Revenue from bribes in Nigeria

According to court documents, Royal Dutch Shell paid $2 Million to Nigerian subcontractors with the understanding that a portion of the money was to be used as bribes to Nigerian Government officials. The bribe was to help Shell with its custom process on its deepwater Bonga project.

The US Securities Exchange Commission stated that Shell eventually made $14 Million in profit as the result from the bribes.

(See the effects of corruption on the global economy.)

Source: “Shell Bribes Among ‘Culture of Corruption,’ Panalpina Admits,” Bloomberg BusinessWeek, November 5, 2010.