Rot in the Nigerian oil sector exposed. Leaked Ribadu report

This is what we have all known for a long time but now its in black and white. There is so much rot and corruption in the Nigerian Oil industry.

Its been reported that, a total of  $183m in signature bonuses paid by oil companies to the federation is missing, this is according to a confidential report seen by the Reuters news agency.

The nation may also have lost $29billion in the last decade in the sweet-heart gas deals with major oil companies, such as Shell and Total, just as crude oil theft is reaching an alarming level of 250,000 barrels

daily at a cost of $29billion a year.

A team headed by the former Chairman, Economic and Financial Crimes Commission, Mallam Nuhu Ribadu, produced the 146-page study based on the Ministry of Petroleum Resources' request. It covers the year 2002 to 2012.

The report said that Ministers of Petroleum Resources between 2008 and 2011 handed out seven discretionary oil licences, but that $183m in signature bonuses was missing from the deals.

Sir, its not missing, its inside some people in Government's account. Poor men don't have the level of connections needed for this kinds of stealing. Those in and around power does.