Nigerian President Orders Probe of Bribery Charges

Nigerian President Olusegun Obasanjo has ordered an investigation of an alleged bribe involving a subsidiary of Halliburton. The investigation centers around allegations that US $2.4 million was paid by a subsidiary of Halliburton to an official of a Nigerian local tax authority, to help the firm evade tax payments to the federal republic of Nigeria. The investigation was launched as part of a wider anti-corruption drive by recently re-elected President Obasanjo.

Last month Halliburton revealed to the US Securities and Exchange Commission that it may owe up to $5 million in taxes to Nigeria. The company also disclosed that it paid $2.4 million to an entity owned by a Nigerian national in order to get favorable tax treatment.

The company, which was once run by current US vice president Dick Cheney, said the payment was a clear breach of its code of conduct and internal control procedures. It stressed that no senior officers were involved and that a number of employees involved in the payment had been fired. The company says it is cooperating with the SEC in its review of the situation.


Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $50.97/BBL 1.53%
Light Crude Oil : $48.75/BBL 1.79%
Natural Gas : $2.92/MMBtu 0.68%
Updated in last 24 hours