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Article

11 Oct 2011

Author:
Tunde Aremu, ActionAid Nigeria in Guardian [UK]

Are Nigerians paying a high price for tax havens?

ActionAid research...shows that 98 of the FTSE 100 companies have subsidiaries located in tax havens...Shell...has 18 subsidiary companies located in Nigeria, but 455 in tax havens around the world. BP has six companies in Nigeria, but 537 registered in tax havens...[I]t is suspected that the amounts lost would be enough to solve many of the country's development challenges...Widespread underfunding of public schools, blamed on limited resources, has grossly affected the quality of education in the country that was previously the best in the region...All of the current development challenges in the nation...are traceable to a lack of adequate resources. These resources for development could easily be generated if the attitudes of multinationals towards paying their taxes changed. [also refers to SABMiller]