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Nigerian Navy Prevents N95 Billion Loss From Stolen Crude In 10 Months, Says Outgoing Eastern Commander
Eko Hot Blog reports that the outgoing Flag Officer Commanding (FOC) Eastern Naval Command, Rear Admiral Olusola Oluwagbire, disclosed on Monday that the Navy intercepted N95 billion worth of stolen crude oil in the region between April 2023 and February 2024.
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Speaking during a parade marking the end of his duty tour in Calabar, Rear Adm. Oluwagbire revealed: “The operations equally led to the deactivation of about 315 illegal refining sites and 399 wooden boats. Furthermore was the seizure of 571,740 barrels of crude oil, 47,250 metric tons of Automotive Gas Oil, 1,574 drums of Premium Motor Spirit and 45 metric tons of Dual Purpose Kerosene, translating to over N95bn at the current market value.”
The FOC said the Command undertook several anti-oil theft operations in the backwaters, leading to 13 vessel arrests and 101 suspects for illegal bunkering and other maritime crimes.
This comes after President Bola Tinubu’s directive last year to intensify the crackdown on crude oil theft in Nigeria.
The Army recently announced destroying 233 illegal refineries and arresting 112 suspects in 2023.
Rear Adm. Oluwagbire highlighted infrastructure upgrades at naval bases during his tenure, crediting the efforts of officers, ratings and staff.
He appealed for same support to his successor, Rear Admiral Saheed Akinwande.
The outgoing FOC assumed duty in April 2023. Naval operations under his watch reportedly saved Nigeria N95 billion worth of stolen crude oil and petroleum products.
Analysts say curbing crude oil theft is crucial for Nigeria’s oil-dependent economy.
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The Navy’s intercepted stolen products helped cushion revenue losses. But experts advocate sustained efforts to eliminate illegal refining and bunkering.
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