The Nigerian government is stepping up its attack on corruption in the oil sector as the country's anti-graft agency prepares a range of indictments.
Twelve people and seven companies will be charged, the country's economic and financial crimes commission (EFCC) said this week.
It follows a probe commissioned by president Goodluck Jonathan that found fuel traders and government officials had syphoned off 382 billion Nigerian naira (Dh8.84bn) in falsely claimed fuel subsidies last year alone.
"This investigation is massive and extensive," said Wilson Uwujaren, a spokesman for the EFCC. "More suspects will be arraigned periodically as the investigation progresses."
One of the 10 biggest crude exporters, Nigeria's oil wealth has been diminished by years of endemic corruption and chronic mismanagement. Previous attempts to tackle the problem have failed, leading to big holes in the government budget.
The government has been keen to reduce this expenditure, abolishing subsidies on petrol at the beginning of the year. After a week of strikes and protests, the government was forced to partially reinstate the subsidy.
To rescue its reformist petroleum industry bill, intended to remove all subsidies and bring transparency to the country's oil industry, experts say the government has to take a tough line on offenders.
"The government has to stop the subsidies. For the government to get the public to buy in, they have to be seen to punish those that abuse the system," said Kayode Akindele, a partner at the investment firm 46 Parallels, based in Lagos.
After years of malfeasance, the country is in a mood for change, said Idriss Hadj-Nacer, an analyst at Business Monitor International.
"The government has a better chance at succeeding now than ever before, mainly because of growing popular discontent with corruption in the oil sector."
Subsidy fraud typically involves traders overstating the amount of fuel sold into the country, collecting vastly inflated amounts of subsidies with the help of corrupt government officials, said Mr Hadj-Nacer. Subsidised fuel may also be smuggled to neighbouring countries.
Despite its oil wealth, the lack of a refining industry means the bulk of Nigeria's petrol is imported.
"It's really a watershed for the government. It wants to be serious on corruption, wants to reform the economy. This is the first big test for that," said Mr Akindele.
fneuhof@thenational.ae
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
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Stay indoors when conditions are particularly poor.
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Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Three ways to get a gratitude glow
By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.
- During your morning skincare routine, name five things you are thankful for about yourself.
- As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
- In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
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Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
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Winner: ES Ajeeb, Sam Hitchcott, Ibrahim Aseel.
England Test squad
Joe Root (captain), Moeen Ali, James Anderson, Jonny Bairstow (wicketkeeper), Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Dawid Malan, Jamie Porter, Adil Rashid, Ben Stokes.
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How The Debt Panel's advice helped readers in 2019
December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'
JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.
“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”
November 26: ‘I owe Dh100,000 because my employer has not paid me for a year’
SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue.
SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."
October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'
MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.
“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December."
Company%20profile
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh