Nigerian businessman Tony Elumelu has called on the government and security agencies to identify and expose those responsible for stealing the country’s crude oil, especially using large vessels that navigate through Nigeria’s territorial waters.
In a recent interview with the Financial Times, Elumelu expressed his deep concern over the rampant oil theft that has plagued Nigeria’s oil industry. He noted that this issue has significantly contributed to the divestment of international oil companies (IOCs) from onshore assets in the country.
Elumelu shared his personal experience, revealing that criminal gangs had been siphoning crude from his company’s pipelines, a situation that escalated to the point where his company was forced to halt production in 2022. Frustrated by the severity of the theft, Elumelu took to social media, highlighting the alarming situation: “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.”
He stressed that Nigeria’s failure to meet its OPEC production quota is not due to a lack of investment but is a direct result of widespread theft. While other oil-producing nations are reaping the benefits of rising foreign reserves, Nigeria continues to struggle, and Elumelu believes it’s time to hold leaders accountable.
Despite the challenges, Elumelu remains cautiously optimistic. He acknowledged that while oil theft still siphons off about 18 percent of the 42,000 barrels of crude his company pumps daily, the situation has slightly improved.
When asked who is behind the theft, Elumelu pointed out the scale of the operation: “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.”
Elumelu compared Nigeria’s situation to that of the United States, where even high-profile incidents are swiftly investigated, urging Nigerian security agencies to identify those responsible for the theft. “You bring vessels to our territorial waters, and we don’t know?” he questioned.
Elumelu also revealed how the previous administration under President Muhammadu Buhari allegedly blocked him from acquiring an oilfield. He stated that Heirs Holdings had been pursuing the acquisition since 2017, having raised $2.5 billion for a different purchase. However, the deal was reportedly thwarted by former President Buhari and his late Chief of Staff, Abba Kyari.
On the topic of Nigerians relocating abroad, Elumelu expressed his support, acknowledging the frustration of young Nigerians who have completed their education but face limited opportunities at home. “Joblessness is the betrayal of a generation,” he said, adding that while he supports those seeking better opportunities elsewhere, he encourages those who stay to strive to create an impact and build a lasting legacy.
