The UK’s Financial Conduct Authority (FCA) has launched a formal investigation into Shell after uncovered documents and leaked internal emails suggest the company continued pumping oil through a key pipeline in Nigeria’s Niger Delta despite possessing evidence that it was leaking crude into surrounding communities for months. The pipeline, operated by Shell’s Nigerian subsidiary, has been linked to numerous spills that have devastated local farmlands and fishing waters, affecting an estimated 15,000 people. Sources confirm that internal reports from Shell’s own environmental teams warned of corrosion and the risk of major leakages as early as January 2023.
Despite these warnings, the pipeline remained operational until a catastrophic spill in July 2023 forced a temporary shutdown. The FCA’s probe centres on whether Shell misled investors about the environmental risks and financial liabilities tied to its Nigerian operations. Shell declined to comment, but a former senior executive, speaking on condition of anonymity, stated: 'The board knew.
They saw the reports. They calculated the cost of shutting down versus the cost of cleanup and compensation. They chose the latter.
' The investigation comes amid a broader crackdown on corporate greenwashing and could result in significant fines or legal action against the energy giant. For the communities of the Niger Delta, this is just the latest chapter in a decades-long struggle for accountability. One local activist said: 'Shell treats us like a stain on their balance sheet.
They see oil, not people.' The FCA has not set a timeline for its investigation.
