Nigerian businessman, Tony Elumelu while speaking out against oil theft in Nigeria, believes the government and security agents should be able to identify those responsible for stealing the country’s crude oil, especially when it’s being transported through territorial waters.
Elumelu expressed his frustration with the situation, stating, “How can we be losing over 95 per cent of oil production to thieves?” He noted that the Bonny Terminal, which should receive over 200,000 barrels of crude oil daily, is instead receiving less than 3,000 barrels, leading Shell to declare force majeure.
Elumelu also pointed out that oil theft is the reason Nigeria is unable to meet its OPEC production quota, not a lack of investment. He emphasized, “The reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple!”
Despite efforts to address the issue, Elumelu revealed that oil thieves still manage to steal 18% of crude from his field, equivalent to 42,000 barrels daily. When asked who is 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.”
Elumelu also shared his personal experience with the previous administration, which he claimed blocked his attempt to acquire an oilfield. He stated that Heirs Holdings had been looking to purchase the oilfield since 2017 but was stopped by former President Muhammadu Buhari and his late Chief of Staff, Abba Kyari.
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