• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

US government probes Chinese firm over bribery involving Nigerians

Onome Ohwovoriole by Onome Ohwovoriole
August 31, 2017
in Business News, Company News
US government probes Chinese firm over bribery involving Nigerians
Share on FacebookShare on TwitterShare on Linkedin

In yet another example of corruption in Nigeria’s oil industry, the United States Securities and Exchange Commission (US-SEC) is currently investigating Chinese state owned oil company, Sinopec over alleged bribe made by Addax Petroleum, a subsidiary of the company. Some of the funds were said to have passed through banks in New York and California.

Highlights of the case

The case revolves around bribes that were allegedly paid by lawyers acting as middle men between the company and the Nigerian Government. The government had taken the company to court over a $3 billion past benefits captured in an agreement it signed with the firm. Addax then counter sued, seeking refunds of $1 billion for crude oil that was over-lifted. Both sides subsequently agreed to a settlement. Prior to this, Addax made a payment of $80 million to a construction company. Deloitte, auditor to  Addax at the time flagged the payments as it could not find any justification for the work done. The settlement was approved by then President Goodluck Jonathan on the advice of Attorney General of the Federation (AGF) Bello Adoke.

The oil industry in the country needs a clean up

Nigeria’s oil industry seems to be riddled with corruption. The immediate past petroleum minister, Dieziani Allison Madueke has had some of her assets forfeited to government due to various corruption allegations. Diezaiani was alleged to have sourced $88 million from some oil companies which she used to fund the re-election campaign of sitting President Goodluck Jonathan. She is also alleged to have received property from some businessmen in exchange for awarding them lucrative contracts.

RelatedStories

China’s wobbly economy: Implications for Nigeria’s next president

China grants duty-free access to all African countries amid shifting global trade dynamics 

June 12, 2025
President Bola Tinubu,

FG clarifies proposed $21.5 billion debt, taps World Bank, ADB, China, France, EU for new loan

May 27, 2025

Prior to that, the subsidy scandal was on the front burner with companies collecting billions of Naira for products that were never supplied. The Malabu oil scandal remains in public consciousness with several cases within and outside the country. Individuals that were indicted are yet to face justice in the country.

Sinopec was established as a joint stock entity under the China Petroleum and Chemical Corporation in February 2000. The company was simultaneously listed on the London, New York and Hong Kong stock exchanges in October 2000.

Addax Petroleum was originally part of the Addax and Oryx Group of Companies (AOG) which were established in 1987, but the company became an independent entity in 1994. In August 2009, it was bought over by Sinopec. Addax was initially focused on the oil and gas i n the Middle East, the North Sea and Africa, but has recently focused its effort on West Africa

Tags: Addax and Oryx Group of CompaniesAddax Petroleumchinacorruption in Nigeria’s oil industryDieziani Allison MaduekeNews ReviewSinopecUnited States Securities and Exchange Commission
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

Related Posts

China’s wobbly economy: Implications for Nigeria’s next president
Economy

China grants duty-free access to all African countries amid shifting global trade dynamics 

June 12, 2025
President Bola Tinubu,
Economy

FG clarifies proposed $21.5 billion debt, taps World Bank, ADB, China, France, EU for new loan

May 27, 2025
‘If war is what the U.S. wants, be it a tariff or trade war, we’re ready’ – China 
Aviation

China lifts ban on Boeing plane deliveries as trade tariff agreement takes effect 

May 13, 2025
Peter Obi, Ukrain
Economy

Nigeria now has more poor people than China, Indonesia, and Vietnam combined – Peter Obi claims 

April 25, 2025
‘If war is what the U.S. wants, be it a tariff or trade war, we’re ready’ – China 
Economy

China warns of retaliation against U.S. allies in escalating global trade standoff 

April 21, 2025
Trade war: Trump threatens China with additional 50% tariff for ignoring his warning not to retaliate 
Economy

China warns countries against US trade deals that undermine its interests 

April 21, 2025
Next Post
How to Manage Your Finances Smartly: Money Saving Tips for Students

How to Manage Your Finances Smartly: Money Saving Tips for Students

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Mastercard launches Afrobeat Sonic Anthem to deepen youth engagement in Nigeria 
  • United Capital hosts 2nd Asset Management Investment Forum, focuses on bridging Nigeria’s knowledge and wealth gap 
  • Evaluating AI-Driven alerts that keep Nigerian traders ahead of market moves 

Follow us on social media:

Recent News

Mastercard launches Afrobeat Sonic Anthem to deepen youth engagement in Nigeria 

Mastercard launches Afrobeat Sonic Anthem to deepen youth engagement in Nigeria 

July 11, 2025
United Capital hosts 2nd Asset Management Investment Forum, focuses on bridging Nigeria’s knowledge and wealth gap 

United Capital hosts 2nd Asset Management Investment Forum, focuses on bridging Nigeria’s knowledge and wealth gap 

July 11, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics