Oil Theft: Elumelu Tasks Govt, Security Agencies To Reveal Perpetrators

The Chairman of Heirs Holdings, Tony Elumelu, has called on the government and security agencies to identify and bring to book those responsible for the theft of Nigeria’s crude oil.

Elumelu, who spoke in an interview with the Financial Times, lamented that oil theft had become a major challenge in the country, with his company losing up to 18 per cent of its crude oil production to thieves.

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“I don’t understand why we can’t catch those stealing our oil. It’s not like stealing a bottle of Coke, you need a vessel to take the oil out of the country. The government should know, they should tell us,” Elumelu said.

He expressed disappointment that despite the efforts of his company to increase oil production, thieves were still able to steal a significant portion of the crude.

“We pump out 42,000 barrels of crude daily, but theft still takes away about 18 per cent of production. It’s a big problem,” he added.

Elumelu also recalled how the previous administration blocked his attempt to acquire an oilfield, citing strategic importance.

“We wanted to buy an oilfield in 2017, but the government blocked us. They said it was too strategic to fall into the hands of a private operator. But we were buying it from a foreign company,” he said.

The Heirs Holdings chairman emphasized the need for energy security in Nigeria, saying that was why his company was investing in the oil sector.

“We want to become a Fortune 500 company and we need huge dollars to achieve that. Energy security is crucial for a country that doesn’t produce enough electricity for its citizens,” he said.

On the issue of brain drain, Elumelu expressed support for Nigerians who seek better opportunities abroad.

“I support those who want to leave the country to find better opportunities. Joblessness is a betrayal of a generation. But for those who decide to stay, they should try to create an impact and build a legacy,” he said.

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