Corruption costs Nigeria 40 percent of oil wealth, official says
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ABUJA, Nigeria -- Corruption and mismanagement swallow about 40 percent of Nigeria's $20 billion annual oil income, anti-graft chief Nuhu Ribadu said yesterday.
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The US energy company Halliburton says it has discovered that a consortium linked to it considered paying bribes to Nigerian officials on an energy project at least 10 years ago.
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A Nigerian minister condemns the early handover of power in Abia State between two men accused of corruption.
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Oil prices ended above $50 a barrel on Friday amid concern over possible fighting between rebels and the military in Nigeria&#39;s oil-rich delta region.
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Oil prices plunged by more than $2 a barrel yesterday on hopes that the inauguration of a new president in OPEC member Nigeria would contribute to a stable supply from the Niger Delta region.
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Billions of dollars worth of bribes paid each year go into pockets of public officials in rich countries, study finds.
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Iraq's most important moneymaker &#151; its oil industry &#151; lost $16 billion in two years to insurgent attacks, criminals and bad equipment, a secret U.S. audit says.
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Oil prices have raced to new record highs above $50 as rebel threats against Nigerian oil facilities threaten to inflict further strain on global supplies.
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It may take 146 years for Nigeria to wipe out corruption from its system going by the latest report by Transparency International (TI) which gave the country the third position among the most corrupt countries of the world.
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Nairobi - Kenya&#39;s government had missed its best chance to stamp out rampant corruption and faced a tough task to regain credibility, Transparency International said yesterday on International Anti-corruption Day.
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Oil should continue to flow from Nigeria despite a rebel threat to attack foreign oil workers, which has sent world oil prices to record levels above $50 a barrel, multinational energy companies said.
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Japan, hosting a donors&#39; conference for Iraq reconstruction in Tokyo, pledged Wednesday to disburse $40 billion in aid for Iraq&#39;s elections.
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Freetown loses the money due to corruption 'from the President's office to the cleaner'.
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A Philippine anticorruption court convicted Joseph Estrada of illegally acquiring wealth while in office and sentenced him to a maximum of 40 years in prison.
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Halliburton has acknowledged that payments may have been made to Nigerian officials as part of an alleged $180 million bribery scandal, according to an SEC document filed by the Houston-based company on Friday.
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Corruption is rampant in sixty countries of the world and the public sector continues to be plagued by bribery, says a report by a respected global corruption watchdog.
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SHELL has been hit by an Â£840 million compensation claim from the Nigerian government only 24 hours after being fined in Britain and the United States.