Nigerian businessman Tony Elumelu believes that the Nigerian government and security agents should disclose the identities of those stealing the country’s crude oil, particularly through vessels that navigate territorial waters.
Elumelu expressed his concerns in an interview published by the Financial Times on Friday, emphasizing that oil theft has led to international oil companies divesting from Nigeria.
Elumelu drew from his experience, noting that criminal groups stealing crude from his pipelines contributed to the divestment of international oil companies from onshore assets.
He highlighted a specific incident in 2022 when his company had to cease production due to rampant theft, leading to a drastic reduction in oil production at the Bonny Terminal.
He further expressed frustration, questioning why Nigeria is losing a significant portion of its oil production to theft and urged for greater accountability from the country’s leaders. Elumelu also revealed that his company continues to lose approximately 18 percent of its daily crude oil production to thieves.
When asked about the perpetrators behind the theft, Elumelu emphasized the magnitude of the issue, calling for the government and security agencies to actively address and disclose information about those involved.
Additionally, he recounted a past incident involving former President Muhammadu Buhari and his late Chief of Staff, Abba Kyari, who allegedly blocked his company’s attempt to acquire an oilfield. Despite the challenges and setbacks.
Elumelu remains committed to contributing to Nigeria’s energy security. He explained that his decision to acquire a stake in an oilfield was driven by a desire to bolster the country’s energy infrastructure, particularly in the context of inadequate electricity supply.
Elumelu also weighed in on the “japa syndrome,” expressing support for individuals seeking opportunities abroad due to joblessness but also encouraging those who stay to make a positive impact and build a legacy in Nigeria.
