Nigeria earns $69bn from Shell in four years

Mutiu-Sunmonu02 August 2013, Lagos – Shell companies in Nigeria, SCiN, have raked in revenues worth $69 billion into Federal Government’s coffer in four years, the Managing Director of Shell Petroleum Development Company, SPDC, and country chair of Shell Companies in Nigeria, Mr Mutiu Sunmonu, has said.

Sunmonu, who disclosed this, Thursday in Lagos, said the money represents taxes and royalties remitted to the government between 2008 and 2011.

He spoke during the launch of Shell’s briefing notes and new advertising campaign tagged ‘Let’s go.’

Meanwhile, the Department of Petroelum Resources, DPR, has warned unlicensed marketers of liquefied petroleum gas, LPG, that it will not be business as usual as audit of LPG marketers in the country will take place next month.

The agency said it will sanction marketers of cooking gas that don’t have valid licences and those that don’t comply with operational safety.

Giving a breakdown of how the financial contribution of Shell to the national economy, Summonu said the oil firm contributed $178 million to the Niger Delta Development Commission, NDDC, last year in compliance with the mandatory levy oil companies remit into the commission’s coffers.

He said additional $103 million was directly invested by SPDC and Shell Nigeria Exploration and Production Company Limited, SNEPCo, on addressing social and economic development challenges in the Niger Delta region.

He said SPDC and SNEPCo have paid about $635million into the Federal Government’s education fund in the last five years, adding that Shell companies awarded $2.4billion contracts to indigenous contractors last year, representing 64 per cent of the total expenditure on contracts during the year.

Sunmonu said last year, Shell-operated ventures in Nigeria produced an average of 949,000 barrels of oil equivalent per day. He said the number of spills in Shell’s operation reduced to 173 last year due to a significant reduction in the number and volume of operational spills compared to 2011.

– The Nation

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