- In recent weeks the rising oil prices has escalated the amount of theft, and owners of oil and gas companies are no longer having it
- They are calling on the federal government to help as most of what they produced are stolen by unknown individuals
- Between 2016 and 2020, these faceless thieves have stolen a
Two oil and gas Nigerian investors, Austin Avuru, former chief executive officer of Seplat Energy Plc and Tony Elumelu, chairman of the United Bank for Africa have raised an alarm on the amount of oil theft going on in the country.
According to them, over 80 per cent of Nigeria’s oil production are stolen before they get to terminals.
They urged the Nigerian government to put a stop to the losses and help Nigeria reach its full potential as one of the largest oil-producing countries in the world, TheCable reports.
The position of the two oil moguls reflects the recently released oil and gas report by Nigeria Extractive Industries Transparency Initiative, (NEITI) which revealed that over 270 million of Nigeria’s commercial crude oil production in four years (2016 and 2020) worth $14.6 billion.
SOURCE: legit ng
