AGS NEWS – Nigerian businessman Tony Elumelu has called on the government and security agencies to identify those responsible for stealing the country’s crude oil, especially using vessels that navigate through Nigeria’s territorial waters.

Elumelu made these remarks in an interview with the Financial Times published on Friday.

Elumelu, who is deeply concerned about oil theft, noted that this issue has driven international oil companies to divest from Nigeria.

He recounted how criminal gangs started stealing crude oil from his pipelines, contributing to the decline of onshore assets.

In 2022, the situation worsened, forcing Elumelu’s company to halt production. At the time, he took to social media, highlighting that over 95% of oil production was being lost to thieves, with the Bonny Terminal receiving only a fraction of its expected crude oil intake.

He stressed that theft, not low investment, was the main reason Nigeria couldn’t meet its OPEC production quota.

In his conversation with Financial Times, Elumelu revealed that his field still loses 18% of its daily crude production to theft, amounting to 42,000 barrels.

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When asked who was behind the theft, he emphasized that the government should have answers, comparing the situation to how quickly the U.S. identified those responsible for incidents like the shooting at Donald Trump.

Elumelu also shared that the previous administration of President Muhammadu Buhari allegedly blocked him from acquiring an oilfield, despite his company raising $2.5 billion for the purchase.

He described the decision as illogical, as the oilfield would have been bought from a foreign company.

As the founder of Heirs Holdings, Elumelu explained that his decision to buy a 45% stake in an oilfield three years ago, when international companies were selling off their shallow water assets in Nigeria, was to ensure energy security for the country, which struggles with inadequate power supply.

On the topic of the “japa” syndrome, where Nigerians seek opportunities abroad, Elumelu expressed his support, acknowledging that joblessness has led many to pursue solutions elsewhere.

He urged those who remain in Nigeria to strive to make a positive impact and build a lasting legacy.