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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 CEST
   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 281 324 M
EBIT 2017 21 235 M
Net income 2017 13 890 M
Debt 2017 59 940 M
Yield 2017 6,63%
P/E ratio 2017 15,56
P/E ratio 2018 15,20
EV / Sales 2017 1,03x
EV / Sales 2018 0,96x
Capitalization 228 502 M
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