The Chairman of Heirs Holdings, United Bank of Africa, Tony Elumelu has said crude oil theft is the reason Nigeria cannot meet the Organisation of the Petroleum Exporting Countries’ crude oil production.
The billionaire businessman disclosed this in an Interview with the Financial Times.
According to him, crude oil theft has been a major clog in the wheel for Nigeria’s progress.
He said citizens must wake up to hold Nigerian leaders more accountable for the Nation’s resources.
“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 reserves are rising. What is Nigeria’s problem? We need to hold our leaders more accountable,” he said.
Earlier, this online medium reported that Elumelu asked the government and security operatives to name those stealing the country’s crude oil.
This comes amid the prolonged menace of crude oil theft in Nigeria.
OPEC’s crude production quota for Nigeria in 2024 stood at 1.5 million barrels per day, however, the country produced 1.28 Mbps in June.
Recall that the Nigerian National Petroleum Company Limited in June 2024 said it uncovered an additional 165 illegal refineries in various locations across the Niger Delta.
The discussion around oil theft comes amid the crude supply crisis facing the 650,000 barrels per day Dangote Refinery.
