Shell’s $2.4bn Assets Sale To Renaissance Violates Court Order – Global Gas

Global Gas and Refining Limited has expressed deep dissatisfaction with the recently announced completion of Shell’s $2.4 billion sale of its Nigerian subsidiary, Shell Petroleum Development Company of Nigeria (SPDC), to Renaissance Africa Energy Holdings.

The company insists that the completion of the sale violates a Federal High Court order in a case involving Shell and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Chairman of Global Gas,  Kenneth Yellowe, who made this known, alleged that NUPRC’s approval of the sale disregards the rule of law and undermines Nigeria’s judicial system.

Yellowe said the company will  take legal action against NUPRC and SPDC, citing a long-standing dispute over a gas processing agreement.

Recall that on  March 13, 2025 Shell announced the completion of the sale of SPDC to Renaissance Africa Energy Holdings.

The Global Gas chairman noted that “This brazen act is not only condemnable and unacceptable but also a flagrant affront to the Nigerian judiciary, demonstrating Shell’s well-known blatant disregard for the rule of law and the integrity of the country’s legal system.

“This announcement is in clear violation of an order of the Federal High Court of Nigeria in Suit No: FH/ABJ/CS/413/2024, between Global Gas & Refining Limited (GGRL) vs. the Shell Petroleum Development Company Limited and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which the parties are aware of.

He queried how NUPRC, headed by the commission chief executive (CCE)/Gbenga Komolafe, could complete and approve the sale process, notwithstanding an Affidavit of Undertaking as to Injunction in Respective (sic) of the Applicant/Applicant’s Motion on Notice dated and Filed 2/9/2024, filed with the CCE’s full knowledge and consent, which clearly stated as follows:

“3. b. That the 2nd Respondent hereby undertakes not to take any step,make any decision, or take any action that may likely interfere with or affect the subject matter of the suit, pending the hearing and determination of this Suit.

“c. That the 2nd Respondent has utmost respect for this Honourable Court and the judicial process and undertakes not to do anything to undermine the subject matter of the suit pending the hearing and determination of same by this Honourable Court.

“d. That the 2nd Respondent knows as a fact that when there is a Motion for injunction, it is obligated in deference to the Court, not to take any steps until the application is heard and determined by the Court one way or the other.”

Yellowe said defiance not only undermines the rule of law but also sets a dangerous precedent for corporate governance in Nigeria.

The company however noted that the announcements so far made have been by Shell Global and other private entities, and not by NUPRC.

The  Global Gas claimed that it has been entangled in a 20-year dispute with SPDC, during which its $500 million investment was trapped due to alleged obstruction by Shell, insisting that it is currently in court seeking settlement and redress for its losses and cannot stand by while Shell proceeds with a sale that ignores ongoing legal proceedings.

“As the institution entrusted with the regulation of the entire Nigerian upstream NUPRC should know better than to complete the process of divestment, thereby acting with impunity and total disregard for the rules of law, and undermining the judicial processes of the Federal Republic of Nigeria.

“Whilst this illegality might be seen as being in favour of the foreign investor, it is a blatant and painful disservice to an indigenous company investor that has had US$500 million trapped in a venture that was intentionally frustrated by SPDC, for nearly 20 years, and that is currently in court seeking settlement and redress.

“As a law-abiding company, Global Gas will not hesitate to take immediate legal action against NUPRC and SPDC. This reckless disregard for the Nigerian judiciary, and for justice delivery in Nigeria will not stand unchallenged,” Yellowe stated.