Nigerian activists believe Shell’s apparent end to its 87-year operation in the country is an effort to avoid its legal responsibilities while holding onto the potentially profitable side of the business.
In January, the oil giant revealed it had “reached an agreement to sell its Nigerian onshore subsidiary” to Renaissance, a consortium of four Nigerian oil firms and one based in Switzerland.
But despite the $2.8bn deal, Shell will effectively still own part of the business and will continue to bankroll Renaissance’s onshore exploration in Nigeria going forward.
