More light is set to be shed on Nigeria's
murky oil sector as a new anti-corruption
rule comes into force this week in the U.K.
The UK is the first member state to
implement the EU Directive on Extractive
Industries, which requires detailed
disclosure of a range of payments,
including taxes, royalties and dividends
made to governments on a country and
project basis as of January 1, 2015.
Directors at UK oil and gas companies
could face criminal conviction and
unlimited fines if they fail to properly
disclose payments made to overseas
governments, under the rules, which is
part of a pan-European drive for greater
transparency of dealings between
operators in extractive industries and
foreign governments.
Other EU member states are set to follow
the UK in July.
The new laws would be a welcome
development in Nigeria whose NNPC is
adjudged to have the poorest transparency
record out of 44 national and international
energy companies, according to
Transparency International and Revenue
Watch Institute.
Last year, the former Central Bank of
Nigeria (CBN) governor, Sanusi Lamido
Sanusi, alleged that up to $20 billion in oil
revenues were 'missing'.
In a 146 page report by Nuhu Ribadu, the
former head of the anti-corruption agency
EFCC, covering the years 2002 to 2012,
released in 2013 concluded that oil majors,
Shell, Total and Eni, made bumper profits
from undercutting Nigeria on gas prices.
"The estimated cumulative of the deficit
between value obtainable on the
international market and what is currently
being obtained from NLNG, over the 10
year period, amounts to approximately $29
billion," the report said.
http://monitor9ja.com/2015/01/new-
european-law-may- expose-nigerias-
corrupt-oil-deals/

I feel this move is coming late, but as they say, better late than never..

After billions have been stolen already? Ok o..let's hope it works..In a country where most of the so-called billionaires are oil thieves who bankroll politicians? Where security of oil installations in contracted to a former militant? Our people will always find a way around these things.