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. Last Updated: 07/27/2016

Call to End Payouts




LONDON -- Nigeria is making renewed efforts to end the system of commission payments, which have long played a part in international oil sales worth 90 percent of the nation's foreign export earnings.


State Nigerian National Petroleum Corp. has told its customers it wants to eliminate commissions to Nigerian business partners, middlemen who cost the country tens of millions of dollars each year in lost export revenues.


The campaign is being carried out on the direct orders of President Olusegun Obasanjo.


"The president has made it very clear that there are to be no payments made to anybody," said a dealer with a company that holds a substantial Nigerian export contract.


"How easily and successfully the policy can be implemented is another question," he added.