Reveal Those Stealing Crude With Vessels, Elumelu Demands

Nigerian businessman Tony Elumelu has called on the government and security agencies to identify those responsible for the large-scale crude oil theft in Nigeria.

In an interview with the Financial Times, Elumelu expressed his deep concern over the issue, which he believes has contributed significantly to the withdrawal of international oil companies from Nigeria.

He recounted his own experience with crude oil theft, revealing that criminal gangs have been siphoning oil from his pipelines, leading to severe financial losses and operational challenges.

Elumelu highlighted a particularly alarming period in 2022 when his company was forced to halt production due to rampant theft.

He took to social media at the time, tweeting: “How can we be losing over 95 per cent of oil production to thieves? Look at the Bonny Terminal which 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. The reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple!”

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He emphasized the need for greater accountability among Nigeria’s leaders, particularly in addressing the theft that has hindered the country’s ability to meet its oil production targets.

Despite these challenges, Elumelu remains optimistic, though he noted that oil thieves still manage to steal about 18 per cent of the crude from his fields.

When asked who he believed was behind the theft, Elumelu responded, “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?”

Elumelu also reflected on a past experience where the administration of former President Muhammadu Buhari allegedly blocked him from acquiring an oilfield.

He explained that Heirs Holdings had been attempting to purchase the oilfield since 2017, having already raised $2.5 billion for another acquisition.

However, the deal was reportedly halted by Buhari and his late Chief of Staff, Abba Kyari, who argued that such a strategically important asset should not be owned by a private operator.

Elumelu found this reasoning perplexing, particularly since he would have been purchasing the field from a foreign company.

Elumelu, one of the few Nigerians to have made his fortune outside the oil sector, revealed that his decision to acquire a 45 per cent stake in an oilfield three years ago was driven by a desire to enhance Nigeria’s energy security, especially given the country’s ongoing power supply challenges.

Reflecting on the widespread “japa” syndrome, where Nigerians seek opportunities abroad, Elumelu voiced his support for those leaving the country in search of better prospects. “Joblessness is the betrayal of a generation,” he said.

“You’ve gone to school and come back with your dreams and aspirations, and you don’t have the opportunity. For 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.”

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