Nigeria probes international oil firms for graft

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From OKORO CHINEDU in Lagos, Nigeria
LAGOS, (CAJ News) – A multibillion-dollar lawsuit against international oil firms operating in Nigeria, for alleged illegal exports,could incite more anger against the companies, which are already suffering attacks from militants and under fire for polluting the environment.

Nigeria, the biggest producer of crude oil in the continent, are suing local subsidiaries of the global firms for US$12,7 billion
(R176,65billion) for some exports to the United States between 2011 and 2012.

Among the companies named are United States multinational Chevron, British-Dutch Shell, Italian ENI’s Agip, France’s Total and Brasoil of Brazilian Petrobas, according to court documents.

The Federal High Court in Lagos begins hearings next week.

The west African country alleges the companies did not declare more than 57 million barrels of crude oil shipments.

It is further alleged some shiploads registered less when they left Nigeria and more on reaching the United States.

Connivance among the companies has not been ruled out.

The controversy comes amid renewed militancy against international firms by bandits in the oil-rich Niger Delta.

Infrastructure belonging to the companies has routinely been vandalized and workers abducted.

The militants are calling on the companies to move out of the country after years polluting farmlands and water sources after decades of oil extraction.

Nigeria’s economy is on a recession following the incessant fall in the global prices of oil.

The administration of President Muhammadu Buhari has initiated a crackdown on corruption, another problem blamed for the recession.

CAJ News

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Posted by on Sep 22 2016. Filed under Africa & World, Energy, Finance, National, Oil & Gas, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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