Investors to demand answers over Nigeria oil scandal
From OKORO CHINEDU in Lagos , Nigeria
LAGOS, (CAJ News) – In the wake of a major oil scandal by overseas companies operating in Nigeria, shareholders have been urged to demand steps taken by companies to address corruption.
The call by Global Witness, the anticorruption body, comes ahead of a hearing against Shell and Eni for the alleged purchase of an oil block in the West African country.
It was reported in May vast amounts of had allegedly been paid to government officials for the purchase of Nigerian OPL 245 oil block.
Global Witness said for Shell and Eni shareholders, many crucial questions remained unanswered in relation to what the companies knew and when they knew it about the money trail for their purchase of OPL 245.
“As the case moves its way through the courts, shareholders must challenge the companies on the steps they have taken to address the corporate failings and allegedly criminal actions of senior managers to prevent any similar incidents.”
Global Witness said as Shell and Eni faced corruption charges, ongoing
investigations, and possible loss of a valuable asset as a result of a 2011 deal, the laws enacted since then to prevent opaque money trails from companies to governments and onwards to corrupt officials are under threat.
– CAJ News
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