Halliburton scandal sans questioned efcc #comments

Here's a summary of the Halliburton scandal without questioning the EFCC (Economic and Financial Crimes Commission) comments:

The Halliburton scandal refers to a series of corruption allegations and lawsuits involving Halliburton, a multinational energy company, and its former CEO, Dick Cheney, who later became the Vice President of the United States.

In the early 2000s, Halliburton was awarded a contract by the Nigerian government to build a liquefied natural gas (LNG) plant in Bonny Island, Nigeria. The contract was worth an estimated $2.5 billion.

However, it was alleged that Halliburton and its subsidiaries, including KBR (Kellogg Brown & Root), bribed Nigerian officials to secure the contract. The bribes were allegedly paid through a series of shell companies and offshore bank accounts.

In 2004, the US Department of Justice launched an investigation into the allegations, and in 2007, Halliburton agreed to pay a fine of $579 million to settle the charges. The company admitted to violating the Foreign Corrupt Practices Act (FCPA) by making illegal payments to Nigerian officials.

The scandal also led to the indictment of several Halliburton executives, including Albert Stanley, the company's former CEO, who was charged with conspiracy and violating the FCPA. Stanley pleaded guilty and was sentenced to 30 months in prison.

The EFCC, Nigeria's anti-graft agency, also launched an investigation into the scandal and arrested several individuals, including a former Nigerian oil minister, Edmund Daukoru, who was accused of receiving bribes from Halliburton.

In 2010, the EFCC filed charges against Halliburton and several of its executives, including Stanley, alleging that they had bribed Nigerian officials to secure the LNG contract. However, the case was later dropped due to lack of evidence.

The Halliburton scandal highlighted the widespread corruption in the Nigerian oil industry and led to calls for greater transparency and accountability in the sector. It also led to changes in the way that the US government regulates and enforces anti-corruption laws.

Sources: