay $406.75 million being the underpayment from crude oil shipments between January 2013 and December 2014.

    In addition, the government is demanding the   interest payment  of 21 per cent  per annum   from the money.

    According to court documents, presented in Lagos, yesterday, the amount represents the shortfall of the money the multinational oil firm paid […]