Thursday, 30 August 2012

Nigeria: Traders make huge profits

Sources have revealed that some traders who were recently awarded crude term contracts by the federal government are set to make profits of as much as $9 million per trade after paying commissions.

Already, some traders have started enjoying the fruits of the term contracts. Walter Wagbatsoma, the owner of Ontario Oil and Gas, is said to have bought five vessels to the tune of $45 million to bolster his company's fleet. It will be recalled that Wagbatsoma, along with his company and other directors in it, was arraigned by the Economic and Financial Crimes Commission (EFCC) for gross abuses perpetrated through the subsidy scheme.
For more news and expert analysis about Nigeria, please see Nigeria Focus and Nigeria Politics & Security.
© 2012 Menas Associates

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