Nigerian businessman Tony Elumelu has called on the government and security agencies in Nigeria to reveal the identities of those involved in the theft of the country’s crude oil. He emphasized that this issue is particularly concerning with vessels operating within the nation’s territorial waters.
In a recent interview with the Financial Times, Elumelu voiced his deep apprehension regarding oil theft, highlighting its significant impact on the divestment of international oil companies from Nigeria. He noted that the ongoing menace has created a challenging environment for the oil sector.
Elumelu shared his personal experience, stating that he witnessed firsthand the reasons behind the withdrawal of international oil companies from onshore assets. Criminal gangs have been actively stealing crude oil from his pipelines, which has exacerbated the situation.
In 2022, the situation escalated to the point where his company was forced to halt production. Elumelu took to social media to express his frustration, questioning how the country could lose over 95% of its oil production to thieves. He pointed out that the Bonny Terminal, which should be receiving over 200,000 barrels of crude oil daily, was instead receiving less than 3,000 barrels, prompting Shell to declare force majeure.
Read Also: 27 States, FCT Yet to Form Minimum Wage Teams.
He asserted that Nigeria’s inability to meet its OPEC production quota is not due to a lack of investment but rather the rampant theft of oil. Elumelu lamented that while oil-producing countries are benefiting from rising foreign reserves, Nigeria is facing a significant problem that requires accountability from its leaders.
Despite the challenges, Elumelu remains optimistic. He revealed that oil thieves continue to steal approximately 18% of crude from his field, with his operations pumping out 42,000 barrels daily. This ongoing theft underscores the severity of the issue.
When asked about the perpetrators of the theft, Elumelu emphasized the seriousness of the situation, stating, “This is oil theft; we’re not talking about stealing a bottle of Coke.” His comments reflect the urgent need for action against those responsible for the ongoing crisis in Nigeria’s oil sector.
