Shell has disclosed that it paid a total of $1.09 billion in corporate taxes and royalties to the Federal Government of Nigeria in 2023, demonstrating its substantial financial contribution to the country’s economy.
These payments were made through two key subsidiaries, the Shell Petroleum Development Company of Nigeria Ltd. (SPDC) and the Shell Nigeria Exploration and Production Company of Nigeria Ltd. (SNEPCo), with SPDC contributing $442 million and SNEPCo remitting $649 million.
Managing Director and Country Chair of Shell Companies in Nigeria, Osagie Okunbor, emphasized Shell’s commitment to supporting economic development and local businesses in Nigeria, where the company has operated for over six decades. Additionally, Shell Plc has reached an agreement to sell its Nigerian onshore oil assets for over $1.3 billion, pending government approval, as part of its strategic objective to streamline its portfolio and focus on deepwater and integrated gas ventures in Nigeria.
Source: News Agency of Nigeria