EXCLUSIVE- Nigeria loses $29 billions in cut price oil deals-RIBADU REPORTS

EXCLUSIVE- Nigeria loses $29 billions in cut price oil deals-RIBADU REPORTS


The Petroleum Revenue Special Task Force setup by Petroleum Minister Allison-Madueke to investigate the rot and corruption that pervaded the ministry of petroleum for the past decade has turned in its report.

The task force headed by pioneer chairman of the Economic and Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu was setup after the Occupy Nigeria Protest were allegations of corruption was made against the current minister of petroleum.

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”

The report seen by Reuters was label Final report.

The story as posted by Reuters read:

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.

Read full report here:
http://af.reuters.com/article/nigeriaNews/idAFL5E8LIR4E20121024?sp=true

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