The NUPRC approved four other other divestment applications but rejected Shell's.
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Shell Petroleum Development Company of Nigeria Limited will get up to $2.4 billion from the transaction including an initial sum of $1.3 billion. A further payment of $1.1 billion relating to prior receivables and cash balances is expected at the consummation of the deal, Shell said at the time. He said divestment is an acknowledged practice and within the right of investors in business decisions globally.
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