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Policy geopoliticsNigeriaDeveloping story

Amnesty reveals internal Shell documents pointing to ageing Niger Delta pipelines, missing wells and $10.9bn decommissioning liability

On 28 July 2026 Amnesty and partner groups published internal Shell documents (2008–2014) showing chronic pipeline integrity failures, missing well records and an internal US$10.9bn decommissioning estimate, and flagged that Shell continued flows through an internally described “basket” pipeline despite known leaks.

On 28 July 2026 Amnesty and partner groups published internal Shell documents (2008–2014) showing chronic pipeline integrity failures, missing well records and an internal US$10.9bn decommissioning estimate, and flagged that Shell continued flows through an internally described “basket” pipeline despite known leaks.

Disclosed evidence of ageing, poorly monitored onshore pipelines and missing well records raises the probability of episodic production outages in the Niger Delta. That operational risk can translate into fiscal revenue volatility and FX pressure for Nigeria and increase credit risk premia for sovereign bonds and oil-linked corporate credits if supply disruptions or remediation liabilities materially reduce export receipts or require larger fiscal transfers.

English High Court Bille trial set for March 2027 (four-month factual hearing) to test claims and liabilities.

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Price Discovery

Nigeria sovereign curve

Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.

15 priced bonds
9.17%8.10%7.04%5.97%4.90%20272033203920452051Nigeria 27 · Nov 2027 · 5.466%Nigeria 28 · Sept 2028 · 6.051%Nigeria 29 · Mar 2029 · 6.431%Nigeria 30 · Feb 2030 · 6.839%Nigeria 31 Jan · Jan 2031 · 7.175%Nigeria 31 Jun · Jun 2031 · 7.164%Nigeria 32 · Feb 2032 · 7.265%Nigeria 33 · Sept 2033 · 7.680%Nigeria 34 · Dec 2034 · 7.799%Nigeria 36 · Jan 2036 · 7.967%Nigeria 38 · Feb 2038 · 7.931%Nigeria 46 · Jan 2046 · 8.566%Nigeria 47 · Nov 2047 · 8.402%Nigeria 49 · Jan 2049 · 8.538%Nigeria 51 · Sept 2051 · 8.604%
Move across the curve to inspect a bondAs of
BondMid pxYield
  • Nigeria 27Nov 2027101.0635.466%
  • Nigeria 28Sept 2028100.1256.051%
  • Nigeria 29Mar 2029104.2506.431%
  • Nigeria 30Feb 2030100.8756.839%
  • Nigeria 31 JanJan 2031105.6257.175%
  • Nigeria 31 JunJun 2031109.5007.164%
  • Nigeria 32Feb 2032102.6257.265%
  • Nigeria 33Sept 203398.3757.680%
  • Nigeria 34Dec 2034115.2507.799%
  • Nigeria 36Jan 2036104.2507.967%
  • Nigeria 38Feb 203898.2507.931%
  • Nigeria 46Jan 2046105.2508.566%
  • Nigeria 47Nov 204792.3758.402%
  • Nigeria 49Jan 2049107.0008.538%
  • Nigeria 51Sept 205196.3758.604%

Indicative levels only. Full bid/ask context and trading actions remain inside MSA Trader.

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