June 1, 2025
elumelu

 

Nigerian businessman Tony Elumelu has called on the government and security agencies to disclose the identities of those responsible for stealing the country’s crude oil, especially those using large vessels to transport the stolen goods through Nigeria’s territorial waters.

In an interview published by the Financial Times on Friday, Elumelu, who has been vocal about the impact of oil theft on Nigeria’s economy, shared his frustration, stating that oil theft has significantly contributed to the divestment of international oil companies from onshore assets in Nigeria. He recounted how criminal gangs began stealing crude from his company’s pipelines, which led to a shutdown in production in 2022. At that time, Elumelu took to social media to express his concern, highlighting that over 95% of oil production was being lost to thieves.

Despite improvements, Elumelu revealed that theft still accounts for 18% of production from his fields, amounting to approximately 42,000 barrels of crude oil pumped daily. He expressed disbelief that such large-scale theft could go unnoticed, emphasizing that the government should be able to identify and reveal the perpetrators. “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,” he urged.

Elumelu also reflected on an incident during the administration of former President Muhammadu Buhari, where he was allegedly blocked from acquiring an oilfield, despite having raised $2.5 billion for a purchase. He expressed confusion over the decision, especially since he would have been buying it from a foreign company.

On a different note, Elumelu shared his views on the “japa syndrome,” the trend of Nigerians seeking opportunities abroad. He expressed support for those choosing to leave in search of better prospects, citing the lack of job opportunities as a major issue for the younger generation. However, he also encouraged those who stay to create an impact and build a legacy in Nigeria.

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