Nigerian businessman Tony Elumelu has attributed the divestment of International Oil Companies (IOCs) from Nigeria to oil theft.
In a recent interview with the Financial Times, Elumelu emphasized that the government and security forces need to identify and address those responsible for the country’s oil theft problem.
This statement echoes his 2022 concerns, when he highlighted the significant losses Nigeria has suffered due to crude oil theft.
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“How can we be losing over 95 per cent of oil production to thieves? Look at the Bonny Terminal which should be receiving over 200,000 barrels of crude oil daily. Instead, it receives less than 3,000 barrels, leading the operator Shell to declare force majeure.
“It is clear that the reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple!
“Meanwhile, oil-producing countries are smiling as their foreign reserves are rising. What is Nigeria’s problem? We need to hold our leaders more accountable!” the founder of Heirs Holdings tweeted in 2022.
However, speaking with Financial Times, Elumelu said oil thieves still take away 18 per cent of crude from his field.
“42,000 barrels of crude are pumped out daily. Theft still takes away about 18 per cent of production,” he stated.
Asked who was behind the theft, he replied, “This is oil theft; we’re not talking about stealing a bottle of Coke you can put in your pocket. The government should know; they should tell us.
“Look at America — Donald Trump was shot at and quickly they knew the background of who shot him. Our security agencies should tell us who is stealing our oil. You bring vessels to our territorial waters and we don’t know?”
