Metro How NNPC is colluding with Swiss traders to steal Nigeria’s crude oil -Premium Times



The process by which the Nigerian National Petroleum Corporation, NNPC, selects trading companies to which it sells Nigeria’s crude oil is characterised by monumental corruption and intense uncertainty. A report has likened the arrangement to a “beauty pageant.”

In some instances, according to the report, the NNPC collude with foreign companies to facilitate the stealing of Nigerian crude with firms without allocations lifting oil from the country’s shores.

The report, “Big Spenders: Swiss Trading Companies, African Oil and the Risks of Opacity, published by Bern Declaration, BD, a Switzerland-based non-profit transparency organisation, examined the processes involved in the sales of crude oil to Swiss commodity trading companies by SubSaharan African countries between 2011 and 2013.

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SOURCE: #PremiumTimes


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