How NNPC, oil marketers connive with Swiss oil dealers to rob Nigeria of billions of dollars – Report

A new report has detailed how the Nigerian National Petroleum Corporation, NNPC, in cohort with major Swiss oil trading companies, is draining Nigeria of billions of dollars of revenue through the sale of crude oil below the market value.  The report, titled Swiss Traders’ Opaque Deals in Nigerian, released on Monday by Swiss non-governmental advocacy organisation, the Berne Declaration, also described the schemes employed by Nigerian and foreign fuel importers, such as creating offshore subsidiaries referred to as “letterbox companies”, ship-to-ship transfer to create untraceable paperwork, payment of subsidy money to phantom and non-existing importers, and partnering with politically exposed fraudsters to defraud the country over $6.8 billion from 2009 and 2011.

The report narrates the specific roles played by seven major oil marketers and fuel importers through their shell companies in Switzerland and notorious offshore tax haven, Bermuda, to deny Nigeria billions of naira in tax earnings.


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