• 4 minutes Why Trump will win the wall fight
  • 9 minutes Climate Change: A Summer of Storms and Smog Is Coming
  • 12 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 16 minutes Washington Eyes Crackdown On OPEC
  • 5 hours is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 4 hours Ayn Rand Was Right
  • 4 hours Solar and Wind Will Not "Save" the Climate
  • 15 hours Some Good News on Climate Change Maybe
  • 2 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
  • 6 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 3 hours Sanctions or Support: Despite Sanctions, Iran's Oil Exports Rise In Early 2019
  • 14 hours Expected Breakdown: Israel-Central Europe Summit Canceled After Polish Pullout
  • 1 day IT IS FINISHED. OPEC Victorious
  • 22 hours Oil Prices Bookended for Rest of This Year? Maybe $50 to $80? (My old 'See Saw' theory redux)
  • 21 hours Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 7 hours Regular Gas dropped to $2.21 per gallon today
Oil Rises Despite Rising Oil, Product Inventories

Oil Rises Despite Rising Oil, Product Inventories

Oil prices rose on Wednesday…

Maduro Says Oil Output Will Rise By 1 Million Bpd

Maduro Says Oil Output Will Rise By 1 Million Bpd

Venezuela’s President Nicolas Maduro has…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Nigerian President Lashes Out At UK Over ‘Stolen’ Assets

Cameron Buhari

Speaking at an anti-corruption event in London, Nigerian President Muhammadu Buhari asked the British authorities to return stolen Nigerian assets held in British banks, following British Prime Minister David Cameron’s labeling of Nigeria as a highly corrupt country.

Buhari responded that while he wasn’t offended by Cameron’s remarks, as they referred to the previous government led by Jonathan Goodluck, it was still imperative that the UK assist Nigeria in returning money he alleged to be hidden in British bank.

Last week, Nigerian authorities released estimates that some $15 billion of government money had been stolen through corrupt arms contracts under the previous government.
And in March, an official audit found that Nigeria's state-owned oil company, the National Petroleum Corporation, withheld $25 billion in oil revenues from the government.

Related: 90% Off Sale On Offshore Drilling Rigs?

Buhari holds that high-level officials under Goodluck transferred state assets out of the country and parked them in UK as the preferred location.

Last October, former Nigerian Minister of Petroleum Resources Diezani Alison-Madueke was arrested on the request of Nigerian authorities who alleged that $20 billion in oil money had gone missing under her watch. In addition to Alison-Madeueke, the UK National Crime Agency arrested her four brothers, all executives in UK-based oil companies. Her extradition to Nigeria to face corruption charges was denied by UK court.

Related: Can Saudi Arabia Really Break Its Dependence On Oil?

In 2005, Nigerian state governor Diepreye Alamieyeseigha fled the UK disguised as a woman while on bail for corruption charges as British police found $1.8 million in cash in his London home.

A report published in 2010 accused some UK-based banks of assisting corrupt officials to transfer the money to UK, but the banks’ involvement was never investigated. The report said that five major UK banks have failed to adequately investigate the source of tens of millions of dollars taken from two Nigeria officials, tried and sentenced in UK.

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News