VIDEO: Nigeria's oil fraud revisited

Wednesday, 19 February, 2014

Reuters have released a video elucidating the current oil fraud scandal in Nigeria; a scandal labelled the 'greatest fraud Africa has ever known' by Swiss NGO The Berne Declaration. We covered the story when The Berne Declaration made their allegations last year, accusing the Nigerian National Petroleum Corporation of effectively embezzling around 7 billion dollars from Nigerian oil exports.

That number has since grown to around 20 billion dollars, and with every upward estimate of missing billions, the publicity increases. The fraud emphasizes the need for much greater transparency in the extractives industry, and could become the showpiece of the transparency movement. But with Nigeria already an EITI compliant country, it raises questions about the efficacy of the EITI and current voluntary payment disclosure strategies in general, which only provide a periscope onto government receipts. But it must be heard from the horses mouth here.