A
lack of beneficial ownership transparency in the oil and gas industry led to
the loss of $1.1bn to a single deal by Nigeria, an international watchdog,
Global Witness, has said in a new report.
The report stated that in
Nigeria, Democratic Republic of Congo and Angola, lucrative oil and mining
assets worth $4bn were awarded to companies with hidden owners, thereby
diverting vast resource revenues to unknown private pockets, adding that in the
Republic of Congo, a company whose beneficiaries remained uncertain had
recently received lucrative stakes in several oil fields.
Read more @ Punch Online
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