The Financial Times has just leaked word on a report by Nuhu Ribadu, former head of Nigeria’s anti-corruption efforts, on the effect of corruption in the Nigerian oil industry. Ribadu, currently serving as Chairman of the Petroleum Revenue Task Force, reported that Nigeria loses $6.3 billion to oil theft each year, and lost an estimated $29 billion in bad oil deals the past decade. The Nigerian government requested the report after a string of riots that occurred earlier this year in response to the removal of oil subsidies. In purely economic terms, the oil subsidy program itself imposes huge costs on the Nigerian economy. The corruption surrounding these illegal activities makes the actual cost to the Nigerian economy even higher.
This afternoon, at an NYU Africa House event, there will be a conversation with the Chairman of the Independent Corrupt Practices Commission (ICPC), Mr. Ekpo Nta.