Addax plans $3bn investment in Nigeria


LAGOS—AMIDST plans to wind up some of its global operations, Addax Petroleum said, yesterday, it was ready to recommit to its operations in Nigeria.

The troubled oil firm  confirmed in April  that it was shutting its corporate offices in Houston, Aberdeen and Geneva.

Earlier in March, the Chief Executive Office at its Geneva Office, Zhang Yi, and the legal director  were arrested over alleged bribery schemes  carried out by the firm in Nigeria.

On June 6, Addax reached an agreement to pay a 31 million Swiss francs (about N11.5 billion) fine in Geneva, Switzerland to settle the bribery charges against some officials in Nigeria.

Swiss newspaper, Le Temps, referenced internal audit document by the audit firm of Deloitte, saying payments in excess of $20 million were made to four Nigerian “legal advisors”, including a U.S. based ally.

The document said another $80 million…

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