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LequteMan
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Nigeria, Africa's richest economy is facing its worst oil crisis in years as criminal gangs make off with billions in stolen crude, Aljazeera reports.
Excerpt:
The country faces its worst oil crisis in years as criminal gangs make off with billions in stolen crude. Theft is no small matter for a country which gets almost two-thirds of its revenue from the oil industry.
Nigeria produced 2.25m barrels of oil per day, but around 400,000 barrels of those are stolen - meaning the government lost $8bn in revenue last year. And worse yet, independent think-tank Chatham House believes money is even being laundered through international banks.
With stolen oil, on sold to Asia, Latin America and the US, as well as dirty profits for the criminals and, some would say, corrupt figures within government and industry, the process is troubling.
click here to read more
#Aljazeera #Nigeria
Excerpt:
The country faces its worst oil crisis in years as criminal gangs make off with billions in stolen crude. Theft is no small matter for a country which gets almost two-thirds of its revenue from the oil industry.
Nigeria produced 2.25m barrels of oil per day, but around 400,000 barrels of those are stolen - meaning the government lost $8bn in revenue last year. And worse yet, independent think-tank Chatham House believes money is even being laundered through international banks.
With stolen oil, on sold to Asia, Latin America and the US, as well as dirty profits for the criminals and, some would say, corrupt figures within government and industry, the process is troubling.
click here to read more
#Aljazeera #Nigeria
