The Queens Bench Division High Court of Justice in the United Kingdom has ordered Shell Petroleum Development Company of Nigeria Limited , Shell International Company Limited and Shell International Exploration and Production BV to pay Ejama Ebubu community of Ogoni in Rivers State the sum of N183bn as damages for oil spill in the area.
In 1970 an oil spill occurred that affected 255 hectares of arable farm land in the Ejama-Ebubu community in the Tai-Eleme part of Rivers State which adversely affected fishing livelihood, farming activities and communal health of the local area. In July 2010 the Federal High Court in Asaba set damages against SPDC, in the region of N15.4bn .
The local environment green case had dragged on for 29 years before the Supreme Court in February 2019 in a ruling upholding earlier FHC judgments ordered that the community be paid a total judgment debt of N134bn . This is about 16 per cent of Royal Dutch Shell’s Net Income of $23.91bn for 2018. These contingent concerns may not have been priced-in with the oil group’s price earnings ratio of 11.17; one year return of -3.67per cent, and a twelve month trailing earnings per share of GBp2.84.
The plaintiffs in 2001 refiled the suit at the Federal High Court, Port Harcourt. However, the court, presided over by Justice Ibrahim Buba after listening to the submissions of the parties in the suit, in his judgment in 2010, awarded N17 billion to the representatives of the Ogoni people.
To which account?so that it won't go back to dere nation THEONE
Such pronouncement or judgemental is well deserved and long overdue.
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