A joint British-Nigerian probe into how tens of billions of dollars of oil money went missing promises to be the most thorough yet
Oil industry experts calculate that Nigeria may have lost US$100 billion from 2010 to 2015 from outright theft and excessively disadvantageous production and trading deals. Audits by international firms KPMG and PricewaterhouseCoopers showed that the state-owned Nigerian National Petroleum Corporation had not remitted revenues from January 2012 to July 2013 of $18.5 bn., as legally obliged, to the federal government's accounts. Auditors found that there was no credible accounting for the NNPC's 'discretionary' spending averaging over $6 bn. a year between 2011 and 2013. In addition, auditors found that the NNPC was illegally retaining about $6 bn. a year from the earnings of its five oil-trading facilities.
The government may be giving the northern Tuareg nobility too much in its bid to restore peaceful regional government
At the last minute – and helped by United Nations pressure – Mali's government has persuaded the former separatists of the Coordination des Mouvements de l'Azawad (CMA) to...
Leaked bank documents reveal the extent of capital flight for which members of the party elite are responsible
The timing could scarcely have been worse. João Lourenço, the ruling Movimento Popular de Libertação de Angola's candidate to succeed President José Eduardo dos Santos, was claiming...