₦airaland Forum

Nigerian businessman, Tony Elumelu says the government and security agents in Nigeria should be able to tell Nigerians who steal the country’s crude oil, especially using vessels that move through the territorial waters.

Elumelu stated this in an interview published by the Financial Times on Friday.

Elumelu who dreads oil theft said the menace contributed to the divestment of international oil companies in Nigeria.

He said he discovered first-hand why international oil companies were partly divesting from onshore assets after criminal gangs began stealing crude from his pipelines.

In 2022, when things got to a point where his company had to shut down production, Elumelu took to social media, tweeting: “How can we be losing over 95 per cent of oil production to thieves? Look at the Bonny Terminal which 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. The reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple!

“Meanwhile, oil-producing countries are smiling as their foreign reserve is rising. What is Nigeria’s problem? We need to hold our leaders more accountable!”

Speaking with Financial Times, Elumelu, expressed optimism, saying, however, that oil thieves still take away 18 per cent of crude from his field.

“42,000 barrels of crude pumped out daily. Theft still takes away about 18 per cent of production, he stated.

Asked who is behind the theft, he replied, “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?”

The 61-year-old founder of Heirs Holdings recalled how the previous administration of President Muhammadu Buhari allegedly stopped him from acquiring an oilfield.

He disclosed that Heirs Holdings had been looking to purchase the oilfield since 2017, having raised $2.5bn to purchase a different one.

But in a twist, he claimed that former president Buhari and his late Chief of Staff, Abba Kyari, blocked the deal.


He said he was told Nigeria could not allow something of such strategic importance to fall into the hands of a private operator.

“This defied logic,” he added since he would have been purchasing it from a foreign company.

As one of the few Nigerians who made their fortunes outside of oil, Elumelu revealed that his decision to buy a 45 per cent stake in an oilfield three years ago when international oil companies such as Shell, Total and Eni were selling off their shallow water assets in Nigeria was to give the country energy security in the face of low power supply.

“We wanted to become a Fortune 500 company and we estimated what we needed. It’s not naira, it’s huge dollars. Energy security is crucial for a country that doesn’t produce enough electricity for its roughly 200 million citizens,” he added.

Speaking on the japa syndrome, Elumelu declared, “I support it, totally. “I don’t have a problem with people saying ‘I’m going to Canada, UK or 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 . For 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.”

Culled from Financial Times
https://www.ft.com/content/b4230765-2f3d-4bc8-96fd-7ec9068302c2

https://punchng.com/govt-should-tell-us-those-stealing-crude-with-vessels-elumelu/

Nawa o

nlfpmod

Nice one...

Dangote has broken the chain by speaking up... Let more of these billionaire investors start speaking up as well.

The status quo has to change.


My only observation is that if the situation hadn't affected them directly they will simply not have spoken out or complained. It's even safe to say they sometimes benefit from the rot in the system and look the other way in such cases.

However, it's a good thing they are beginning to talk even if it's for their personal and selfish reasons!

Tony Elumelu is raising important questions that need answers. We can’t keep turning a blind eye to the theft in our waters. Tinubu’s administration must act decisively and restore faith in our oil sector. With proper accountability, we can turn this situation around and boost our economy. Let's rally behind our leaders to take charge!

M

Tinubu supporters left the group chat

Of course the crude oil thieving cabal comprises of the key Petroleum industry players, security agencies and the government. Tony has stirred a hornet nest. EFCC will soon found something on him now.

Tinubu wey never answer basic questions about himself, na him go come answer this one.
Dey play.

Elumele is asking for already know answers.

No be Tinubu government you go know who is stealing our crude. It’s been going on even during buhari tenure. It’s a sacred/cult deal so no government will ever expose that.

Nigeria is a failed country take it or leave it. Tinubu isn’t there to expose any bad deals, he is there to fulfill his ambitions of becoming a president.

He is will finish is 4/8 years as every other president and leave Nigerians and there suffering and hardship .

Na wah o!

The question wey dey vex many people, but the truth go always come out. Tinubu and him government no dey sleep for this matter.

Oil theft na serious matter wey dey affect our economy, and if dem no act fast, na everybody go suffer am. Make we no forget say na only through unity and cooperation we fit tackle this issue.

The days of hiding behind closed doors don pass. We dey expect transparency and action. Abeg, make dem show us the way forward.

Philipponzaghi:
Tony Elumelu is raising important questions that need answers. We can’t keep turning a blind eye to the theft in our waters. Tinubu’s administration must act decisively and restore faith in our oil sector. With proper accountability, we can turn this situation around and boost our economy. Let's rally behind our leaders to take charge!

Act ? Tinubu is directly involved in oil theft in Nigeria

The handwriting of FG is clearly on this and won't be surprised if the figure head president's name is mentioned.

The crooks are the ogas at the top.

Brandosky:
Act ? Tinubu is directly involved in oil theft in Nigeria

Abi oo.. Tony expect tinubu to tell Nigerians who is stealing our crude oil.

Tony is playing

That’s not Tinubu mandate

Tony Elumelu is speaking the truth! It’s high time the Tinubu administration steps up and provides clarity on this oil theft saga. Nigerians deserve to know who’s behind the theft and what measures are being taken to protect our resources. We’re counting on strong leadership to tackle this issue head-on!

Every rich man in Nigeria is afraid to speak the truth to power because of their business and life, eventually everyone will die.
Tinubu will happen to anyone who refuses to condemn EVIL government in the name and fear of whatever

trutharena:
Tony Elumelu is speaking the truth! It’s high time the Tinubu administration steps up and provides clarity on this oil theft saga. Nigerians deserve to know who’s behind the theft and what measures are being taken to protect our resources. We’re counting on strong leadership to tackle this issue head-on!

Tony Elumelu is simply saying that tinubu government is involved in the oil deals and therefore refuses to do anything about it.
Yesterday it was Dangote Lamentations, today Elumelu turn to lament.

Tinubu is showing NIGERIANS shege part 1

Elumelu raises a valid point about oil theft; it’s high time the government takes decisive action. With Tinubu's leadership, I believe we can tackle these issues head-on and restore Nigeria's oil production to its rightful glory.

They want to frustrate Igbos on top of our oil, it won't work, that's why these parasites don't want regional government

Watch how one bloody parasite will bark like a dog now saying tony is not Igbo and he is from South south... bloody divisive parasites.

The rich also cries!

Who is responsible for answering the questions?

The corruption in Nigeria seems irredeemably.

Tony Elumelu is right to raise this concern. Transparency in the oil sector is crucial for our economy and national security. We deserve to know who is siphoning off our resources. It's time for the government to take action and hold the culprits accountable. With President Tinubu at the helm, I believe we can expect a more diligent approach to tackling these issues. Let's hope for a comprehensive investigation and real solutions.

Funny how this same Tony that stood so strongly with Tinubu during elections and artificial cash scarcity is now questioning what he stands for.

Another member of Tinubu's economic council is speaking. First it was Dangote, with Otedola managing his social media posts, now it is Elumelu talking to FT first. Who is the petroleum minister? These are interesting times

I think Davido has one line like that, "are you done talking?"

Peter Obi talked about this long before now. I don't see how it's looking like this is news

They have a lot of explanation to do

Elumelu looks like a President one Day.
He fits the bill

I hope you ain't speaking out just for your future political agenda. Next thing we gonna hear is the you wanna content. Anybody that trust a politician is an idiot