Nigeria's Energy Future Challenged By Weak Rule Of Law [Forbes]
ENI S.p.A. (E)
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Source: Forbes
Nigeria's Energy Future Challenged By Weak Rule Of Law Flames from a gas flare burn at an oil flow station operated by Nigerian Agip Oil Co. Ltd. (NAOC), a division of Eni SpA, in Idu, Rivers State, Nigeria, on Monday, Sept. 28, 2015. Photographer: George Osodi/Bloomberg © 2015 Bloomberg Finance LP With the reelection Royal Dutch Shell ( NYSE:RDS-A ) and Italy’s Eni ( NYSE:E ) have been embroiled in a legal battle since 2011 over an alleged $1.1 billion paid in bribes to Nigerian government officials, related to the acquisition of new off-shore drilling rights. Nigeria is now counter-suing for $1.14 billion (868 million British pounds) in a London court, claiming that Shell and Eni assisted “corrupt Nigerian government officials to breach fiduciary duties” in the deal. This scandal comes after a leaked 2013 report, which details how Nigeria’s National Petroleum Corporation (NNPC) owed the government $20 billion in revenue due to its failure to report its earnings. Indeed, one in five
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