Nigerian banker and serial entrepreneur Tony Elumelu has called on the Federal Government and security agencies to reveal the identities of those responsible for the massive theft of the nation’s crude oil, particularly the operations involving vessels on territorial waters.
In an interview with the Financial Times on Friday, August 9, 2024, Elumelu said he was deeply concerned over the ongoing oil theft, News About Nigeria reports.
He said that this issue is a key factor driving international oil companies (IOCs) to divest from Nigeria.
The Chairman of the United Bank for Africa (UBA) recounted his personal experience, where criminal gangs siphoned crude from his company’s pipelines, contributing to the exodus of IOCs from onshore assets.
When pressed on the identities of the perpetrators, Elumelu pointed out that the government and security agencies are in the best position to provide answers. “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?”
Elumelu also pointed out the impact of oil theft on Nigeria’s economy, recalling how his company was forced to halt production in 2022 due to the rampant theft.
At that time, he voiced his frustrations on social media, revealing that over 95% of oil production was being lost to thieves.
He cited the Bonny Terminal, which should receive over 200,000 barrels of crude oil daily but was receiving less than 3,000 barrels, leading operator Shell to declare force majeure.
“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. 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 reserve is rising. What is Nigeria’s problem? We need to hold our leaders more accountable!” he posted on X.
