Nigeria : $420billion stolen by Nigeria's corrupt leaders

panafrica

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militant said:
Plus all those oil companies can also be implicated in all this. Bribing government officials and aiding government officials in looting earnings off a country's resources. But like you said, some leaders have no sense of resposibility.
Government officials in most countries use their position to gain wealth. This is true in the United States, and I wouldn't expect Nigeria (or any other country) to be different. However, it is possible to increase one's personal wealth, yet still serve their people. I am full aware of Oil companies bribing government officials in Africa. As bad as Nigeria is, my wife's country (Equatorial Guinea) is even worse. The president, Obiang Nguema has become a billionaire since Oil was discovered in the country 15 years ago. Yet he has not passed any profits down to the people. The country doesn't even have electricity for the full day. Hospitals don't provide food for their patients (their family has to bring them food). Sewage is rotting in the streets, buildings (most erected during Colonization) are collapsing. Indeed despite the country's newfound wealth, the people are among the poorest in Africa. This is a pattern of many of Africa's leaders, their goal seems to be focused on keeping the population in misery.
 

militant

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Jun 21, 2005
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panafrica said:
Government officials in most countries use their position to gain wealth. This is true in the United States, and I wouldn't expect Nigeria (or any other country) to be different. However, it is possible to increase one's personal wealth, yet still serve their people. I am full aware of Oil companies bribing government officials in Africa. As bad as Nigeria is, my wife's country (Equatorial Guinea) is even worse. The president, Obiang Nguema has become a billionaire since Oil was discovered in the country 15 years ago. Yet he has not passed any profits down to the people. The country doesn't even have electricity for the full day. Hospitals don't provide food for their patients (their family has to bring them food). Sewage is rotting in the streets, buildings (most erected during Colonization) are collapsing. Indeed despite the country's newfound wealth, the people are among the poorest in Africa. This is a pattern of many of Africa's leaders, their goal seems to be focused on keeping the population in misery.
True. I heard alot about Equitorial Guinea. That is one country rich in natural wealth. With its population, which is not too excessive, it has the potential to be a country with a high average per capita income comparable with the european countries. But guess its all about the greed.
One thing I do notice though is that Oil is becoming the one Natural resource which has been at the root of many evils. Think about the wars, greed, e.t.c, or am I wrong?
 

panafrica

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militant said:
True. I heard alot about Equitorial Guinea. That is one country rich in natural wealth. With its population, which is not too excessive, it has the potential to be a country with a high average per capita income comparable with the european countries. But guess its all about the greed.
One thing I do notice though is that Oil is becoming the one Natural resource which has been at the root of many evils. Think about the wars, greed, e.t.c, or am I wrong?
Oil is a natural resource which is heavily sought after by the West. When oil is discovered in a country (there was a new oil discovery in Mauritania just this week), then western involvment in a country increases. Many African country's lack the resources to properly explore & extract oil fields. Oil companies like Exxon/Mobile and Hess pay hundreds of millions to foreign government for the rights to mine oil. With the amount of money spent, these companies call the shots. For many African countries, the discovery of oil is as much a curse as a blessing. A leader who primary concern is his people would limit the foreign control of oil plants. Thus a tyrant like an Obiang Nguema gets support, because he allows European and American companies to do whatever they want.
 

Therious

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Feb 22, 2004
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panafrica said:
Oil is a natural resource which is heavily sought after by the West. When oil is discovered in a country (there was a new oil discovery in Mauritania just this week), then western involvment in a country increases. Many African country's lack the resources to properly explore & extract oil fields. Oil companies like Exxon/Mobile and Hess pay hundreds of millions to foreign government for the rights to mine oil. With the amount of money spent, these companies call the shots. For many African countries, the discovery of oil is as much a curse as a blessing. A leader who primary concern is his people would limit the foreign control of oil plants. Thus a tyrant like an Obiang Nguema gets support, because he allows European and American companies to do whatever they want.

do these countries still own the oil fields (realestate) after giving yts the 'rights" to mine.

Are there any african owned oil companies? that export and mine there own product?
 

panafrica

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Therious said:
do these countries still own the oil fields (realestate) after giving yts the 'rights" to mine. Are there any african owned oil companies? that export and mine there own product?
It depends on the country. In Equatorial Guinea for example, the "president" owned the land. He may not have owned it before, but as soon as oil was discovered, the land was his. He gave US & French Oil Companies use of the land...in exchange for hundreds of millions.
 
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