IOCs Fleeced Nigeria of Billions of Dollars in M&A Fees, Taxes
Nigeria reportedly lost about $10 billion in revenue which should have accrued to the country from mergers and acquisitions (M&As) by multinational oil companies over 10 years ago.
A report of an investigation by the Committees on Justice and Finance of the House of Representatives, exclusively obtained by THISDAY, reveals how oil companies manoeuvred their way and avoided payments of fees they were under obligation to pay.
The report also shows that Nigerian officials were willing collaborators as they failed to make demands from these companies monies due to the country.
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