Nigeria sets to investigate $17 Billion stolen Oil

Nigerian lawmakers are set to investigate whether $17 billion in undeclared oil and fuel exports were stolen by companies and various government agencies under former President Goodluck Ebele Jonathan, in office for five years until his defeat to current President Muhammadu Buhari in April 2015.

Buhari, a former military ruler and general, beat the incumbent by more than 2.5 million votes, vowing to fight corruption in the African nation of 186 million people, Africa’s largest population, and an OPEC member.

Buhari has said that he will recover “mindboggling” sums of money stolen from the country’s oil sector. He has vowed to personally deal with those opposing his ongoing war against corruption and said anybody who attempted to retard his government from fighting corruption would suffer heavy consequences.

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He also claims that Nigeria’s public coffers were “virtually empty” when he took office.

On Thursday, Nigerian House of Representatives member Johnson Agbonayinma filed a motion, stating that there was an “urgent need to investigate the over $17 billion stolen from undeclared crude oil and liquefied natural gas (LNG) exports to global destinations.”

A committee will be set up this week to investigate corruption allegations, involving 20 companies, two government agencies, and the consultant appointed by the past administration.

According to Agbonayinma, most of the oil and LNG in question ended up in the U.S., as well as China and Norway between 2011 and 2014. He added that about 58 million barrels of oil and 727,000 metric tons of LNG were missing.

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