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Chatham House: Nigerian Oil Theft has Reached An Industrial Scale

Nigeria loses 5% of its oil output to theft.

A report by Chatham House makes a case that theft of Nigerian oil is not just perpetrated by common criminals: Politicians, military officers, militants, oil industry personnel, oil traders… communities profit… organized criminal groups all profit from the shady dealings.

The profits from these oil thefts are then laundered through financial institutions based in such cities as London and Singapore, says the think tank.

Chatham House suggests that Nigeria can’t clean up the situation alone and may need outside help. Strategies it proposes to resolve the problem include tracking ships by satellite and following leads from other organised crime rings.

You can read the full report here.