Summary Nigerian and Swiss traders were defrauding Nigerian public of billions of dollars.
LAGOS, Nigeria (AP) - Nigerian lawmakers say their country s oil business must be investigated after an international watchdog group alleged that Nigerian and Swiss traders may be complicit in defrauding the Nigerian public of billions of dollars.
Nigeria s parliament ordered an inquiry into oil trading following the report last week by the Swiss-based group, Berne Declaration, which calls Geneva a "haven for Nigerian fraudsters" and accuses Swiss traders of possibly being involved in "one of the most massive frauds that the African continent has experienced."
Most of Nigeria s national budget comes from oil revenue and lawmakers last year said that between 2009 and 2011 Nigerian oil officials and their partners stole $6.8 billion intended to subsidize the price of fuel.
Nigerian oil officials and the Swiss companies deny the corruption charges in the report.
