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.
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.”