Oil theft: Elumelu demands accountability from government

…Says this is oil theft, the government should know, they should tell us…

Tony Elumelu, the chairperson of United Bank foe Africa has said the government and security agents in Nigeria should be aware and be able to tell Nigerians those responsible for stealing the country’s crude oil, especially using vessels that move through the territorial waters.

Elumelu made the statement in an interview over lunch with the Financial Times on Friday.

Expressing his concern about oil theft, Elumelu stated that this issue has played a role in the withdrawal of international oil companies from Nigeria.

Read also: Joblessness is the betrayal of a generation – Elumelu

He explained that he personally understood why international oil companies were partially divesting from onshore assets after criminal gangs started stealing crude from his pipelines.

In 2022, when things got to a point where his company had to shut down production, Elumelu took to social media, tweeting, “How can we be losing over 95 percent of oil production to thieves? Look at the Bonny Terminal that 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.

“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!”

In the course of his interview, Elumelu expressed optimism but noted that oil thieves still steal 18 percent of the crude from his field.

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

Asked who was behind the theft, he replied, “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.

Read also: Nigerian Navy seizes over 60 vessels in major crackdown on oil theft in six months

“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 massive emigration of Nigerians abroad, Elumelu said, “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.”

Asked why Nigeria largely failed to live up to its post-independence potential, he replied, “Leadership” without hesitation “it’s leadership in all facet”.