Addax petroleum to pay 32m in geneva to settle nigerian bribery charges #

According to various news sources, Addax Petroleum, a Swiss-based oil company, has agreed to pay $32 million to settle bribery charges related to its operations in Nigeria.

The settlement was reached with the Swiss authorities and the Nigerian government, and it marks the end of a long-running investigation into allegations of corruption and bribery by Addax Petroleum.

The company was accused of bribing Nigerian officials to secure oil contracts and other business deals, and the investigation was launched in 2011. The Swiss authorities had been investigating the company's activities in Nigeria since 2008.

As part of the settlement, Addax Petroleum has agreed to pay a fine of $32 million to the Nigerian government, and it has also agreed to implement compliance measures to prevent similar violations in the future.

The settlement is seen as a significant victory for the Nigerian government, which has been working to combat corruption and improve transparency in the oil and gas sector.

It's worth noting that Addax Petroleum is a subsidiary of Sinopec, a Chinese state-owned oil company, and the settlement is seen as a significant blow to the company's reputation and a major setback for its operations in Nigeria.

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