Nigerian Company Accuses NUPRC of Ignoring Court Ruling on $2.4bn Shell Acquisition

Nigerian Company Accuses NUPRC of Ignoring Court Ruling on $2.4bn Shell Acquisition

A Nigerian oil company, Global Gas, has accused the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) of defying a court order regarding the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria by Renaissance Africa Energy Holdings…………..READ MORE

Global Gas, led by its chairman Kenneth Yellowe, raised concerns about the sale, which was completed by Renaissance on March 13, 2025, despite a pending court case. The company argues that the sale violates a Federal High Court order issued in Suit No.: FH/ABJ/CS/413/2024, where Global Gas had sued Shell and NUPRC over the matter. The court had placed legal constraints on the sale, yet Yellowe claims that the NUPRC approved the divestment in direct violation of the court’s order.

Global Gas has accused Shell of ignoring the ongoing legal proceedings and accused NUPRC leadership, particularly Chief Executive Engr. Gbenga Komolafe, of sanctioning the sale despite a pending motion for an injunction. According to Global Gas, an affidavit filed in court explicitly prohibited the regulatory agency from approving any actions related to the sale until the case was resolved.

The dispute traces back to a 20-year-long conflict between Global Gas and Shell, with the Nigerian company claiming that $500 million of its investment is trapped due to Shell’s actions. As the legal battle continues, Global Gas seeks redress for its losses and urges the authorities to respect the judicial process before proceeding with such high-stakes transactions.