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.
Nigeria, Africa’s biggest oil producer, lost at least $37 billion in revenue over the last decade because of underpayments for crude sales, royalties and signature bonuses for oil-exploration concessions, a report prepared for President Goodluck Jonathan showed.
Nigerian President Goodluck Jonathan is bolstering the credit rating prospects of Africa’s largest oil producer as he rejects demands from striking workers to reinstate fuel subsidies, Standard & Poor’s said.
Nigerian investigators have asked to question officials from Royal Dutch Shell Plc and Halliburton Co. ’s local unit in separate probes of allegedly illegal payments, the country’s financial crimes agency said.
Nigerian President Goodluck Jonathan will meet labor leaders in a bid to end a four-day-old nationwide strike against the lifting of fuel subsidies and avert a shutdown of the oil industry, a union leader said.
Nigerian workers began a national strike after fuel costs more than doubled, threatening to shut ports and disrupt output from Royal Dutch Shell Plc and Chevron Corp. in Africa’s largest crude producer.