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Home   >   Goverment   >   Ribadu Report Indicts FG, Shell, Eni, Total and NLNG of Grand Corruption, $183 billion Fraud

Ribadu Report Indicts FG, Shell, Eni, Total and NLNG of Grand Corruption, $183 billion Fraud

By on October 25, 2012

Mallam Nuhu Ribadu

Former Economic and Financial Crimes Commission (EFCC) chairman and ACN presidential aspirant, Mallam Nuhu Ribadu has released his report on the sleaze in Nigeria’s oil and gas sector.

Just after the fuel subsidy riots in January, Ribadu was commissioned by President Goodluck Jonathan and Petroleum minister, Diezani Allison-Madueke to investigate the oil sector from 2002 to present, and his 146-page report was completed about a month ago according to sources who have knowledge of the matter.

The report, which was exclusively obtained by Reuters news agency sheds tremendous insight on how federal government officials went from civil servants to oil merchants brokering tens of billions of dollars in discounts on oil and gas deals and received kickbacks worth billions of dollars from oil majors such as Shell, Total and Eni, enriching themselves and their families whilst millions of Nigerians sunk deep into poverty.

“We have not seen this report and are, therefore, unable to comment on the content, but we will study it if and when it is published,” a Shell spokesman said.

Reuters also revealed that the report also alleges international oil traders buy crude without formal contracts, and the state oil firm had short-changed the Nigerian treasury billions over the last 10 years by selling crude oil and gas to itself below market rates.

The Ribadu report also revealed how NLNG which is owned by Nigeria, Total and Eni and operated by Shell, shortchanged Nigerians $29 billion by paying the country for gas at a discount and then selling it to the international market and market prices.

Debts owed Nigeria in royalties and signature bonuses total $3 billion and Addax petroleum, a subsidiary of Sinopec-Chinese state owned company, owes Nigeria $1.5 billion of that amount.

Shell also owes Nigeria $874 billion from the proceeds of gas sold from its Bonga deep offshore field.

Also an array of oil companies owe Nigeria $58 million in gas flaring penalties and blatantly refuse to remit the oney to the FG due to lax regulatory supervision.

 

3 Comments

  1. SUNSHINE

    October 25, 2012 at 11:46 am

    NO SHAKING.

  2. Isah Isyaku Makeri

    October 25, 2012 at 12:41 pm

    Nothing will happened to all those indicted. FG of today is too weak to act. What a shame

  3. Prince Olusegun Adekoya

    October 25, 2012 at 4:12 pm

    Where do you people get the amount of $180billion from or is it that you can’t read