The Nigerian government is stepping up its attack on corruption in the oil sector as the country's anti-graft agency prepares a range of indictments.
Twelve people and seven companies will be charged, the country's economic and financial crimes commission (EFCC) said this week.
It follows a probe commissioned by president Goodluck Jonathan that found fuel traders and government officials had syphoned off 382 billion Nigerian naira (Dh8.84bn) in falsely claimed fuel subsidies last year alone.
"This investigation is massive and extensive," said Wilson Uwujaren, a spokesman for the EFCC. "More suspects will be arraigned periodically as the investigation progresses."
One of the 10 biggest crude exporters, Nigeria's oil wealth has been diminished by years of endemic corruption and chronic mismanagement. Previous attempts to tackle the problem have failed, leading to big holes in the government budget.
The government has been keen to reduce this expenditure, abolishing subsidies on petrol at the beginning of the year. After a week of strikes and protests, the government was forced to partially reinstate the subsidy.
To rescue its reformist petroleum industry bill, intended to remove all subsidies and bring transparency to the country's oil industry, experts say the government has to take a tough line on offenders.
"The government has to stop the subsidies. For the government to get the public to buy in, they have to be seen to punish those that abuse the system," said Kayode Akindele, a partner at the investment firm 46 Parallels, based in Lagos.
After years of malfeasance, the country is in a mood for change, said Idriss Hadj-Nacer, an analyst at Business Monitor International.
"The government has a better chance at succeeding now than ever before, mainly because of growing popular discontent with corruption in the oil sector."
Subsidy fraud typically involves traders overstating the amount of fuel sold into the country, collecting vastly inflated amounts of subsidies with the help of corrupt government officials, said Mr Hadj-Nacer. Subsidised fuel may also be smuggled to neighbouring countries.
Despite its oil wealth, the lack of a refining industry means the bulk of Nigeria's petrol is imported.
"It's really a watershed for the government. It wants to be serious on corruption, wants to reform the economy. This is the first big test for that," said Mr Akindele.
fneuhof@thenational.ae
Family reunited
Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.
She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.
She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.
The couple were married in August 2009 in Winchester and their daughter was born in June 2014.
She was held in her native country a year later.
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360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
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The specs: 2018 Nissan Patrol Nismo
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
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