Buhari Goes After Oil Profits

Nigeria is seeking to recover as much as $62 billion from international oil companies; using a 2018 Supreme Court ruling that the state says enables it to increase its share of income from production-sharing contracts. The proposal comes as President Muhammadu Buhari tries to bolster revenue after a drop in the output and price of oil, Nigeria’s main export. It’s previously targeted foreign companies, fining mobile operator MTN Group Ltd. almost $1 billion for failing to disconnect undocumented SIM-card users, and suing firms including JPMorgan Chase & Co. in a corruption scandal.

SOURCE: BLOOMBERG

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