Nigeria President Gets Report on Oil Revenue Underpayments
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Nigerian President Goodluck Jonathan received a report today showing Africa’s biggest oil producer may have lost at least $37 billion in revenue over the last decade through underpayments and pledged further investigation.
The losses were from crude sales, royalties and signature bonuses for oil-exploration concessions through collusion between government officials, Nigeria National Petroleum Corp. and people working for its partners, who include Royal Dutch Shell Plc and Exxon Mobil Corp., according to the report.