Nigerian businessman and Chairman of Heirs Holdings, Tony Elumelu, has called on the government and security agencies to identify those responsible for stealing the country’s crude oil, particularly using vessels that navigate through Nigeria’s territorial waters.
Elumelu emphasized that authorities should have the capacity to track and expose those involved in such large-scale theft.
Tony Elumelu, Chairman of Heirs Holdings, highlighted the severe impact of oil theft on Nigeria’s economy in an interview published by the Financial Times on Friday.
Elumelu, who has been vocal about the issue, pointed out that the theft of crude oil contributed to the divestment of international oil companies from Nigeria.
He shared his experience with criminal gangs stealing oil from his pipelines, which forced his company to halt production in 2022.
In a social media post from that time, Elumelu expressed frustration, noting that over 95% of oil production was being stolen, leading to a significant shortfall in Nigeria’s oil output.
He emphasized that the country’s inability to meet its OPEC production quota was due to theft, not a lack of investment.
Elumelu urged the government and security agencies to take accountability and identify those responsible for the large-scale theft of oil.
During his interview, Elumelu revealed that his company pumps out 42,000 barrels of crude daily, but theft still accounts for a loss of about 18% of production.
When asked who was behind the theft, he stressed that this was not a minor crime and questioned why the government and security agencies have not yet identified the culprits.
He compared the situation to the U.S., where law enforcement agencies swiftly identify perpetrators of serious crimes, and called for similar transparency in Nigeria.
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