Oil theft and theft of oil money
Nigeria typifies a country under a resource curse. A rich country of poor people. A country with abundant natural resources yet at the lowest rung of all development indices. The country has yet to meet any of the eight Millennium Development Goals even as we are on the eve of the 2015 target date. In no other area is our resource curse more affirmed than in the country’s oil and gas sector. With over five decades of oil exploration, Nigeria has not been able to make optimal use of the revenue accruing from the industry. There are two broad thefts going on in that sector. The first is theft of money made from legitimate oil trade and the theft of crude oil itself. For many years, what was in fad is the stealing of oil money. This is done through myriads of ways. One of them is the deliberate falsification of account of volumes of products explored and sold. This is very easy as multinational oil companies and even our own Nigeria National Petroleum Corporation are alleged to de...