Government Knows Crude Oil Thieves But Fails To Act – Tony Elumelu

Government Knows Crude Oil Thieves But Fails To Act – Tony Elumelu

Tony Elumelu, Chairman of Heir Holdings, has accused the Nigerian federal government of being aware of the identities behind the rampant crude oil theft in the country. In a recent interview with the Financial Times, Elumelu argued that the theft, which involves the use of large vessels, could not occur without the complicity or negligence of security agencies.

Elumelu, who faced significant hurdles in his 2017 attempt to invest in the oil sector, revealed that his company lost approximately 95 percent of its crude to theft in 2022. He expressed frustration that the government and security forces have not addressed the issue, likening the situation to how swiftly investigations are conducted in other countries, such as the United States.

Elumelu also touched on the broader issue of brain drain, attributing it to high unemployment and the desire of young Nigerians to seek opportunities abroad. He emphasized that the government must act decisively to curb oil theft and manage the country’s resources more effectively.