Government and security agencies must tell us who is stealing crude oil

Nigerian businessman Tony Elumelu says government and security agencies should be able to identify and report Nigerians stealing crude oil from the country, especially if they use vessels sailing through territorial waters.

Elumelu said this in an interview published by the Financial Times on Friday. According to him, the threat contributed to the divestment of international oil companies in Nigeria.

He said he had discovered first-hand why international oil companies partially pulled out of onshore assets after criminal gangs began stealing crude oil from its pipelines.

Speaking to the Financial Times, Elumelu sounded optimistic but also said oil thieves were still stealing 18 percent of the crude from his field.

“42,000 barrels of crude are pumped daily. Theft still costs about 18 percent of production,” he said.

Asked who was behind the theft, he replied: “This is oil theft, we are not talking about stealing a bottle of coke that you can put in your pocket. The government should know, they should tell us. Look at America – Donald Trump was shot and very soon they knew the background of who shot him. Our security services should tell us who is stealing our oil. You bring ships into our territorial waters and we don’t know?”

The 61-year-old founder of Heirs Holdings recalls how the previous government of President Muhammadu Buhari allegedly stopped him from acquiring an oil field.

He revealed that Heirs Holdings had wanted to buy the oil field since 2017 and had raised $2.5 billion to buy another field.

But he alleged that former President Buhari and his late Chief of Staff, Abba Kyari, blocked the deal.

He said he was told that Nigeria could not allow something of such strategic importance to fall into the hands of a private operator.

“This defied all logic,” he added, as he allegedly bought it from a foreign company.

Elumelu revealed that he decided to buy a 45 percent stake in an oil field three years ago when international oil companies such as Shell, Total and Eni sold their shallow waters in Nigeria, as he wanted to provide the country with energy security at a time when power supplies are low.

He said: “We wanted to become a Fortune 500 company and we estimated what we needed. It is not naira, it is huge dollars. Energy security is crucial for a country that does not produce enough electricity for its approximately 200 million citizens.”

Speaking about the japa syndrome, Elumelu stated: “I support it, completely. I have no problem with people saying ‘I’m going to Canada, the UK or the US.’

“Unemployment is the betrayal of a generation. You go to school and come back with your dreams and aspirations and you don’t have the opportunity. For people who decide to seek solutions elsewhere, no one should stop them. But for those who decide to stay, they should try to make an impact and build a legacy.”

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