Oil giant Shell has agreed to pay a Nigerian fishing community £55 million (US$83.5 million) for the worst oil spill ever suffered in Nigeria.
Yesterday’s agreement ends a three-year legal battle in the UK over two spills in 2008 that destroyed thousands of hectares of mangroves, and the fish and shellfish that sustained villagers of the Bodo community in Nigeria’s southern Niger Delta.
It “is thought to be one of the largest payouts to an entire community following environmental damage,” the claimants’ London lawyers Leigh Day said.
Shell said it is paying £35 million to 15,600 fishermen and farmers, and £20 million to the Bodo community.
“We’ve always wanted to compensate the community fairly,” Shell Nigeria managing director Mutiu Sunmonu said.
Shell Nigeria is 55 percent owned by the Nigerian government.
Shell originally offered £4,000 to the entire community, Leigh Day said.
Sunmonu said Shell has also agreed and is “fully committed” to a cleanup.
Bodo Council of Chiefs and Elders chairman Sylvester Kogbara said he hoped “that Shell will take their host communities seriously now” and embark on a cleanup of all of Ogoniland.
A UN Environment Program report has estimated it could take up to 30 years to fully rehabilitate Ogoniland, an area where villagers have been in conflict with Shell for decades.
Kogbara said the community money would be used to provide needed basic services.
“We have no health facilities, our schools are very basic, there’s no clean water supply,” he said.
Individually, he said villagers are discussing setting up as petty traders and other small businesses until their environment is restored. Each person gets £2,200 in a country where the minimum monthly wage is less than US$100.
Sunmonu insisted that oil theft and illegal refining remain “the real tragedy of the Niger Delta” and “areas that are cleaned up will simply become reimpacted.”
Amnesty International said Shell continues to blame oil theft for spills — which means it does not have to pay compensation — when the company’s own documents state its aging oil pipelines present a “major risk and hazard.”
Shell said that only 4,000 barrels of oil were spilled in Bodo, while Amnesty International used an independent assessor which put it at more than 100,000 barrels — considered the largest-ever oil spill in mangroves.
JITTERS: Nexperia has a 20 percent market share for chips powering simpler features such as window controls, and changing supply chains could take years European carmakers are looking into ways to scratch components made with parts from China, spooked by deepening geopolitical spats playing out through chipmaker Nexperia BV and Beijing’s export controls on rare earths. To protect operations from trade ructions, several automakers are pushing major suppliers to find permanent alternatives to Chinese semiconductors, people familiar with the matter said. The industry is considering broader changes to its supply chain to adapt to shifting geopolitics, Europe’s main suppliers lobby CLEPA head Matthias Zink said. “We had some indications already — questions like: ‘How can you supply me without this dependency on China?’” Zink, who also
At least US$50 million for the freedom of an Emirati sheikh: That is the king’s ransom paid two weeks ago to militants linked to al-Qaeda who are pushing to topple the Malian government and impose Islamic law. Alongside a crippling fuel blockade, the Group for the Support of Islam and Muslims (JNIM) has made kidnapping wealthy foreigners for a ransom a pillar of its strategy of “economic jihad.” Its goal: Oust the junta, which has struggled to contain Mali’s decade-long insurgency since taking power following back-to-back coups in 2020 and 2021, by scaring away investors and paralyzing the west African country’s economy.
BUST FEARS: While a KMT legislator asked if an AI bubble could affect Taiwan, the DGBAS minister said the sector appears on track to continue growing The local property market has cooled down moderately following a series of credit control measures designed to contain speculation, the central bank said yesterday, while remaining tight-lipped about potential rule relaxations. Lawmakers in a meeting of the legislature’s Finance Committee voiced concerns to central bank officials that the credit control measures have adversely affected the government’s tax income and small and medium-sized property developers, with limited positive effects. Housing prices have been climbing since 2016, even when the central bank imposed its first set of control measures in 2020, Chinese Nationalist Party (KMT) Legislator Lo Ting-wei (羅廷瑋) said. “Since the second half of
AI BOOST: Next year, the cloud and networking product business is expected to remain a key revenue pillar for the company, Hon Hai chairman Young Liu said Manufacturing giant Hon Hai Precision Industry Co (鴻海精密) yesterday posted its best third-quarter profit in the company’s history, backed by strong demand for artificial intelligence (AI) servers. Net profit expanded 17 percent annually to NT$57.67 billion (US$1.86 billion) from NT$44.36 billion, the company said. On a quarterly basis, net profit soared 30 percent from NT$44.36 billion, it said. Hon Hai, which is Apple Inc’s primary iPhone assembler and makes servers powered by Nvidia Corp’s AI accelerators, said earnings per share expanded to NT$4.15 from NT$3.55 a year earlier and NT$3.19 in the second quarter. Gross margin improved to 6.35 percent,