Oil Theft Hindering Nigeria From Attaining OPEC Quota, Says Elumelu

Nigerian businessman, Tony Elumelu, has said the spate of oil theft in the country has hindered Nigeria from meeting OPEC quota.

He added that both the government and the security agencies in Nigeria should be able to tell Nigerians who steal the country’s crude oil, especially using vessels that move through the territorial waters.

Elumelu spoke during an interview published by the Financial Times.

The businessman, who said he dreaded oil theft, said the menace had contributed to the divestment of international oil companies in Nigeria.

He said he discovered first-hand why international oil companies were partly divesting from onshore assets after criminal gang began stealing crude from his pipelines.

He said, “It is clear that the reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple!

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

He said that oil thieves still take away 18 per cent of crude from his field.

“42,000 barrels of crude are pumped out daily. Theft still takes away about 18 per cent of production,” he stated.

“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 know?”

Speaking on the mass relocation of Nigerians abroad, Elumelu declared, “I support it totally. I don’t have a problem with people saying ‘I’m going to Canada, the UK or the US.

“Joblessness is the betrayal of a generation. You’ve gone to school and come back with your dreams and aspirations and you don’t have the opportunity.

“People who decide to find solutions elsewhere, no one should stop them. But for those who decide to stay, they should try to create an impact and build a legacy.”