Nigeria has confirmed the arrest in London of former oil minister Diezani Alison-Madueke on suspicion of bribery and money laundering.

Nigeria’s Cabinet has approved a final draft of an oil law that will be sent to President Goodluck Jonathan before going to Parliament in a few days.

Nigeria’s old oil assets are in certain cases declining by between 10% to 12% per year and new investment will be needed to push the industry forward.

Nigeria’s long-delayed law to overhaul of its oil sector will require further review before it is passed, says Diezani Alison-Madueke.