Nigerian News:Rolls-Royce loses $5.7bn to corruption in Nigeria, others

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Rolls-Royce has reported £4.6bn ($5.7bn) annual loss largely due to currency depreciation and payment of $808m fine to affected countries where it was involved in corrupt practices.

According to a news agency, The Nerve, the motoring company had last month (January) apologised for the corruption case that centred around allegations that the group hired middlemen to broker deals in a number of countries including Nigeria, South Africa and Angola.

In 2016, Rolls-Royce and its agent company in Nigeria, PSL Engineering and Control, ordered to supply gas turbines to power plants in the oil states of Bayelsa and Delta, were accused of various projects, especially to Oghareki power plant in Delta that cost $100m but was never completed.

To read full article - https://goo.gl/Ig3Kkw

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