Government Has Knowledge Of Oil Thieves, Says Tony Elumelu

Government Has Knowledge Of Oil Thieves, Says Tony Elumelu

Tony Elumelu, Chairman of Heir Holdings, has stated that the federal government is aware of those responsible for crude oil theft in Nigeria. Elumelu described oil theft as a highly organized crime, emphasizing that it involves the use of vessels and cannot occur without the complicity or oversight of security agencies…….. CONTINUE READING 

In an interview with the Financial Times, Elumelu recounted that his initial investment attempt in the oil and gas sector was hindered in 2017 by former President Muhammadu Buhari and his late chief of staff, Abba Kyari. He revealed that his company lost approximately 95 percent of its crude oil to theft in 2022.

“This is not petty theft like taking a bottle of Coke; this is a serious issue. The government should be transparent about who is behind these thefts,” Elumelu said. “In the U.S., when someone like Donald Trump is shot at, the authorities quickly identify the perpetrator. Our security agencies should be able to reveal who is stealing our oil. How can vessels enter our territorial waters without detection?”

Elumelu, who also serves on President Bola Tinubu’s Economic Advisory Council, addressed the issue of brain drain, attributing it to unemployment and the desire of young Nigerians to pursue opportunities abroad after completing their education.

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