Economics
Nigeria Demands $62 Billion From Oil Majors for Past Profits
- Government demand based on October 2018 Supreme Court decision
- State says oil companies failed to comply with 1993 law
Photographer: George Osodi/Bloomberg
This article is for subscribers only.
Nigeria is seeking to recover as much as $62 billion from international oil companies, using a 2018 Supreme Court ruling the state says enables it to increase its share of income from production-sharing contracts.
The proposal comes as President Muhammadu Buhari tries to bolster revenue after a drop in the output and price of oil, Nigeria’s main export. It’s previously targeted foreign companies, fining mobile operator MTN Group Ltd. almost $1 billion for failing to disconnect undocumented SIM-card users, and suing firms including JPMorgan Chase & Co. in a corruption scandal.