Ribadu Report Uncovers Sleaze in Oil and Gas Sector

 

Nigeria has 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 report of the Petroleum Revenue Special Task Force has said.

The 146-page document was produced by the 17-member task force, which is headed by the former Chairman of the Economic and Financial Crimes Commission (EFCC), Nuhu Ribadu, set up by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, in January. It covers the year 2002 to the present.

According to the Reuters news agency, the report provides new details on Nigeria’s long history of corruption in the oil sector, which has enriched its elite and provided the oil majors with hefty profits while two thirds of the people live in poverty.

Alison-Madueke confirmed on Tuesday that she had received the report last month but that it was a draft and the government was still supposed to give its input. But the report submitted by the Ribadu committee was marked “final”. – http://www.thisdaylive.com/articles/ribadu-report-uncovers-sleaze-in-oil-and-gas-sector/128633/

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