Nigerian businessman Tony Elumelu has called on the government and security agencies to identify those responsible for stealing the country’s crude oil, particularly those using vessels in territorial waters. In an interview with the Financial Times, Elumelu highlighted how oil theft has contributed to international oil companies divesting from Nigeria, with criminal gangs siphoning crude from pipelines.
He recalled that his company had to shut down production in 2022 due to rampant theft, which led to a significant loss in oil production. Despite these challenges, Elumelu remains optimistic but emphasized that oil theft still accounts for 18 percent of his field’s production.
Elumelu also expressed frustration with the previous administration of President Muhammadu Buhari, which allegedly blocked his company from acquiring an oilfield, citing national strategic importance. He believes the government should reveal who is behind the theft, as such operations are too large to go unnoticed.
Elumelu further discussed his investment in a 45 percent stake in an oilfield to enhance Nigeria’s energy security amid low power supply. He also voiced support for the “japa syndrome,” understanding why many Nigerians seek opportunities abroad due to joblessness and unfulfilled aspirations.
News Editor