Nigerian businessman Tony Elumelu has urged the government and security agencies to identify and expose those responsible for the massive crude oil theft in Nigeria, particularly the use of vessels navigating the country's territorial waters. In an interview with the Financial Times published on Friday, Elumelu criticized the ongoing theft, which he said has contributed to the divestment of international oil companies from Nigeria.
Elumelu, who has personally experienced the impact of oil theft on his business, revealed that criminal gangs began stealing crude from his pipelines, leading to significant losses. In 2022, his company was forced to shut down production, prompting him to express his frustration on social media. He highlighted that while other oil-producing nations are benefiting from increased foreign reserves, Nigeria struggles due to rampant oil theft. Elumelu emphasized the need for greater accountability from Nigerian leaders in tackling this issue.
Despite the ongoing challenges, Elumelu remains optimistic, though he noted that theft still accounts for about 18% of the crude oil produced from his fields. He questioned why the government has not been able to identify those responsible for such large-scale theft, comparing it to the swift response in identifying perpetrators of crimes in other countries.
Elumelu also recounted how the previous administration of President Muhammadu Buhari allegedly blocked his company, Heirs Holdings, from acquiring an oilfield. Despite raising $2.5 billion for the purchase, the deal was reportedly halted, with the government citing the strategic importance of the asset. Elumelu expressed frustration at this decision, especially since the acquisition was from a foreign company, and underscored the importance of energy security for Nigeria's future.
Additionally, Elumelu voiced his support for the "japa syndrome," where young Nigerians seek opportunities abroad due to joblessness at home. He acknowledged the challenges faced by the younger generation and encouraged those who choose to stay to create an impact and build a legacy in Nigeria.
