Tag Archives: Nigeria war

The Looting of Nigeria: BIG OIL’s $140 Billion A Year and Counting

Two recent audits of the oil industry show billions of dollars in irregularities despite years of government promises to clean it up. It is now a hot issue that may come to define Goodluck Jonathan's presidency

By Thomas C Mountain,

As western oil companies loot some $140 Billion a year of Nigeria’s black gold two thirds of the country’s 100 million people live on less than $2 a day.

Nigeria’s “official” oil production figures show about 3 million barrels a day being pumped from their oil fields into the holds of western tankers though for decades now informed observers have estimated up to one third of all Nigerian oil is actually “stolen”, secretly loaded onto oil tankers after bribes are paid to corrupt government officials. Continue reading The Looting of Nigeria: BIG OIL’s $140 Billion A Year and Counting