-By Zik Gbemre
RENEWED SHELL DIVESTMENT OF ONSHORE ASSETS: NOTHING TO CHEER ABOUT
- Insecurity is the single challenge pushing Shell and other multinationals out of the dreadful Nigerian investment climate.
- It’s hypocritical of the President and Governors of the Niger Delta to go about the world begging for foreign investors when those already established are exiting the country.
- Even for a developed economy like Russia, Putin had to step in to restrain Shell’s threat to leave the disunited Soviet Union at war with breakaway nations.
Insecurity was the biggest challenge that forced Shell to start divesting its onshore assets in the Niger-Delta, starting with stakes in Delta state in 1999.
Due to large scale youth violence encouraged by Chief James Ibori, tribal wars, ceaseless oil theft and communal disturbances, climaxing in a deliberate attempt by Governor Ibori successor cousin, Emmanuel Uduaghan’s desperation to buy some of the key assets provided the impetus for Shell’s gradual exit from Delta. read more
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