The slimy details of the scams taking place in the Nigerian National Petroleum Corporation (NNPC), have been revealed.
An ex- Glencore trader identified as Anthony Stimler has revealed a scheme in which he bribed officials of the NNPC for favourable oil contracts.
Stimler also reportedly paid as much as $300,000 in bribes to fund the election campaign of a senior government official.
This much was disclosed in a report by Reuters after Stimler pleaded guilty to U.S prosecutors.
According to the Reuters report, Stimler admitted to conspiring to both violate the Foreign Corrupt Practices Act and perpetuate money laundering, at a hearing in a Manhattan federal court conducted by video, according to court records.
Glencore, one of the largest commodity trading companies in the world with revenues of $142 billion as at 2020, confirmed to Reuters that Stimler was an ex-employee and was willing to negotiate with authorities.
“The conduct described in the plea is unacceptable and has no place in Glencore,” the company said.
U.S prosecutors disclosed that millions of dollars were paid as bribes to NNPC and Nigerian government officials, in exchange for more lucrative grades of oil on more favourable delivery terms contracts.
Stimler worked on Glencore’s West Africa desk from around 2002 to 2009 and again from around 2011 to 2019, court papers show.
This is not the first time that the NNPC would be indicted in a scam of this nature, as the organisation was also implicated in the popular Malabu scandal.
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