Billionaire businessman Tony Elumelu has demanded that Nigeria’s security agencies intensify efforts to expose and apprehend those responsible for the rampant theft of the nation’s crude oil.
Elumelu, expressed his concerns during an interview published by the Financial Times on Friday, highlighting the devastating impact of crude oil theft on the country’s economy and its foreign oil investments.
Elumelu, the Chairman of Heirs Holdings, underscored the gravity of the situation by recounting his personal experience with crude oil theft.
He revealed that his company had been forced to shut down production in 2022 due to the activities of criminal gangs who siphoned oil from pipelines.
“How can we be losing over 95 percent of oil production to thieves?” Elumelu questioned, pointing out the significant shortfall at the Bonny Terminal, which receives a mere fraction of its intended crude oil capacity.
Elumelu further elaborated on the broader consequences of crude oil theft, noting that the ongoing criminal activities were a major factor behind the decision of foreign oil corporations to pull out of Nigeria.
He emphasized that these companies are not deterred by a lack of investment opportunities but by the sheer scale of theft, which makes operations unsustainable.
“The reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple!” Elumelu exclaimed.
He contrasted Nigeria’s struggles with the successes of other oil-producing nations, whose foreign reserves are growing, while Nigeria grapples with dwindling oil revenues.
Elumelu questioned the efficacy of Nigeria’s security agencies, drawing a comparison with the swift response seen in other countries.
“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,” he urged. Elumelu’s comments reflect a growing frustration among Nigerians who demand greater accountability and transparency from their leaders.
Oil theft and pipeline vandalism have been persistent issues in Nigeria, with devastating financial implications for the nation.
In September 2022, the Nigerian National Petroleum Corporation (NNPC) disclosed that the country was losing $700 million every month to crude oil theft.
The Nigerian Extractive Industries Transparency Initiative (NEITI) reported that Nigeria lost 619.7 million barrels of crude oil, valued at N16.3 trillion, to theft between 2005 and 2021.
The scale of the problem is further highlighted by recent statements from key government officials. In 2023, National Security Adviser Nuhu Ribadu revealed that the country was losing 400,000 barrels per day (bpd) to theft. Similarly, former Minister of State for Petroleum Resources, Timipre Sylva, stated that Nigeria lost at least 700,000bpd to thieves in 2022.
Elumelu’s call to action serves as a stark reminder of the urgent need for Nigeria’s security agencies to address the issue of oil theft decisively.
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