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Shell pays $1.1 billion in royalties, corporate taxes

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PHOTO:AFP

Shell Petroleum Development Company (SPDC) Joint Venture (JV) Shell Nigeria Exploration and Production Company (SNEPCo) paid $1.1 billion to the Federal Government in form of royalties and corporate taxes in 2017.

The company said in 2017 Sustainability report released on Monday that it has contributed $23 billion to the Nigeria economy from 2013 to 2017.

Shell disclosed that 94 per cent of the company’s contracts in Nigeria were awarded to Nigerian companies in 2017.

The company stated: “Shell companies in Nigeria spend $0.76 billion on contracts awarded to Nigerian companies in 2017. 95 per cent employees of Shell companies in Nigeria are Nigerian citizens in 2017. SPDC JV and SNEPCo contributed $109.9 million to Niger Delta Development Commission in 2017.

It added that SPDC JV, SNEPCo and Shell Nigeria Gas direct spending on social investment projects in 2017 was $60.2 million.

Dwelling on its activities in Nigeria, the report stated that Shell companies in Nigeria work with all tiers of government, communities and civil society to fund and implement social investment programmes.

According to the company, some of these investments were mandated by federal legislation, such as requiring all oil companies in Nigeria to contribute funds from their annual budgets to the Niger Delta Development Commission.

It added that at state government and local community levels, Shell companies in Nigeria focus their social investment activities on areas such as enterprise development, education, health and access to energy.

The report said that since launching in the 1950s, the Shell companies in Nigeria scholarship scheme has supported thousands of students to study both in Nigeria and abroad. 

It stated: “The SPDC JV also supports community-driven development programmes in the Niger Delta. Since 2006, the programmes have been delivered through the global memorandum of understanding (GMoU).

“This agreement brings together communities, government representatives, SPDC and non-governmental organisations and provides secure five-year funding for community projects of their choice.

“We work with our partners to explore opportunities to increase access to affordable, reliable and sustainable energy sources for off-grid low-income households, small- to medium-sized businesses and communities in Nigeria, particularly in the Niger Delta.”


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