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SCAMS IN NIGERIA

#FGWhereIsOur20BDollars: The Missing Billion Dollars In Graph

Courtesy Jeremy Weate’s page on Twitter (@jeremyweate). You can make of it you want to but it certainly crystallizes the alleged NNPC scam. Read More »

$30 Billion Budget, $20 Billion Stolen Through NNPC Alone: Read Financial Times’ Story on Another NNPC Scam #NNPCwhereIsOurDollars

$30 Billion Budget, $20 Billion Stolen Through NNPC Alone: Read Financial Times’ Story on Another NNPC Scam #NNPCwhereIsOurDollars

If this Sanusi Memorandum on NNPC Scam document is too long for you to read and digest, FT (Financial Times) has published a detailed report on it here Nigeria Bank Governor Alleges Oil Subsidy Racket but because you’d need to subscribe on their site to read the report, you can download the whole article here as PDF Financial Times On The NNPC Scam download the pictures ... Read More »

Bribery: The Checkpoint Master of Nigerian Police Officers? By Oluwasegun Somefun

Bribery: The Checkpoint Master of Nigerian Police Officers? By Oluwasegun Somefun

 In a country where corruption is the King of culture, what those in the know would call endemic. It is no more shocking news when citizens encounter public undue harassment by law enforcement agencies put in place by a system meant for the well-being of the people. This leaves little to wonder on why bribery is a prevalent manifestation of corruption, when one ponders ... Read More »

Declining Economic Growth: Who is minding the store?

Declining Economic Growth: Who is minding the store?

“Economy shrank by 0.82% in 2012 – NBS”. PUNCH, February 19, 2013, p 27. The National Bureau of Statistics, NBS, one of the most efficient and least appreciated parastatals, in the country today, recently disclosed that “overall growth in real GDP in 2012 was 6.61 per cent, which is a decline from the 7.43 per cent recorded in 2011”. There ... Read More »

WHO TO BLAME? Nigeria is seventh most terrorised country – Global Terrorism Index

Institute for Economic and Peace, a global think-tank, has ranked Nigeria as the seventh country most affected by terrorism in 2011. The organisation’s first Global Terrorism Index meant to measure the impact of terrorism and the associated economic and social dimensions, was published last Tuesday. The index showed Nigeria ranking marginally better than Somalia (the only other sub-Saharan African country ... Read More »

Ribadu Report indicts President, NNPC in multibillion Naira oil money scam. DOWNLOAD THE FULL REPORT

The Nuhu Ribadu-led Petroleum Revenue Special Task Force has detailed how the Nigerian government and national oil company, Nigerian National Petroleum Corporation, treat huge oil revenues accruing to the federation as a reserve of money that could be used for illicit purposes without accountability. In its 178-page report, the committee revealed how oil money in the custody of the NNPC ... Read More »

Failure to prosecute Okupe, endorsement of corruption by Presidency– ACN

ACTION Congress of Nigeria has described the failure of the Federal Government to prosecute the Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe, for abandoning a N2.3bn contract by Benue State as an official endorsement of corruption. Value Trust Limited, a company owned by Okupe, was said to have abandoned the contract after collecting about N886m ... Read More »

Indicted marketers making subsidy refunds – Govt

SOME of the indicted oil marketers had started making refunds of fuel subsidy payment they got in error, the National Economic Council said on Thursday. At a post-Council meeting press briefing in Abuja, the Anambra State Governor, Mr. Peter Obi, said a report submitted to members by Minister of Finance, Dr. Ngozi Okonjo-Iweala, indicated that some of the indicted marketers ... Read More »

EFCC drops graft case against Odili

Nuruddeen M. Abdallah & Bashiru Abdullahi A case of alleged multi-billion naira corruption against former Rivers State governor Peter Odili and some officials of his administration has been abandoned by the EFCC, Daily Trust’s investigations have shown. This is even as the “perpetual injunction” against arrest secured by Odili in March 2008 still subsists because the Appeal Court in Port ... Read More »

Govt owes us N1.134tn fuel subsidy claims – NNPC

The Nigerian National Petroleum Corporation said on Wednesday it was owed N1.134tn in government fuel import subsidies, debts which would wipe out savings in the Excess Crude Account. The ECA, where the government saves oil revenues over a benchmark price of $72 a barrel, held $6.9bn on July 19, not enough to pay NNPC’s subsidy claims, let alone a string ... Read More »

REVEALED: Nigeria’s biggest oil fraudsters; the worst subsidy scam ever

Nigeria has never seen anything like it. This story explains how unscrupulous marketers fleeced the nation of N382 billion without supplying a drop of petrol The scale is huge; the method daring and unprecedented. The plot seems like one in a James Bond movie as unscrupulous Nigerian businessmen scripted an unbelievable heist. It was a grand deceit, never seen in ... Read More »

EFCC Names First 20 Suspects Over $6.8 Billion Fuel Scam

The Economic and Financial Crimes Commission, EFCC, has concluded arrangements to prosecute the first batch 18 suspects implicated in the oil subsidy fraud. The suspects, comprising six oil companies and 11 individuals, will be docked in Lagos courts. The companies involved are: Nasaman Oil Services; Eternal Oil and Gas Plc; Ontario Oil & Gas Plc; Nadabo Energy Limited; Pacific Silver ... Read More »

I can get subsidy thieves in one week – Nuhu Ribadu

The pioneer Chairman of the Economic and Financial Crimes Commission, Mr. Nuhu Ribadu, on Tuesday said he would have unravelled those behind the multibillion naira fuel subsidy scam in the country if he was still in charge of the anti-graft agency. The former EFCC boss, who currently chairs the Special Petroleum Revenue Task Force constituted by the Federal Government, stressed ... Read More »

Trial of subsidy thieves to start next week –AGF

The trial of subsidy thieves will begin next week, the Attorney-General of the Federation and Minister of Justice, Mr. Muhammed Adoke, said on Monday. Adoke, while briefing State House correspondents at the Presidential Villa, Abuja, said the Economic and Financial Crimes Commission would be prosecuting those found culpable in the report of the House of Representatives Committee on subsidy regime. ... Read More »

I’m ready for police on $620,000 bribe – Jagaba

Chairman of the House of Representatives Committee on Drugs/Narcotics and Financial Crimes, Mr. Adams Jagaba, said on Monday that he was prepared to tell the police all he knew about the $620,000 bribery allegation involving Mr. Farouk Lawan and businessman, Mr. Femi Otedola. “I see myself and the police as co-partners in the fight against corruption,” the lawmaker told The ... Read More »