Shell has reached a $48.1m out of court settlement with the US financial services sector regulator SEC for its role in a Nigerian bribery scandal.

The SEC says Shell bought off Nigerian customs officials to the tune of $3.5m between 2002 and 2005, generating the oil giant profits of $14m. That, plus interest of almost $4m must now be paid back, along with a $30m fine.
The bribes were paid to make it easier to import goods and equipment, avoid customs duties, extend contracts and lower tax, the SEC said.
In total, seven companies have paid a combined $236.5m to settle the case.
Shell spokeswoman Kirsten Smart told Bloomberg in a statement: ‘We have enhanced our compliance program and internal controls to better ensure employees and contractors strictly adhere to Shell’s business principles… Staff found to be in violation of policy were either disciplined or dismissed from Shell.’
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