The Federal Government said on Thursday that the entire worth of crude oil stolen in Nigeria between January 2021 and February 2022 is over $3.27 billion (approximately N1.361 trillion at the official exchange rate of N416.25 to the dollar).
The vast oil theft across Nigeria, according to international oil firms and their Nigerian equivalents, poses a threat not just to their existence, but also to the Nigerian economy.
At a stakeholders' engagement on crude oil theft in Abuja, the Federal Government's Nigerian Upstream Petroleum Regulatory Commission met with the Oil Producers Trade Section and the Independent Petroleum Producers Group.
IPPG is an association of indigenous exploration and production companies, while OPTS is a body made up of IOCs operating in Nigeria.
Since the discovery of oil theft and the inglorious subsidy payment scam was discovered in Nigeria, no company or individual has been brought to books.
According to a presentation made at the event by the NUPRC, oil theft increased dramatically between 2021 and 2022, with an official from the IPPG claiming that 91 percent of total crude produced at the Bonny Terminal was stolen in January 2022."
Total value loss for the period January 2021 to February 2022 is roughly $3.27 billion," the NUPRC said in its report on the trend in oil theft.
"Average monthly value loss for the period is about $233.99m. Average daily value loss for the period is about $7.72m.”
It added, “Losses are mainly from Bonny Terminal Network, Forcados Terminal Network (and) Brass Terminal Network.”
According to IPPG Chairman, Abdulrazaq Isa, represented by Chikezie Nwosu at the event, he noted that since December 2021, oil theft cases has been on the high, "In December 2021, the overall theft or what was stolen from the line was 91 per cent of the crude."
"That means for every 100 barrels, all that got to the Bonny Terminal was nine barrels. In January this year it improved to 75 per cent but in February it went back to 82 per cent.”
He noted that this is a matter of urgency as government's revenue is adversely affected. As the 2023 elections draw near, oil theives may continue to have a field day as politicking takes center stage. The thieves for now has remained ghosts while the news sensation of figures continue.©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.