The Report: Nigeria's 6 billion-dollar oil deal fraud
Nigerians are set to miss out on almost 5 billion pounds in oil revenue as Shell and the Italian energy giant Eni deny any wrongdoing in connection to a huge corruption case at the highest level of Nigerian politics.
It centres around one of West Africa’s most promising oil fields and a deal involving up to a billion dollars in bribes, sold in a heavily favourable way towards the two European oil giants.
The sheer scale of how much this deal will cost Nigerian tax payers is only just being laid bare, with experts who previously underestimated the impact of the deal saying the figure is now more than double the combined education and healthcare budget in a country where approx. 87 million people live in extreme poverty.
The case has once again raised huge concerns over the amount of back-room dealing that exists among elites in a continent that still relies so heavily on foreign aid for survival. What’s more, just how complicit are energy firms in deals such as these?
Dr. Pallavi Roy
Joint Research Director, Anti Corruption Evidence in Nigeria, SOAS