Monday, November 26, 2018

Oil Corporation Corruption

A court in Milan is considering charges of corruption against Eni and Shell in a controversial oil deal that led to Nigeria losing an estimated $6bn.
The campaign group Global Witness has calculated the OPL 245 deal in 2011 deprived Nigeria of double its annual education and healthcare budget.
Eni and Shell are accused of knowing the money they paid to Nigeria would be used for bribes.
The former Nigerian oil minister, Dan Etete, was found guilty by a court in France of money laundering and it emerged he had so much cash in $100 bills that it weighed five tonnes.
"We discovered that Shell had constructed a deal that cut Nigeria out of their share of profit oil from the block," Ava Lee, a campaigner at Global Witness told the BBC's World Business Report."This amount of money would be enough to educate six million teachers in Nigeria. It really can't be underestimated just how big a deal this could be for a country that right now has the highest rates of extreme poverty in the world."
The Italian government is discouraging Nigerian migrants trying to reach Italy by claiming that it will help them at home, but Italy's biggest multi-national, part-owned by the state, is accused of scamming billions from the Nigerian people.

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