The Anglo-Dutch energy giant Shell has reached a 33.9 million euro settlement with the SEC, the US stock exchange watchdog. The out-of-court settlement means Shell will not be indicted on charges of paying bribes in Nigeria.

The SEC says Shell paid bribes totalling 2.4 million euros to Nigerian customs officials between 2002 and 2005. The bribes, which were made in connection with the Bonga project, resulted in a 9.8-million-euro profit for Shell. This amount, plus interest and a 21 million euro fine, is now to be paid back.

Apart from Shell, six other oil companies have also reached settlements with the SEC totalling 167 million euros.

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