The Shell Petroleum Development Company of Nigeria Limited, SPDC, yesterday said it has agreed to pay the Bodo Community in Ogoniland, Rivers State, the sum of £55 million (about N16.6 billion) (N300 to £1) as compensation for damages caused by two oil spills in 2008.

Shell said in a statement made available to Vanguard that the bulk of the money, about £35 million will, be paid to individuals who agree on the settlement terms, while the balance of £20 million will be for the benefit of the general community.

According to Shell, “… a £55 million settlement agreement with the Bodo community in respect of the two highly regrettable operational spills in the area in 2008. “The £55 million settlement provides for an individual payment to each claimant who accepts the settlement agreement in compensation for losses arising from the spills, amounting to up to £35 million in total.

“The remaining £20 million payment will be made for the benefit of the Bodo community generally.”

Read More: www.vanguardngr.com