Oil Theft Preventing Nigeria From Meeting OPEC Targets – Elumelu

Oil Theft Preventing Nigeria From Meeting OPEC Targets – Elumelu

Nigerian businessman Tony Elumelu has called on the government and security agencies to identify those involved in stealing the country’s crude oil, particularly those using vessels in Nigerian waters. In an interview with the Financial Times, Elumelu expressed deep concern about oil theft, which he believes has contributed to the exit of international oil companies from Nigeria……… CONTINUE READING 

Elumelu shared his personal experience with oil theft, revealing that criminal gangs had targeted his company’s pipelines, prompting him to understand why international companies were divesting from onshore assets. He highlighted a significant issue in 2022 when his company faced production shutdowns due to theft. On social media, he criticized the situation, noting that Bonny Terminal, which should handle over 200,000 barrels of crude daily, was receiving less than 3,000 barrels, leading Shell to declare force majeure.

Elumelu asserted that Nigeria’s failure to meet its OPEC production quota was due to theft, not a lack of investment. He stressed the need for accountability and questioned why oil-producing nations are benefiting while Nigeria’s reserves suffer.

Despite his concerns, Elumelu noted that theft still accounts for about 18% of his crude oil production, with 42,000 barrels extracted daily. He urged the government to uncover and address those behind the theft, drawing a comparison to how quickly the U.S. can identify perpetrators in other cases.

Elumelu also recalled how the Buhari administration allegedly obstructed his efforts to acquire an oilfield. He claimed that despite raising $2.5 billion for the purchase, former President Buhari and his late Chief of Staff, Abba Kyari, blocked the deal.

On the issue of Nigerians relocating abroad, Elumelu expressed support for those seeking opportunities in countries like Canada, the UK, or the US. He lamented the lack of job prospects for graduates and emphasized that those staying in Nigeria should strive to make a positive impact and build a legacy.

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