Business
Nigeria’s Institutional Fight Against Oil Corruption
Similarly, the Economic and Financial Crimes Commission has also created a Special Team on Petroleum Subsidy (STPS) to investigate petroleum subsidy fraud in the country. Despite analysts and market watchers fearing the worst for Nigeria’s economy since Sanusi’s suspension, anti-corruption institutions specifically created to expunge vices in Nigeria’s most important resource could give a glimmer of hope to investors.
Kayode Akindele, partner at 46 Parallels, added, “Investors were also looking at 2015 elections and getting a bit worried, and normally before elections investors normally leave the Nigerian market.” Furthermore, he said, “What is important is that government now tries to build confidence in that the decisions it made were made for the best interest in the Nigerian market and try and build confidence with the investors.”
Copyright CNBC Africa 2014
