Nigeria is losing $1 billion a month to oil theft while fraudulent natural gas deals with international companies cost the country $29 billion over the past decade.
Published: Oct. 25, 2012 at 12:19 PM
LAGOS, Nigeria, Oct. 25 (UPI) — Nigeria is losing an estimated $1 billion a month to oil theft while fraudulent natural gas deals with international oil companies have cost the West African country $29 billion over the past decade, official reports say.
“The world is in the midst of a sustained oil boom. Yet Africa’s leading producer is hemorrhaging the proceeds,” the Financial Times observed Monday.
“The Nigerian treasury, which should be raking in record revenues, has been squeezed at both ends of the oil trade — upstream, by one of the biggest frauds in Nigerian history related to a fuel subsidy bill worth upward of $16 billion in 2011, and downstream, by the theft of oil of an industrial scale at source.” read more
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