THE DIVERSITY OF FINANCIAL CRIMES IN OIL AND GAS INDUSTRY IN NIGERIA: LESSONS FROM THE UNITED KINGDOM

Abstract

This study examined the financial crimes in oil and gas sector in Nigeria and drew lessons from the position in United Kingdom. The endeavour was, however, limited to how these crimes affect the petroleum industry and how the menace can be tackled drawing from the practices in the United Kingdom. Doctrinal research methodology was adopted for the study wherein data from both primary sources such as statutes and judicial authorities, on the one hand, and secondary sources like text books, journal articles and internet sources, on the other hand, were collected and analysed. The work discovered that fraudulent practices persist in Nigerian oil and gas industry due majorly to policy inconsistency and somersault, lack of transparency in contracts awards, weak criminal justice system and unlawful conspiracy among the key players in the sector. The study concluded with some recommendations which included total privatization of the sector, abolition of petroleum swap, elimination of gas flaring, responsible law making, and generally, reformation of Nigerian criminal justice system that will catalyse national development.