Elumelu Demands Transparency on Crude Oil Theft: ‘Nigerians Deserve to Know Who’s Behind It

Elumelu Calls for Disclosure of Crude Oil Theft Perpetrators

Nigerian billionaire and Chairman of Heirs Holdings, Tony Elumelu, has urged the Nigerian government and security agencies to reveal the identities of those responsible for the country’s crude oil theft. His call for transparency comes amidst the ongoing crisis of oil pilfering that plagues Nigeria’s oil industry.

In an interview published by the Financial Times on August 9, 2024, Elumelu highlighted the alarming scale of the problem. He revealed that out of Nigeria’s daily crude oil production of 42,000 barrels, approximately 18 percent is stolen. This significant loss underscores the need for greater accountability and action.

Elumelu emphasized the severity of the situation by comparing it to everyday theft. “This is oil theft, we’re not talking about stealing a bottle of coke you can put in your pocket,” he stated. “The government should know who is behind these operations. Look at America — when something significant happens, the authorities quickly uncover the perpetrators. Our security agencies should do the same for our stolen oil. How can vessels enter our waters, and we remain unaware?”

The urgency of Elumelu’s statement reflects the broader issue of crude oil theft in Nigeria, which has been a persistent problem impacting the nation’s economy and security. The Nigerian National Petroleum Company Limited (NNPC) reported in June 2024 that it had uncovered an additional 165 illegal refineries in the Niger Delta region. This discovery highlights the scale of the illegal activities and their impact on Nigeria’s oil production and supply.

The situation is further complicated by the crude supply crisis affecting the Dangote Refinery, which has a daily capacity of 650,000 barrels. The ongoing theft exacerbates the challenges faced by this key infrastructure.

Elumelu’s call for action and transparency is a critical step towards addressing the issue of oil theft and ensuring that Nigeria’s resources are safeguarded for the benefit of its people.