Nigeria’s national oil company is so corrupted and mismanaged that the country ends up importing most of its fuel — despite being Africa’s leading oil producer. The crude is stolen from the pipelines; refineries are “barely functioning”; revenues are “siphoned off”. What ought to be an oil giant is really “just a slush fund”.
.. As a mark of how much more effective the oil majors have been when liberated from their state partner, offshore production – managed under different contractual arrangements – has risen by 1,287 per cent in the same period.