Nigeria Lost About N1.6 Trillion To Crude Oil Theft In Niger Delta region In 9 Month - Elumelu

The Chairman of Heirs Holding and UBA Group, Tony Elumelu stated that Nigeria lost about $4 billion (about N1.68 trillion) to crude oil theft in the Niger Delta region between January 2021 and September 2021.

Elumelu while speaking on the topic: “Strategic leadership: My business experience,” at a guest lecturer at the National Defense College Course 30 lecture said that oil theft is threatening the corporate existence of Nigeria with huge cash in the hands of criminals.

“Our oil and gas business is threatened by theft. Theft in the Niger Delta is a national menace. We will produce crude oil and the thieves will steal like 50,000 barrels per day. To me, it requires a national seminar and dialogue.

"In my opinion, it is one of the most lethal threats to our country because there is so much money in the hands of people who don’t pay taxes and people you don’t regulate. The country is not safe,” Elumelu said.

“Between three quarters of last year, between January to September 2021, Nigeria lost about $4bn to thieves who don’t pay tax and they will use the money to buy more lethal ammunition, posing threats to our cooperate existence” he warned.

He advised that Nigeria must be deliberate about the right set of leaders to deal with the oil theft menace and other ills in the society adding that it requires strategic leadership to deal with issues such as this.