Nigeria: Niger Delta – Financial Crisis Hits Shell

Production looses arising from the protracted Niger Delta crisis and alleged inability of the Nigerian Government to properly fund its own share of the Joint venture has put the Shell Petroleum Development Com-pany of Nigeria (SPDC) in a financial crisis.

THISDAY checks revealed that the Royal Dutch Company is cash-strapped and has been finding it difficult to meet some of its financial obligations.
“The situation is bad. We are in serious financial crisis. So the company has resolved to embark on a major staff down -sizing. For instance, before now, the company used to send its staff abroad for seminars, workshops and training programmes. These programmes are now being done online due to lack of funds to finance them” a source revealed.

It was learnt that no fewer than 3,000 staff of the company might be laid off in a major re-structuring that will be announced by the company soon.

AllAfrica