It has been reported that the Economic and Financial Crimes Commission (“EFCC”), the Nigerian agency charged with combating financial and economic crime, have arrested more than 12 top executives of four multinational oil firms in separate raids last month, for their alleged involvement in a bribe scandal.
Information that the oil servicing firms were involved in offering bribes of over $100 million to some Nigerian officials led to the raids. The companies include: Tidewater Incorporation, Transocean Incorporation, Noble Incorporation and Murphy Shipping Company. The travel documents of some of the executives have already been seized pending the conclusion of investigations. The EFCC last year intensified investigations into alleged multi-million dollar bribery cases involving multi-national companies and their Nigerian accomplices. While charges have been filed against some of the accused, others have taken the option of an out of court settlement resulting in the payment of over N25 billion.