The three-man panel made the ruling on 11 March.
The latest ruling comes after Shell appealed an earlier
Federal High Court ruling in November 2020 that ordered Shell to pay 800
billion naira ($1.95 billon) to 88 communities of Egbalor Ebubu in Rivers
state, who had accused the company of an oil spill that damaged their farms and
waterways.
The three-man panel on Monday March 14, also ordered Shell
Plc to stop selling any assets in Nigeria until a decision is reached on its
appeal of the nearly $2 billion penalty.
According to Reuters, a spokesperson for Shell’s Nigeria
unit said the company would immediately appeal the decision.
The judges said
Shell, acting through its agents or subsidiaries was restrained from “selling,
allocating, vandalising or disposing off any of its assets/properties …”
pending the determination of the appeal.
“We are disappointed at this outcome. We have a strong
belief in the merit of our case and will take immediate steps under the law to
appeal and stay the execution of the decision until the appeal is determined,”
Shell's spokesperson said.
Shell started talks with the Nigerian government last year
about selling its stake in Nigeria's onshore fields, where it has been active
since the 1930s, as part of a global drive to reduce its carbon emissions.
The company, the most significant international oil company
operating in Nigeria, has faced a string of court cases in the past two decades
over oil spills.
In 2021, Shell agreed to pay a Nigerian community $111.68
million to settle a case over an oil spill that took place more than 50 years
ago.