Oil Theft: Elumelu Demands Government Accountability

…Says this is oil theft, the government should know, they should tell us…

Tony Elumelu, chairman of United Bank of Africa, said the government and security agencies in Nigeria should be aware and alert Nigerians about the theft of crude oil from the country, especially using vessels passing through territorial waters.

Elumelu made the statement during a lunchtime interview with the Financial Times on Friday.

Elumelu expressed concern over the oil theft, indicating that the issue has played a role in the withdrawal of international oil companies from Nigeria.

Also read: Unemployment is the betrayal of a generation – Elumelu

He explained that he himself understood why international oil companies partially withdrew from onshore assets after criminal gangs began stealing crude oil from its pipelines.

In 2022, when it came to the point where his company had to shut down production, Elumelu tweeted on social media: “How can we lose over 95 percent of oil production to thieves? Look at the Bonny Terminal which should receive over 200,000 barrels of crude oil daily. Instead it receives less than 3,000 barrels, leading the operator Shell to declare force majeure.

“It is clear that the reason Nigeria cannot meet its OPEC production quota is not due to lack of investment, but theft, pure and simple!

“Meanwhile, oil producing countries laugh as their foreign reserves grow. What is Nigeria’s problem? We need to hold our leaders more accountable!”

During the interview, Elumelu was optimistic, but he also noted that oil thieves still steal 18 percent of the crude oil from his field.

“We pump 42,000 barrels of crude oil every day. 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.

Also read: Nigerian Navy Seizes Over 60 Ships in Massive Oil Theft Squad in Six Months

“Look at America — Donald Trump was shot and very quickly 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?”

Speaking about the mass emigration of Nigerians abroad, Elumelu said: “I fully support it. 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 you come back with your dreams and aspirations and you don’t have the chance.

“No one should stop people who decide to seek solutions elsewhere. But those who decide to stay should try to create an impact and build a legacy.”

When asked why Nigeria has largely failed to fulfil its potential after independence, he replied without hesitation: “Leadership”, “it is leadership in all its facets”.