Nigeria’s ‘lost’ billions

NIgErIAN authorities stand to lose out on billions of pounds from a 2011 oil deal struck with Shell and Eni that is at the centre of bribery claims.

The terms of a deal between the Anglo-Dutch group and the Italian oil business would deprive the government of an estimated £4.6bn in future revenues, according to research commissioned by campaign group global witness. Shell and Eni are facing bribery charges over the agreement in a trial in Milan.

Prosecutors allege the companies knew an £858m sum they paid to the government to win the licence for an offshore field would be used for bribes. Shell, Eni and other defendants have denied any wrongdoing.