A confidential report issued by the Petroleum Revenue Special
Task Force set up last February by Dieziani Alison-Madueke, the Minister
of Petroleum Resources, has found that Nigeria lost $29 billion dollars
in the last decade to deals struck between corrupt government officials
and the oil companies.
Chaired by Nuhu Ribadu, the pioneer chairman of the Economic and
Financial Crimes Commission, the 17-person committee produced the
146-page confidential report, which was seen by Reuters.
Some of the highlights of the report, according to Reuters, include:
• Nigeria loses out on $29 bln on cut-price gas deals
• State-oil company sells itself cheap oil and gas
• Oil ministers hand out discretionary oil licences
• Hundreds of millions in missing bonuses, royalties
• Traders buy crude oil "without formal contracts"
Although Mrs. Alison-Madueke admitted receiving the report last
month, she told Reuters yesterday it was only a draft. Reuters said the
one it saw was marked “Final Report.”
The Reuters story, as reported by Reuters Joe Brock:
ABUJA, Oct 24 (Reuters) - Nigeria lost out on tens of billions of
dollars in oil and gas revenues over the last decade from cut price
deals struck between multinational oil companies and government
officials, a confidential report seen by Reuters says.
A team headed by the former head of the anti-corruption agency Nuhu
Ribadu produced the 146-page study on an oil ministry request. It covers
the year 2002 to the present.
Saharareporters
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