Watchdog group ‘Global Witness’ Says Four African countries lost $4 billion in dubious Oil deals

dealA latest report from watchdog organisation Global Witness titled “How to Loose $4 billion” details how four Africa Oil producers have lost huge sums of money from dubious oil dealings.

The report which advocates for transparency in Extractives’ management highlights case studies from Nigeria, Angola, Congo Brazzaville and Democratic Republic of Congo, in which enormous losses totaling to $4 billion were registered.

The report indicates that in Nigeria, Democratic Republic of Congo and Angola, lucrative oil and mining licences were awarded to companies with hidden owners, diverting vast resource revenues to unknown private pockets.

In a fourth country, Republic of Congo, a company whose beneficiaries remain uncertain – and which has historical connections to high ranking public officials – has recently received lucrative stakes in several oil fields.

“These deals deprive states of revenue that should be spent on education, health care and basic services for some of the most impoverished people on the planet,” Global witness noted in a statement.

See Report

How to Lose 4 Billion

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