Customer Reviews

Poisoned Wells: The Dirty Politics of African Oil

5 star:		(2)
4 star:		(1)
3 star:		(1)
2 star:		(1)
1 star:		(0)

 

 

Shaxson's introduction and preliminary chapters immediately prove that he is a bona fide Africa expert. Having extensively lived and worked there, getting closely acquainted with the politicians, industrialists and average joes, he knows his topic better than any ivory tower academic or think tank regional "expert." His anecdotes and insights are accurate, concise and reasonably centrist. His writing is excellent. And yet he failed to earn 5 stars because the book itself delves too far into specific biographies of pivotal politicos and activists. Shaxson is sharp and experienced enough to produce a country-by-country analytical handbook documenting oil's impact on 21st Century Africa but instead he chose to take the conversational, journalistic feature-article format. For professionals and novices seeking accurate and timely information on Africa, this is a good start. Lutz Kleveman's "New Great Game" was equally readable and informal but a far more informative example for Shaxson to follow in his next book.

Of the current crop of "what is wrong with Africa" books including "The Shackled Continent", "The White Man's Burden" and "The Trouble with Africa", Nicholas Shaxson's analysis and prescriptions for change are the most radical and on-the-money. Shaxson's book should be widely read and discussed. Unfortunately, too much invested in the status quo by all concerned to see much likelihood of change within the next few decades.

In this informative book, journalist Nicholas Shaxson looks at some African countries that have suffered the curse of foreign-owned oil - Nigeria, Equatorial Guinea, Angola, Gabon, the Congo Republic and São Tomé e Principe. In 1970, before the oil boom, 19 million Nigerians were poor; after $400 billion of oil earnings, 90 million (of a 130 million population) were poor.

Each week sub-Saharan Africa's oil fields produce more than $1 billions' worth of oil. But the oil money promotes not investment and development but capital flight and poverty. Greedy foreign oil corporations ally with corrupt rulers.

The struggle of rival imperialisms for oil strips Africa bare. In 2005 the USA imported more oil from Africa than from the Middle East, and it is intervening in Africa to control its supplies, as now with its illegal attack on Libya. Oil comprises 87 per cent of US imports from Africa. Angola is China's biggest source of imported oil.

France too is scheming and warmongering to keep its hold on Africa. France's former colonies have to keep two-thirds of their reserves in France's treasury. Their central banks' HQs are in Paris. Much EU `aid' funds French companies in Africa.

Shaxson also looks at the curse of tax havens. More than half of world trade passes through tax havens. Over half of all banking assets and a third of foreign direct investment by giant corporations are routed offshore. Terrorists and drug smugglers use the same offshore system that corporations use.

Offshore finance is centred on Britain, the EU and the USA. The City of London runs half the world's tax havens and holds more than $3.2 trillion in offshore bank deposits, half the world total. When the Labour government signed the UN Convention against Corruption in 2000, it exempted all the Crown Dependencies and British Overseas Territories.

The West's banks, mainly from the USA and Britain, take their cut too. They force countries further into debt by making them take out new loans to pay off old ones, at ever higher rates. The bankers make private gains out of public losses.

Shaxson produces a highly readable and informative blend of anecdotes and analysis to make sense of Africa's oil predicament. Shaxson avoids glib solutions and easy judgements. It is the lesser-known oil producers which he does best on, notably Sao Tome and Principe and Equatorial Guinea. He has a good and detailed grasp of the subject matter, but has the wit and narrative skills to keep the less-informed reader on board with a series of entertaining almost travelogue-style pieces on indiviual countries visited.

Every responsible reader and serious seeker of "enlightenment" usually applies a "credibility check" to new information.
When author Nicholas Shaxson, in the opening chapter of his book, "Poisoned Wells," badly mischaracterized the Biafra-Nigeria War of 1967-1970, I could not read any further.
In trying to support his assertion that Oil is the root cause (or at least, a major cause) of post-colonial Africa's problems, he force-fits that terrible war into "Oil" context. How do I know? Well, I was there: was old enough to live in Nigeria up to the War, live through that War fighting in it on the Biafran side, and live after the war in Nigeria, until decided that I am truly Biafran, not Nigerian.
This book has failed a critical credibility test.
Please send my comments to this author.
Oguchi Nkwocha, MD.
Nwa Biafra
A Biafran Citizen.