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4-Traders Homepage  >  Equities  >  Euronext Amsterdam  >  Royal Dutch Shell A    RDSA   GB00B03MLX29

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Nigeria Seeks $7.8 Billion From Oil Cos in Unpaid, Underpaid Taxes -Watchdog

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06/11/2013 | 07:55pm CET
   By Sarah Kent 
 

LONDON--Nigeria's President Goodluck Jonathon Monday directed government agencies to recover $7.8 billion that audits carried out by the Nigerian Extractive Industries Transparency Initiative found oil companies operating in the country owed the government in unpaid and underpaid taxes, NEITI said Tuesday.

According to the audits, Nigeria's government has experienced a potential revenue loss of $9.8 billion as a result of under-assessments and under-payments of taxes and rents, process manipulation and poor interpretation of agreements between the government and companies, NEITI said, adding that it has already helped recover $2 billion but $7.8 billion remains outstanding.

However, in the past members of the industry have contested NEITI's findings.

Earlier in the year, Nigeria's state oil company, Nigeria National Petroleum Corp., or NNPC, vehemently denied findings by NEITI that suggested the company owed the government $8.16 billion for crude oil sales made between 2009 and 2011.

An industry source suggested that NEITI had misunderstood some of the figures it was given in its last report and clarification has been sought.

Foreign oil companies operating in Nigeria include Royal Dutch Shell PLC (RDSA), Eni SpA (E), Total SA (>> Total SA), Exxon Mobil Corp. (>> Exxon Mobil Corporation) and Chevron Corp. (>> Chevron Corporation).

Shell and Eni declined to comment. Total, Chevron and Exxon were not available to comment.

Write to Sarah Kent at sarah.kent@dowjones.com

Stocks mentioned in the article : Exxon Mobil Corporation, Total SA, Chevron Corporation
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Financials ($)
Sales 2017 288 300 M
EBIT 2017 20 152 M
Net income 2017 15 082 M
Debt 2017 65 877 M
Yield 2017 7,16%
P/E ratio 2017 13,78
P/E ratio 2018 12,10
EV / Sales 2017 0,99x
EV / Sales 2018 0,88x
Capitalization 218 181 M
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Average target price 30,5 $
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Charles Holliday Chairman
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