November 8, 2013
The deep-rooted corruption in the downstream sector of Nigeria’s oil and gas industry has been the subject of an international probe, as a Swiss non-governmental organisation, the Berne Declaration, has released a report that has indicted Nigerian oil marketing companies for widespread subsidy fraud, involving several billion of dollars.
The latest report titled “Swiss Traders’ Opaque Deals in Nigeria,” also accused the Nigerian National Petroleum Corporation (NNPC) of colluding with international oil traders to defraud the country.
The report further revealed that Nigeria’s Sahara Energy, Rahamaniyya Group, Aiteo Energy Resources Limited, Ontario Oil and Gas Limited, Tridax Energy, Mezcor Limited and MRS Group had established subsidiaries, called letter-box companies, in Geneva, Switzerland, with no real business activities.
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