Friday, November 4, 2011

Oil Firms Fined N480 Billion for Bribing Public Officials

This Day
4 November 2011

A survey conducted by Transparency International (TI) has revealed that oil and gas companies operating in Nigeria, bribed public officials and had been fined up to $3.2 billion (N480 billion) between 2010 and 2011 for such nefarious activities.

TI, in its Bribe Payers Index 2011 Report released Thursday, submitted that the oil and gas sector was seen as mainly prone to bribery, noting that the extractive industry had long been vulnerable to corruption risk.

The TI survey had beamed its searchlight on 19 specific sectors and weighed the likelihood of firms in the sectors, engaging in bribery and unduly influencing governments and their agencies.

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