Shell Nigeria Pays $1.09 Billion In Corporate Taxes, Royalties In 2023

Shell's Media Relations Manager Abimbola Essien-Nelson said on Tuesday that the company has paid $1.09 billion in corporate taxes and royalties to the Federal Government of Nigeria in 2023 via the Shell Petroleum Development Company of Nigeria Limited and Shell Nigeria Exploration and Production Company of Nigeria Limited.

Essien-Nelson revealed that the Shell Petroleum Development Company (SPDC) paid $442 million while Shell Nigeria Exploration and Production Company of Nigeria Limited (SNEPCo) paid a remitted $649 million. Both companies made similar payments in 2022, totaling $1.36 billion.

"These payments are Shell exclusive and do not include those made by our partners," SPDC Managing Director and Country Chair, Shell Companies in Nigeria Osagie Okunbor said, Punch reported.

He added, "Shell companies in Nigeria will continue to contribute to the country's economic growth through the revenue we generate and the employment opportunities we create by supporting the development of local businesses."

Shell, which is a British company, noted that it has been investing in the African country for more than 60 years, adding that the Briefing Notes report on the progress of the businesses of Shell Companies in Nigeria – SPDC, SNEPCo, Shell Nigeria Gas and Daystar Power for 2023.

"It is important to emphasize that Shell is not leaving Nigeria and will remain a major partner of the country's energy sector through its deep-water and integrated gas businesses. Our collective focus remains on the delivery of safe operations and care for our people," Okunbor added.

While companies like Shell are doing business in Nigeria, the African country is dealing with a huge oil theft issue, causing many oil companies great losses. In fact, oil theft also creates a massive impact on Nigeria's economy as the country relies heavily on the revenue generated by the oil industry.

Last year, SPDC noted that the oil firm successfully got rid of 460 illegal connections on its Trans Niger Pipeline.