The revenue shortfall currently facing the country, the Federal Government has been enjoined to expedite action to unravel those involved in Oil Prospecting Lease (OPL) for the controversial Oil Block 245 scam, otherwise known as the Malabu oil deal, where weighty corruption charges are levelled against international oil majors, Royal Dutch Shell Plc and Eni SpA of Italy and some Nigerian officials.
This was contained in an address by the Executive Director of HEDA Resources Centre, Olanrewaju Suraju at the public presentation of a joint research and policy brief on Corrupt Practices in Nigeria’s Oil Industry in Lagos last Thursday. Suraju said there is a need to expedite the processes of investigation of the parties involved in the scam to a logical conclusion, to facilitate prosecution and recovery of the assets due to the country.
He said it is time the Nigerian oil sector is properly regulated for the benefit of the people, because “it is evident that undue political influence and lack of effective and efficient governance regime led to unbridled corruption and huge losses in revenues to the Nigerian government”.
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