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Shell, ENI prop up corrupt Nigerian regime

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Screen Shot 2015-02-17 at 12.18.37FROM A NIGERIAN NEWS MAGAZINE: MARCH 2015

Nigeria’s Naira firmed 1.13 percent against the dollar on the interbank market in thin trade on Monday, supported by dollar flows from two energy companies, traders said.

The naira closed at 199.7 to the dollar compared with 202 on the interbank market on Friday, dealers said.

The central bank had set its intervention rate at 196.8/197.8 to the dollar on Monday, but dealers said the regulator had not yet sold dollars to lenders by 1302 GMT.

The Nigerian unit of Royal Dutch Shell sold an undisclosed amount of dollars while Eni sold $15 million, lending support to the naira, traders said.

The currency of Africa’s top crude exporter suffered its biggest monthly fall in over five years in February on concerns over political uncertainty and the central bank’s ability to manage a currency hammered by weak oil prices.

“There was not much of activity in the market today, apart from dollar sales by the two oil companies which boosted liquidity a bit and supported the naira,” said a trader.

Traders expect the local currency would be driven by availability of dollar inflows through anticipated month-end sales by oil companies during the week.

SOURCE

The Economist: Safe sex in Nigeria: (Court documents shed light on the manoeuvrings of Shell and ENI to win a huge Nigerian oil block): 15 June 2013

Malabu Oil Deal: I Only Got $1.1 billion bribe from Shell and Eni: 15 June 2013

Reuters: UK police probing Shell, ENI Nigerian oil block deal: 24 July 2013

The Scandal of Nigerian Oil Block OPL 245: 25 Nov 2013

SIGNED STATEMENT OF TRUTH: 10 Dec 2013

JUDICIAL REVIEW APPLICATION: DATED 10 Dec 2013

Nigerian lawmakers recommend revoking Shell, Eni OPL 245 oil block licence: 20 Feb 2014

Royal Dutch Shell Implicated in Nigerian OPL 245 Corruption Scandal: 11 Sept 2014

$190m frozen in UK and Switzerland in OPL 245 bribery case as ENI CEO is named as suspect: 11 Sept 2014

Safe Sex and Corruption in Nigeria – OPL 245: 18 Sept 2014

Eni payments ‘used to bribe Nigeria officials’: 2 Oct 2014

APC questions Jonathan over Malabu Oil $550mn bribery scandal: 12 Oct 2014

OPL 245 Deal:Lawyers jostle to represent Malabu: 28 Oct 2014

Secrecy order lifted on legal challenge to corrupt Nigerian oil deal (OPL 245): 7 Nov 2014

Shell knew of fraud and moneylaundering activities during purchase of an oilfield in Nigeria: 30 Jan 2015

Nigeria: Malabu – Court Fixes Application to Halt Suit for March 12: 6 Feb 2015

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