Elumelu Ask FG to Give Names of Those Stealing Nigeria's Crude Oil with Vessels

Nigerian entrepreneur Tony Elumelu has urged the Federal Government and security agencies to disclose the identities of those responsible for the theft of the nation's crude oil, particularly those using vessels in territorial waters.

Elumelu, who serves as the Chairman of the United Bank for Africa (UBA), expressed his deep concern over the rampant oil theft that has plagued Nigeria's oil industry.

He pointed out that this criminal activity is a major factor driving international oil companies to divest from onshore assets in Nigeria. In an interview with the Financial Times, Elumelu recounted his personal experience with oil theft, which led to a shutdown of production in 2022.

He lamented, “How 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.”

Despite these challenges, Elumelu remains optimistic about the future of Nigeria's oil sector. He revealed that even though theft still accounts for 18% of the crude from his field, he believes in the potential for improvement.

He emphasized the need for accountability and transparency, stating, “This is oil theft, we’re not talking about stealing a bottle of Coke you can put in your pocket. The government should know, they should tell us. Look at America — Donald Trump was shot at and quickly they knew the background of who shot him. Our security agencies should tell us who is stealing our oil. You bring vessels to our territorial waters and we don’t.”