Prominent Nigerian businessman, Tony Elumelu, has called on the federal government and security forces to expose the criminal gangs responsible for siphoning the country’s crude oil.
In a recent interview with the Financial Times, Elumelu emphasized that these thefts are a major factor driving international oil companies away from Nigeria.
This trend has led to the mass exodus of multinational oil firms that have been operating in Nigeria for decades. Some have chosen to diversify into other industries, such as agriculture, rather than continue dealing with the increasing risks in the oil sector.
Elumelu, whose company, Heirs Holdings, holds substantial investments in Nigeria’s oil industry, shared his own experiences dealing with these criminals. He recounted how criminal syndicates began stealing crude oil from his company’s pipelines, underscoring the scale of the problem.
“I saw firsthand why international oil companies are partially divesting from onshore assets, as criminal gangs started stealing crude from our pipelines,” Elumelu said.
During the interview, Elumelu revealed that even though his operations pump out 42,000 barrels of oil per day, around 18 percent of the output is lost to theft. Despite this, he remains optimistic that the situation can improve if the government takes decisive action.
He urged the government to identify and expose those orchestrating the massive theft. “This isn’t a case of petty theft – we’re talking about large-scale oil theft. These are vessels entering our territorial waters, and we should know who is behind it,” Elumelu insisted.
Drawing a comparison to the United States, he added, “Look at America — when Donald Trump was shot at, they quickly identified who was responsible. Our security agencies should be able to tell us who is stealing our oil.”
