Olufemi Adeyemi 


Tony Elumelu, a prominent Nigerian business leader, emphasized the urgent need for the Nigerian government and security agencies to identify and expose individuals involved in the theft of the country's crude oil, particularly those utilizing vessels that traverse Nigerian territorial waters.

Elumelu expressed his views in an interview published by the Financial Times on Friday.

The Nigerian economist, who is concerned about oil theft, stated that the problem has contributed to the divestment of international oil companies in Nigeria. He personally discovered the reason behind the partial divestment of international oil companies from onshore assets, which was due to the theft of crude oil from his pipelines by criminal gangs.

In 2022, when circumstances necessitated the temporary cessation of production at his company, Elumelu utilized social media to communicate this development via Twitter, “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!”

During a recent interview with the Financial Times, Elumelu expressed a positive outlook. However, he also noted that oil theft remains a significant challenge, with approximately 18% of crude being stolen from his field.

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

In reference to the recent theft, when questioned about the identity of the perpetrator, he responded with the following statement,: “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 founder of Heirs Holdings shared his experience regarding the alleged obstruction faced from the previous administration led by President Muhammadu Buhari in acquiring an oilfield.

He revealed that Heirs Holdings had been actively seeking to purchase the oilfield since 2017, having successfully raised $2.5 billion for the acquisition of a separate oilfield. However, in an unexpected turn of events, he asserted that former President Buhari and his late Chief of Staff, Abba Kyari, intervened to block the deal.

He stated that he was Informed that Nigeria could not permit an entity of such critical importance to be controlled by a private operator.

This appeared to be illogical, he added, as he would have been purchasing it from an international company.

Mr. Elumelu, a prominent Nigerian entrepreneur who has achieved success beyond the oil industry, shared his motivations behind acquiring a 45% stake in an oilfield three years ago. At a time when international oil companies like Shell, Total, and Eni were divesting their shallow water assets in Nigeria, Mr. Elumelu saw an opportunity to contribute to the nation’s energy security, particularly in light of the country’s insufficient power supply.

His strategic decision was driven by the aspiration to transform his company into a Fortune 500 enterprise, requiring substantial financial resources. Recognizing the critical importance of energy security for a nation with approximately 200 million citizens and inadequate electricity generation, Elumelu emphasized the significance of this investment in ensuring the country’s energy independence.In reference to the japa syndrome, Elumelu expressed his unequivocal support for individuals seeking opportunities abroad. He stated that he does not object to people expressing their intentions to relocate to countries such as Canada, the United Kingdom, or the United States.

In reference to the japa syndrome, Elumelu expressed his unequivocal support for individuals seeking opportunities abroad. He stated that he does not object to people expressing their intentions to relocate to countries such as Canada, the United Kingdom, or the United States.

“I support it, totally. I don’t have a problem with people saying. I’m going to Canada, UK or US.”

He added that unemployment represents a profound disillusionment for an entire generation. After pursuing education and returning with hopes and ambitions, individuals often find themselves without viable opportunities. While those who choose to seek solutions in different places should not be hindered, it is essential for those who opt to remain to strive for meaningful contributions and to establish a lasting legacy.

“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.”