Heirs Oil and Gas losing 50,000 barrels of crude oil to thieves every day- Tony Elumelu

Tony Elumelu has raised alarm that Heirs Oil and Gas is losing 50,000 barrels of crude oil to thieves every day,

The Chairman of the oil company raised the alarm yesterday in Abuja when he delivered a lecture on “Strategic leadership: My business experience”. The lecture was organised for Course 30 of the National Defence College.

Describing oil theft in the Niger Delta as a national challenge, Elumelu said: “We produce sometimes about 87,000 barrels per day, thieves take 50,000 per day and to me, this requires a national seminar or dialogue.

“In my view it is one of the highest levels of threat to our country because it’s so much money in the hands of people who don’t pay tax, people we don’t regulate, the country is not safe. They do that to us; they do that to other operators also.”

According to him, Nigeria lost over $4 billion to oil thieves in the last three quarters of last year. He lamented that those involved in theft use the money realised from the oil heist to acquire more lethal ammunition, thereby posing threat to Nigeria’s corporate existence.

The activities of oil thieves, he stated, “requires strategic leadership to deal with issues like this within the country”, stressing, “but the lesson there is resilience in leadership.”

Elumelu warned: “Nigeria cannot continue like this. Our country will wake up to the realities someday. We look forward to men and women in this room who will help remove this national disgrace and problems that we face.”

Leave a Reply

Your email address will not be published. Required fields are marked *