Aiteo Settles $1.9 Billion Dispute with Shell and Banks

Aiteo Eastern E&P Company Limited has settled a dispute involving a $1.9 billion facility with Africa Finance Corporation, Shell Western Supply and Trading Limited, and eleven commercial banks. The settlement terms, dated April 2026, were approved as a consent judgment by Justice Emeka Nwite of the Federal High Court in Abuja on October 16, 2026.

The case revolved around payment obligations and the involvement of government institutions, including NNPC Upstream Investment Management Services and the Nigerian Upstream Petroleum Regulatory Commission. Aiteo had entered into an Amended and Restated Agreement with Shell on December 31, 2016, under which the banks provided two facilities totaling $1,977,680,000.

The banks expressed concerns that Aiteo would struggle to meet its payment obligations, prompting discussions for an alternative solution. Aiteo initially filed a suit against the defendants, seeking various reliefs, and secured an interim injunction on August 19, 2024.

Ultimately, the parties agreed to settle, and the terms were adopted as a consent judgment by the court.