In a recent interview with the Financial Times, Nigerian business mogul Tony Elumelu called on the Nigerian government and security forces to disclose the identities of those involved in stealing crude oil from the country. Elumelu highlighted that oil theft, particularly by criminal gangs using vessels, has severely impacted Nigeria’s oil production and led to the divestment of international oil companies.
Elumelu shared his personal experience of how oil theft affected his operations. In 2022, his company had to halt production due to the massive losses from theft. He pointed out that while the Bonny Terminal should process over 200,000 barrels of crude oil daily, it only receives a fraction of that amount. This situation has caused Shell to declare force majeure and has prevented Nigeria from meeting its OPEC production quotas.
Elumelu criticized the Nigerian government for its failure to address the issue effectively. He emphasized that oil theft is a major problem, and just like how the background of an attacker in America can be quickly identified, Nigerian security agencies should reveal who is responsible for the theft.
Reflecting on past experiences, Elumelu mentioned how the previous administration under President Muhammadu Buhari allegedly blocked his attempt to acquire an oilfield, which he believed was a significant strategic asset. Despite raising $2.5 billion to purchase the field, he claimed the deal was blocked, which he found illogical since the acquisition was from a foreign company.
Elumelu, who made his fortune in areas other than oil, bought a 45% stake in an oilfield to help ensure Nigeria’s energy security amid low power supply. He stressed the importance of energy for the country’s development.
Addressing the “japa syndrome” — the trend of Nigerians leaving the country for better opportunities abroad — Elumelu expressed support for those seeking opportunities outside Nigeria. He emphasized that while it’s valid for people to pursue opportunities elsewhere, those who choose to stay should focus on making a positive impact and building a legacy.
