NIGERIA LOSES N8.05 Tr OIL DEALS

Akanimo Reports

17 March 2012

NIGERIA LOSES N8.05 Tr OIL DEALS

 Warri : Nigeria

Members of the Niger Delta People Volunteers Force march in support of Nigeria's President Goodluck Jonathan on fuel subsidies removal in the oil hub city of Port Hacourt

LOCAL oil servicing firms in the Niger Delta axis of Nigeria, have so far loss over $50 billion, around N8.05 trillion to alleged unwholesome activities in the petroleum sector of the country's economy.

Though this is currently a major source of worry to the local players in the industry who had high hopes on the Local Content Act, as a major legal weapon to boost their businesses.

Industry watchers say the rip-off is largely due to the activities of foreign mafia who are said to be well-entrenched in the allegedly corrupt oil sector.