NIGERIACancel $1bn oil rights, say MPs

Nigeria should revoke oil rights for which Royal Dutch Shell and Eni paid $1.1 billion (R11bn), a parliamentary committee said at the weekend, alleging the acquisition process was “highly flawed”. Shell and Eni bought oil prospecting licence 245 from Malabu Oil & Gas, controlled by former oil minister Dan Etete, in 2011. “Unfortunately our national interest, knowingly or unknowingly, was ceded away to the two oil majors,” the committee said. The sale violates a law to promote increased Nigerian ownership of oil assets. – Bloomberg