Thursday 20 August 2015

Cleaning the growing corruption in Nigeria's oil industry

Unknown | Thursday, August 20, 2015 |
Cleaning the growing corruption in Nigeria's oil industry
All efforts to clean Nigeria's oil industry are reportedly falling short, leaving many Nigerians asking where most of the wealth has gone.

President Muhammadu Buhari, The newly elected president of the country has pledged to fight corruption and is investigating claims by the former head of the Central Bank that $20bn of oil revenue went missing from the state oil company.

A report by accounting firm Price water house Coopers says the national oil company should refund $4.3bn to the government.

But it is not just the oil industry that is plagued by graft.

During President Buhari's visit to Washington, he sought US President Barack Obama's help in retrieving $150bn stolen by corrupt former officials and held in foreign bank accounts.

News from Nigeria

Zainab Shamsuna Ahmed, the executive secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), has talked about Buhari's efforts to fight corruption and the set-backs he's getting due to the corrupt people who has been at the helm of the Country's affairs for over 16 years.

President Mohammadu Buhari won the last presidential election in Nigeria, unseating the then president Goodluck Jonathan making it the first time an opposition will defeat a seating president in the country



Source: Bloom Gist

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