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Nairametrics
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Home Sectors Energy

Elumelu says Nigeria losing 95% of crude oil production to thieves

Says leaders need to be held more accountable...

William Ukpe by William Ukpe
March 17, 2022
in Energy
Tony Elumelu UBA H1 Year 2019 Tony Elumelu, United Bank for Africa
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Tony Elumelu, Chairman of UBA Banking Group and Heirs Holdings has stated that the reason Nigeria cannot meet its crude oil production quota and benefit from high oil prices is due to theft.

Elumelu disclosed this in a series of tweets on Thursday bemoaning pressing issues that Nigerians face every day from electricity to fuel.

He urged that by 2023, Nigeria must be on a strong trajectory for progress and development.

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What Elumelu is saying

He said he has been listening to colleagues at his office bemoan the very pressing issues that they face every day in the country, and how things have been getting worse, resulting in no electricity for 5 days, hikes in the price of diesel, frightening food inflation, amongst others.

He said, “How can a country so rich in natural resources have 90% of its citizens living in hardship and poverty? I have often said that access to electricity is critical for our development, alleviation of poverty and hardship. And speaking of security, our people are afraid!.”

He also warned that businesses are suffering and Nigeria is losing 95% of oil production to oil thieves, citing the Bonny terminal oil theft that should be receiving over 200k barrels of crude oil daily, instead it receives less than 3,000 barrels.

“How can we be losing over 95% of oil production to thieves? Look at the Bonny Terminal that should be receiving over 200k 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 reserve is rising. What is Nigeria’s problem? We need to hold our leaders more accountable!” he said.

He stated that evil prevails when good people are silent, urging Nigerians to demand and advocate for leaders that will deliver in 2023 elections.

“Nigeria must be on a strong trajectory for progress and development,” he added.

What you should know

  • Nairametrics reported that the Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria’s crude oil production fell to 1.417 million barrels per day in the month of February compared to 1.427 for the month of January.
  • They also warned that “Higher food costs related to the geopolitical tensions could further fuel inflation. Stanbic IBTC Bank Nigeria’s PMI surged to 57.3 in February from 53.7 in the previous month, as the non-oil private sector expanded the most since November 2019.
  • “The increasing oil price might provide ample support for the Nigerian economy. Yet the disruption to global trade flows and supply shortages could offset this positive impact.”

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Tags: crude oilTony Elumelu
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

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Comments 2

  1. Patrick Usiaphre says:
    March 17, 2022 at 1:16 pm

    When did crude oil become bread that can be stolen and concealed?
    Who are the thieves
    What technology is invoved
    Who owned the technology
    What did they use the stolen product for?
    Who are the buyers
    How is it stored
    How is it moved
    How is it paid for?
    The theft is only possible in the process of the official transactions
    The stealing of crude oil will only be possible and facilitated by state actors in connivance with their imperial masters.
    Ordinary citizen can”t be involved

    Reply
  2. NI says:
    March 18, 2022 at 6:54 am

    I don’t understand why a credible platform like
    Nairametrics will let you write an article on it’s platform. Your use of foul words on the VP lately is really disturbing. You have every liberty to be bias. But using profanity every now and then on elected political leaders is totally unacceptable. Why don’t you use same outburst here?

    Reply

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