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Nigeria accuses fuel traders of $2.4 billion fraud

  • Nigeria’s presidential committee has alleged that fuel traders fraudulently collected nearly $2.4 billion last year in subsidy payments for fuel that was never delivered.

    The probe was commissioned by President Goodluck Jonathan and is the latest in a series of investigations into petrol import subsidies riddled with corruption.

    Specific companies have not been named but some of the world's largest oil traders import petrol into the nation.

    Nigeria is among the world's top 10 crude oil exporters but has to import much of its refined fuel due to decades of corruption and mismanagement.

    Earlier this year, Nigerian legislator Farouk Lawan led a parliamentary probe into the subsidy and uncovered $6.8 billion in fraudulent payments over three years.