Sunday, February 8, 2015

Billion-dollar oil scandal moves from Nigeria to Brazil

Billion-dollar oil scandal moves from Nigeria to Brazil

According to an international auditor about $1.48 billion is missing from Nigeria's oil revenues thanks to the state-owned Nigerian National Petroleum Corp. The auditors also questioned $3.38 billion in alleged subsidies for kerosene charged by the petroleum corporation although a presidential directive ended the subsidy in 2009.

Former Central Bank governor cited in 2014 that $20 billion was unaccounted for or missing. President Goodluck Jonathan a year ago from today fired the Central Bank governor Lamido Sanusi.

Now the billion-dollar oil corruption scandal has moved to Brazil. The corruption scandal involving the state oil company Petrobras has damaged the reputation of the Brazilian President Dilma Rousseff.

Brazilian President Dilma Rousseff's popularity has plunged by nearly half since her recent re-election as a severe government corruption scandal, an economic slowdown and surging prices for electricity, gasoline and bus fares left voters feeling misled.

Petrobras is the largest public companies in Brazil. Over the past ten years it is said to have embezzled about 34 billion US dollars. Several former executives have been were arrested.

Graces Foster head of the State bank had tendered her resignation on Wednesday following the scandal.


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