Africa: How corruption holds back Africa's oil industry

Corruption is costing Africa's oil industry billions of dollars annually, says Peter Eigen, founder and chairperson of Transparency International (TI) - a non-governmental group based in Berlin that monitors and fights graft. Oil-rich Angola, Chad, Libya, Nigeria and Sudan all fared poorly on TI's corruption perceptions index for last year. This annual rating ranks various states according on the extent to which graft is viewed as having taken hold there.