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Home Business News

Oil theft gulped $1.35 billion in first six months – Obaseki 

Joseph Olaoluwa by Joseph Olaoluwa
November 4, 2019
in Business News, Politics
#EndSARS: Edo State Government imposes 24 hour curfew till further notice, Oil theft gulped $1.35 billion in first six months - Obaseki 

Godwin Obaseki

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The prevalence of oil theft in the Niger Delta region has proven to be a source of worry for Edo State Governor, Mr Godwin Obaseki, who lamented the loss of 22 million barrels of crude in the first six months of the year, an estimation expected to cost nothing less than $1.35 billion.

The Details: This was the point of focus when the state Governor received a delegation of the National Executive Committee of the Pan Niger-Delta Forum at Government House, Benin City.

[READ MORE: OML 119: NNPC records 14 bids for development of oil well]

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The Edo State Governor could not hide his concern as he pondered how crude oil could be stolen from the Niger Delta region despite the presence of highly armed security operatives in the region.

He was also concerned about the lack of development that has bedevilled the region despite the huge money allocated to it.

“What is really worrisome for me, having chaired the NEC committee on stolen crude oil, is the extent of militarisation in our region. About 22 million barrels of crude oil cannot be accounted for in the first half of this year with an estimated cost of almost $1.35bn.

“There is a need to use the region’s assets for economic growth to prevent people of the Niger Delta from being shortchanged and its resources used as slush funds.”

[READ ALSO: Group advocates for more Nigeria-Vietnam trade in oil and gas, other key sectors]

Why this matters: Crude Oil theft in Nigeria is considered to be the illegal appropriation of crude or refined oil products from the pipelines of multinational oil companies. It is usually facilitated by extensive corruption between security forces, militia organizations, the local population, and oil company employees who use a variety of methods to steal oil from the multinational oil corporations that are stationed within the country.


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Tags: Godwin ObasekiNiger DeltaOil theftOn the Money
Joseph Olaoluwa

Joseph Olaoluwa

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Comments 1

  1. Factualnote says:
    November 4, 2019 at 12:02 pm

    I hope the present Minister for Petroleum General Muhamed Buhari is aware of these facts and that he must be proactively doing something tangible to plug the leaking holes in his principal ministry. After all, he has been swimming in the proceeds from his ministry since the time he became the minister in 2015.

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