Stolen Nigerian oil worth billions of dollars is sold overseas every year with much of the proceeds laundered in world financial centers, the likes of Britain and the United States, a report by London-based Chatham House said on Thursday.
The report said an estimated 100,000 barrels per day (bpd) of oil was stolen from pipelines in the Niger Delta in the first quarter of this year, excluding the unknown quantities stolen from export terminals.
Reuters reports that the theft amounts to around 5 percent of Nigeria’s current 2 million bpd production but has a wider impact because oil companies are often forced to shut down pipelines due to thievery.
Nigeria is producing 400,000 bpd below its capacity, mainly due to theft and pipeline closures.
The activity costs the country an estimated $5 billion a year in potential revenue.
While oil majors like Royal Dutch Shell and Italy’s Eni are often the first to complain about theft, it is unclear how much they are losing from it.
“Nigerian crude oil is being stolen on an industrial scale. Proceeds are laundered through world financial centers and used to buy assets in and outside Nigeria,” said the 70-page report, entitled “Nigeria’s Criminal Crude”.
“Thieves have many ways to disguise funds…including cash smuggling, delayed deposits, use of middlemen, bribery of bank officials, cycling cash through legitimate businesses and cash purchases of luxury goods.”
The report named the United States, Britain, Dubai, Indonesia, India, Singapore and Switzerland as likely money-laundering hotspots, and the United States, Brazil , China, Thailand, Indonesia and the Balkans as the most likely destination for stolen oil.
Nigeria’s Oil Minister Diezani Alison-Madueke has called for stolen oil to be labeled“blood oil”, arguing the security risk is similar to those in past and present mineral conflict zones such as Angola, Sierra Leone or Congo
Nengi Reacts To A Tweet Wathoni Made About Her In 2017
BBNaija star, Rebecca Hampson Nengi reacts to a tweet made by fellow ex-housemate, Wathoni Ayansi about her in 2017.
Taking to her Twitter handle, Nengi wrote;
“Just saw this tweet Wathoni made about me in 2017.. made me smile @wathonianyansi love you b”
#ABetterTime: See Social Distance -Fans Shades Wizkid As Davido’s Album Surpasses 60 Million Streams
#LekkiMassacre: CNN Dares Nigeria Government, Updates Second Report (Video)
The Cable News Network, CNN seems not done with the President Muhammadu Buhari-led government with the television channel releasing another report on the shooting at the Lekki toll gate during the End SARS protests.
Recall that the Minister of Information and Culture, Lai Mohammed, called out CNN over its report on the incident.
He added that CNN was biased in its report and needs to be sanctioned.
The Minister also addressed a letter to the management of CNN in Atlanta.
The network, however, on Tuesday released the second report with more damning footage showing soldiers shooting at unarmed protesters on October 20, 2020.
The second report also shows the Commander, 81 Division, Brig.Gen Ahmed Taiwo, admitting before the judicial panel in Lagos that military men had live ammunition in their weapons while at the tollgate.
CNN also noted that the statement of Brig.Gen Taiwo contradicts that of the Minister who had claimed last week that the army fired blank bullets.
It was also revealed in the new report, the moment when protesters were running as soldiers open fire at the tollgate.
Watch video below;
— Ayemojubar 👠 (@ayemojubar) November 23, 2020
- National News23 hours ago
2020 Finance Bill Exempts Minimum Wage Earners From Tax: Buhari
- Entertainment8 hours ago
‘You Are A Disgrace’ – Actress Adesua Etomi Knocks Lauretta Onochie Over Her Tweet
- News Feed22 hours ago
“Marriage requirement is very high in Igboland” – Lady says her brother spent less than N50K on traditional marriage items to marry his wife from Benue
- News Feed23 hours ago
Man narrates horrible experience with a slay queen in Abuja restaurant
- News Feed23 hours ago
Dr Anu Adepoju Of Med Contour Reportedly Suspended From Medical Practice
- Entertainment23 hours ago
Comedian Woli Agba Gifts Cars To Crew Members
- National News24 hours ago
Nigeria Will Exit Recession By First Quarter Of 2021 – Finance Minister
- National News9 hours ago
‘Your Report On Lekki Capable Of Setting Nigeria On Fire’ — Lai Writes CNN