Nigerian Senate to probe Shell over alleged oil lease renewals -statement

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ABUJA, June 22 – Nigeria’s Senate said on Wednesday it will investigate oil giant Shell Plc (SHEL.L) over alleged illegal extensions of oil exploration leases and is seeking a refund of $200 million which it said accrued over the period.

The upper house of parliament said a seven-member committee has been mandated to probe oil exploration leases granted to Shell’s Nigerian arm from 1959 to 1989 and from 1989 to 2019 under a joint venture agreement with state-owned NNPC.