Nigerian businessman Tony Elumelu has called on the government and security agencies to reveal the identities of those responsible for the theft of the nation’s crude oil, particularly the large-scale operations conducted through vessels in Nigeria’s territorial waters. In an interview with the Financial Times published on Friday, Elumelu expressed his frustration and concern over the ongoing issue, which he said has contributed to the divestment of international oil companies from Nigeria.
Elumelu, who has witnessed the impact of oil theft firsthand, recounted how criminal gangs siphoned crude oil from his company’s pipelines, leading to a significant drop in production. In 2022, the situation became so dire that his company was forced to halt operations. He took to social media to highlight the scale of the problem, tweeting: “How can we be losing over 95 per cent of oil production to thieves? Look at the Bonny Terminal that 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.”
Elumelu was adamant that Nigeria’s failure to meet its OPEC production quota was not due to a lack of investment but rather the pervasive issue of theft. “Meanwhile, oil-producing countries are smiling as their foreign reserves are rising. What is Nigeria’s problem? We need to hold our leaders more accountable!” he tweeted at the time.
In his interview with the Financial Times, Elumelu remained hopeful but acknowledged that the problem persists. “42,000 barrels of crude are pumped out daily. Theft still takes away about 18 per cent of production,” he said.
When asked who was behind the theft, Elumelu expressed incredulity that such a large-scale operation could occur without the knowledge of the authorities. “This is oil theft; we’re 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?”
Elumelu, the 61-year-old founder of Heirs Holdings, also reflected on his own experiences with the previous administration under President Muhammadu Buhari. He claimed that his company’s efforts to acquire an oilfield were thwarted by the former president and his late Chief of Staff, Abba Kyari. Despite raising $2.5 billion for a different purchase, Elumelu alleged that Buhari and Kyari blocked the deal, leaving Heirs Holdings unable to secure the oilfield.
Addressing the ongoing exodus of Nigerians seeking better opportunities abroad, Elumelu voiced his support for those making the decision to leave. “I support it totally. I don’t have a problem with people saying ‘I’m going to Canada, the UK, or the 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. People who decide to find solutions elsewhere, no one should stop them. But for those who decide to stay, they should try to create an impact and build a legacy.”
Elumelu’s remarks underscore the growing frustration among Nigerian business leaders over the government’s handling of critical issues such as oil theft, economic stability, and job creation.
