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U.S. probes mining firm over Nigeria, DR Congo corruption

U.S. probes mining firm over Nigeria, DR Congo corruption

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Mining giants, Glencore, has received a subpoena by the United States Department of Justice (DoJ) for its documents and records in an ongoing investigation into corruption and bribery in Nigeria, Venezuela and the Democratic Republic of Congo. Two of its U.S. shareholders have accused the company of making false disclosures about its accounts.

Reuters reports that Nigeria’s involvement in the subpoena might be related to Petrobas’ (Brazil’s state oil company) decision to sell some of its assets in Africa worth $2 billion earlier this year. Glencore, and another oil company Vitol, backed Nigerian oil firm Seplat to purchase some of Petrobas’ assets.

The sale is part of Petrobas plans to “sell its 50 per cent stake in an African oil exploration venture as part of a wider divestment plan and offload a $21 billion assets through mid-2018 and cut debt.” Reports say the asset, which is an oil exploration venture off the coast of Nigeria, would be won by a Nigerian firm due to government pressure and the insistence of President Muhammadu Buhari, through his Executive Order 5, for more of Nigeria’s resources to be owned by Nigerian companies. If this deal happens to be part of the U.S. investigation, then it is possible members of the president’s cabinet would be implicated.

 

 

The post U.S. probes mining firm over Nigeria, DR Congo corruption appeared first on The Nation Nigeria.

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