Economy
Supreme Court Rules Against Nigeria in Shell Oil Spill Dispute
By Adedapo Adesanya
The Supreme Court in the United Kingdom on Wednesday ruled that Nigerian claimants were too late to sue oil giant Shell over an offshore oil spill in 2011.
This means that it was too late for people in the Niger Delta region to lodge pollution claims against the energy giant as the panel of five Supreme Court justices unanimously upheld two previous rulings by lower courts that found the claimants had brought the case against the oil giant after the six-year deadline for taking action after an incident had passed.
The claimants’ lawyers argued that the ongoing damage directly caused by oil and gas activity in the region represented a “continuing nuisance”, a type of civil tort, which would have rendered the deadline null, according to Reuters.
“The Supreme Court rejects the claimants’ submission. There was no continuing nuisance in this case,” said Justice Andrew Burrows when delivering the court decision. The ruling will also apply to thousands of other claimants.
“While the 2011 Bonga spill was highly regrettable, it was swiftly contained and cleaned up offshore,” a Shell spokesperson said.
A group of 27,800 individuals and 457 coastal and fishing communities were attempting to sue Shell for a leak of approximately 40,000 barrels of crude oil that took place in December 2022.
The spill, which occurred while the company was transferring oil from a floating offshore platform to a tanker 75 miles off the coast of the Niger Delta, was considered at the time the worst in the area for over a decade.
The claimants said that the spill had a devastating long-term impact on the coastal area that they live in, polluting lands and waterways, damaging farming and fishing work and contaminating drinking water and mangrove forests.
Shell has previously lost lawsuits for oil spills in the Niger Delta. In 2015, it agreed to pay out £55 million in compensation to communities affected by an oil spill in Bodo in 2008.
Mr Martyn Day, the lawyer representing the claimants at the time, said, “Whilst we are delighted for our clients and pleased that Shell has done the decent thing, I have to say that it is deeply disappointing that Shell took six years to take this case seriously and to recognise the true extent of the damage these spills caused to the environment and to the those who rely on it for their livelihood.”
“We hope that in future Shell will properly consider claims such as these from the outset and that this method of compensation, with each affected individual being compensated, will act as a template for Shell in future cases in Nigeria,” he added.
In August 2021, the company lost the right to operate the Oil Mining License 11 in Nigeria after a court ruled to award the license to state-owned Nigerian National Petroleum Company (NNPC) Limited, a decision that the oil giant later appealed.
This ruling came just days after Shell was made to pay over £80.4 million in damages to communities in southern Nigeria over oil spills stemming back to the 1970s.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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