Nigeria loses N1.29 trillion to oil thieves annually-Group alleges

Nigeria loses N1.29 trillion to oil thieves annually-Group alleges
January 12 08:50 2019 Print This Article

By Gina Otokpa

A group under the aegis ImpactMore Global Solutions, has expressed worry over the N1.29 trillion that is lost to oil thieves in the country on an annual basis.

Speaking during a media parley on Thursday in Abuja, the Managing Director of the group, Mr. Agbonkpolor Splendour, lamented that the activities of pipeline vandals, oil thieves and illegal refining has continued to drain the nation’s economy into an epileptic state.

Quoting statistics from a United Nations as well as a United States Institute of Peace report, he noted that nationwide, between 30, 000 to 300, 000 barrels of oil was lost to oil thieves on a daily basis, while150, 000 barrels of crude oil was lost to operations of oil thieves in the Niger Delta.

While noting that these illegal operations were a threat to the nation’s oil industry, he maintained that these nefarious activities had only led to the loss of billions of naira which would have been used to further development the country at all fronts.

According to him, the cartel responsible for these activities comprises of highly placed and powerful individuals within the country who were running a network of agents to steal crude oil and finished produce from pipelines in the Niger Delta.

“The Impact of Illegal Oil Bunkering and theft has continued to threaten the survival of the nation’s economy. The combination of petroleum theft, illegal refining and pipeline vandalism has become a major threat to Nigeria in meeting its revenue projections in recent time.

“Findings revealed that Nigeria has incurred colossal loses of oil revenues estimated at N1.29 trillion to industrial scale theft yearly, withdrawal of foreign investors and companies, degradation of the local environment, increased acquisition of light arms and ammunition, high incidents of school dropouts among primary and secondary schools pupils and students within the oil rich communities, while the Government has not done enough to combat the negative trends,” he said.

Splendour who urged the Federal Government to promptly secure the petroleum power flow to address the incidences of vandalism and illegal bunkering in the country, however commended the efforts of the commander Inspector General of Police Special Task Force on Petroleum and Illegal Bunkering, Habiba Adamu, whose tireless work had reduced the rate of pipeline vandalism and illegal oil bunkering, bringing sanity to pipeline host communities.

“Observably, in 2018 Nigeria recorded the lowest incidents of pipeline vandalism and illegal oil bunkering attesting to the opportunity given women to serve in most critical sector of the economy, always deliver results that stand as records to break.

“Gradually, Oil theft and other spate of insecurity are not only continued to reduce in activities but pipeline host communities are increasingly educated on the negative consequences to their environment,” he added.

  Article "tagged" as:
view more articles

About Article Author

The Ajasa News
The Ajasa News

View More Articles
write a comment


No Comments Yet!

You can be the one to start a conversation.

Add a Comment