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Friday is pay Diezani day

Nigeria’s petroleum minister Diezani Madueke is said to receive $700,000 in cash every Friday from petroleum products importers.

Nigeria imports nearly all the refined petroleum it needs, despite being a major oil producer, because none of its four refineries is in reasonable working condition.

The firms that import refined petroleum, owned by some of the country’s richest oligarchs, are involved in a “subsidy” scam with senior government officials in which all sorts of magic accounting tricks, including inflating invoices, charging for refined petrol that is not delivered, etc, are used to defraud the country of billions of dollars every year.

Our source claimed that no matter where Madueke is, she always has to dash back to her office to receive the Friday payments.

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