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Shell Shareholders at Risk from Billion Dollar Nigerian Oil Scandal, says Global Witness

shell oil barrel

Following is a press release from Global Witness:

Shell‘s role in a billion dollar corruption scandal in Nigeria poses significant hidden risks for investors, Global Witness said at the company’s 2015 AGM. The warning comes as the oil major is lobbying the UK and US authorities to undermine the implementation of new transparency laws which would consign such secretive deals to history.

The corruption at the heart of the deal deprived the Nigerian state of over U.S. $1.1 billion, triggered investigations by authorities in three countries, and could potentially lead to Shell and its Italian partner Eni losing access to the oil block.

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Deepwater Horizon spill: Five years later, endless problems

The oil slick as seen from space by NASA's Terra satellite on 24 May 2010

The oil slick as seen from space by NASA’s Terra satellite on 24 May 2010

Five years have passed since BP’s Macondo well exploded leading to the largest offshore spill in U.S. history. The story of the Deepwater Horizon spill no longer draws much media attention, but the problems have not gone away.

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Teodoro Nguema Obiang loses his Malibu mansion

Exterior of Malibu home U.S. Immigration and Customs Enforcement A 2011 photo provided by U.S. Immigration and Customs Enforcement officers shows the exterior of the Malibu home of Teodoro Nguema Obiang, the second vice president of Equatorial Guniea.

Exterior of Malibu home — U.S. Immigration and Customs Enforcement
A 2011 photo provided by U.S. Immigration and Customs Enforcement officers shows the exterior of the Malibu home of Teodoro Nguema Obiang, the second vice president of Equatorial Guniea.

It may be a drop in the bucket, but the Obiang family will forfeit personal property in the U.S. as part of a corruption settlement.

From the Los Angeles Times:

In a settlement filed in U.S. district court in Los Angeles, Equatorial Guinea Second Vice President Teodoro Nguema Obiang agreed to give up a $30-million house with a view of the ocean, a collection of Michael Jackson memorabilia and other property, including a Ferrari, to settle corruption claims by federal prosecutors.

The settlement with Obiang, who is the son and heir apparent to the nation’s president, is part of an expanding Justice Department effort — officials call it the “Kleptocracy Initiative” — to crack down on corrupt foreign officials who steal money and use it to live the high life in the U.S.

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    Oil...A Pipeline to Prosperity?

    Oil…A Pipeline to Prosperity?

    I have produced a short film for PBS/Frontline World to mark the 10th anniversary of World Bank engagement in the Chad-Cameroon Oil Development and Pipeline Project. The film, “Cameroon: Pipeline to Prosperity?” revisits the story of the “model” oil for development project. Ten years ago the oil companies and the World Bank promised that this project would break the resource curse and prove to the world that oil could be a force for good…

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