Nigeria will start selling and buying oil and gasoline directly to cut
out middlemen and curb graft, the new managers of the Nigerian National
Petroleum Corporation announced Tuesday night.
The major policy shift fits new President Muhammadu Buhari’s plan to
halt corruption endemic in the industry in Africa’s biggest oil producer. The
previous administration of President Goodluck Jonathan had ignored warnings
from Central Bank Governor Lamido Sanusi that some $20 billion in oil sales over
three years was missing from federal coffers, and instead fired Sanusi.
A statement from spokesman Ohi Alegbe said the decision was made after a
screening of previously used and prequalified petroleum product importers
revealed almost all the 34 international and 10 local companies were middleman
businesses.
The shift is “a major steer designed to enshrine transparency and
eliminate the activities of middlemen in the crude oil exchange,” said the
statement from the corporation’s new management. One of Buhari’s first acts as
president was to fire all the old managers.
Corruption that thrived under Jonathan’s watch had favored officials
being sold entire shipments of crude at favorable rates so they could pocket the
profits. The U.S. Department of Justice warned Buhari earlier this year that
one minister had pocketed $6 billion from oil sales.
The massive thefts came as oil prices topped $110 a barrel. Now Nigeria
is in crisis, with halved prices for the oil that provides 80 percent of
government revenue and Buhari has complained he inherited an emptied treasury.
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