Nigerian business mogul and philanthropist, Chief Tony Elumelu has challenged the government and security agents to expose those who have been consistently stealing the country’s crude oil, using vessels that move through the territorial waters, “because the government and security agents know them.”
In an interview published by the Financial Times on Friday, Elumelu said the menace has contributed greatly to the divestment of international oil companies in Nigeria.
“This is oil theft, we are not talking about stealing a bottle of Coke you can put in your pocket. The government should know, they should tell us. Look at America — Donald Trump was shot at and quickly they knew the background of who shot him. Our security agencies should tell us who is stealing our oil. “You bring vessels to our territorial waters and we don’t know?”
Chief Elumelu, who is founder of Heirs Holdings, said that he discovered first-hand why international oil companies are partly divesting from onshore assets after criminal gangs began stealing crude from his pipelines.
Elumelu had taken to social media in 2022, tweeting: “How can we be losing over 95 per cent of oil production to thieves?
“Look at the Bonny Terminal which should be receiving over 200,000 barrels of crude oil daily, instead, it receives less than 3,000 barrels, leading the operator Shell to declare force majeure. “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!”
Elumelu said that as at today, oil thieves still take away 18 per cent of crude from his field.
“42,000 barrels of crude pumped out daily. Theft still takes away about 18 per cent of production.”
The business man, who chairs the Board of the United Bank for Africa, said that the government of President Muhammadu Buhari stopped him from acquiring an oilfield.
According to him, Heirs Holdings had been looking to purchase the oilfield since 2017, having raised $2.5 billion to purchase a different one.
He said that in a twist, former president Buhari and his late Chief of Staff, Abba Kyari, blocked the deal.
He said that he was told Nigeria could not allow something of such strategic importance to fall into the hands of a private operator.
“This defied logic,” because he was to been purchasing it from a foreign company.
Elumelu said that his decision to buy a 45 per cent stake in an oilfield three years ago when international oil companies such as Shell, Total and Eni were selling off their shallow water assets in Nigeria was to give the country energy security in the face of low power supply.
“We wanted to become a Fortune 500 company and we estimated what we needed. It’s not naira, it’s huge dollars. Energy security is crucial for a country that doesn’t produce enough electricity for its roughly 200 million citizens.”
On Nigerians going outside the country for greener pastures, known as japa, Elumelu said: “I support it, totally.
“I don’t have a problem with people saying ‘I’m going to Canada, UK or US.’
“Joblessness is the betrayal of a generation. You’ve gone to school and come back with your dreams and aspirations and you don’t have the opportunity.”
