In Nigeria $400bn oil money stolen since independence – UK firm

The global crude industry security watchdog said the money was lost to mismanagement and theft.

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Former Petroleum Minister, Diezani Alison-Madueke play

Former Petroleum Minister, Diezani Alison-Madueke

(Daily Post)
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According to UK firm, IRN Security, Nigeria has lost $400 billion in oil revenue since its independence in 1960.

The global crude industry security watchdog said the money was lost to mismanagement and theft.

This was contained in a report released by the firm over the weekend, according to New Telegraph.

According to the report, Nigeria has raked in over $600 billion from oil within the same period.

“From the $600 billion in oil revenue that has flowed into the government’s account since the country’s independence in 1960, an estimated $400 billion has been diverted, misspent or stolen,” IRN said.

“However, investors expect the recent Nigerian elections to be a turning point for the oil industry,” it added.

Nigeria produces 2.2 million barrels daily making it Africa’s biggest crude exporter.

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