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Vol 58 No 7

Published 31st March 2017


Nigeria

The great oil chase

A joint British-Nigerian probe into how tens of billions of dollars of oil money went missing promises to be the most thorough yet

Oil industry experts calculate that Nigeria may have lost US$100 billion from 2010 to 2015 from outright theft and excessively disadvantageous production and trading deals. Audits by international firms KPMG and PricewaterhouseCoopers showed that the state-owned Nigerian National Petroleum Corporation had not remitted revenues from January 2012 to July 2013 of $18.5 bn., as legally obliged, to the federal government's accounts. Auditors found that there was no credible accounting for the NNPC's 'discretionary' spending averaging over $6 bn. a year between 2011 and 2013. In addition, auditors found that the NNPC was illegally retaining about $6 bn. a year from the earnings of its five oil-trading facilities.

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