Nigerian businessman and philanthropist Tony Elumelu has urged the Nigerian government and security agencies to identify and hold accountable those responsible for stealing the country\u2019s crude oil, particularly through vessels operating in territorial waters. <\/p>\n
In an interview with the Financial Times published on Friday, Elumelu emphasized the severe impact of oil theft on Nigeria’s economy, noting that it has contributed to the divestment of international oil companies from the country. <\/p>\n
Elumelu, who has been outspoken about the issue, recounted his own experience, revealing how criminal gangs have stolen crude from his pipelines.<\/p>\n
“In 2022, when things reached a critical point, we had to shut down production,” Elumelu shared. <\/p>\n
He had taken to social media to express his frustration, tweeting, \u201cHow 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. <\/p>\n
The reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple!\u201d<\/p>\n
Elumelu continued, expressing his concern over the ongoing theft, stating that despite the challenges, his company still manages to pump out 42,000 barrels of crude daily, though 18 percent of this production is lost to theft. <\/p>\n
When asked who might be behind the theft, Elumelu responded, \u201cThis is oil theft, we\u2019re not talking about stealing a bottle of Coke you can put in your pocket.<\/p>\n
The government should know, they should tell us. Look at America \u2014 Donald Trump was shot at, and quickly they knew the background of who shot him. <\/p>\n
Our security agencies should tell us who is stealing our oil. You bring vessels to our territorial waters and we don\u2019t know?\u201d<\/p>\n
Reflecting on past challenges, Elumelu recalled how the previous administration of President Muhammadu Buhari allegedly blocked him from acquiring an oilfield.<\/p>\n
Despite raising $2.5 billion for the purchase, Elumelu claimed that Buhari and his late Chief of Staff, Abba Kyari, prevented the deal, stating that something of such strategic importance could not be handed over to a private operator. <\/p>\n
“This defied logic,” Elumelu remarked, noting that he would have been buying the asset from a foreign company.<\/p>\n
As one of the few Nigerians who made their fortunes outside of the oil industry, Elumelu explained that his decision to acquire a 45 percent stake in an oilfield three years ago was driven by a desire to enhance Nigeria\u2019s energy security amid ongoing power shortages. <\/p>\n
\u201cWe wanted to become a Fortune 500 company, and we estimated what we needed.<\/p>\n
It\u2019s not naira, it\u2019s huge dollars. Energy security is crucial for a country that doesn\u2019t produce enough electricity for its roughly 200 million citizens,\u201d he added.<\/p>\n
Addressing the rising trend of emigration, known as the “japa syndrome,” Elumelu expressed his support for those seeking opportunities abroad.<\/p>\n
\u201cI support it, totally. I don\u2019t have a problem with people saying \u2018I\u2019m going to Canada, UK, or US.\u2019 Joblessness is the betrayal of a generation.<\/p>\n
You\u2019ve gone to school and come back with your dreams and aspirations, and you don\u2019t have the opportunity. <\/p>\n
For people who decide to find solutions elsewhere, no one should stop them. <\/p>\n
But for those who decide to stay, they should try to create an impact and build a legacy.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigerian businessman and philanthropist Tony Elumelu has urged the Nigerian government and security agencies to identify and hold accountable those responsible for stealing the country\u2019s crude oil, particularly through vessels operating in territorial waters. In an interview with the Financial Times published on Friday, Elumelu emphasized the severe impact of oil theft on Nigeria’s economy, […]<\/p>\n","protected":false},"author":1,"featured_media":142473,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,27,69],"tags":[212,100,213],"class_list":["post-142470","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-editors-pick","category-general","tag-crude-oil","tag-fg","tag-tony-elumelu"],"yoast_head":"\n