Nigeria loses $ 6bn annually to crude oil theft

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Written by Abdullateef Abubakar Jos

He said that Nigeria also lost N105 billion to theft of refined products.

``This is a threat to our national security and our democracy. If this kind of huge amount of money gets

into the wrong hands, it can destabilise our democracy and national security,’’ Ogun said.

He blamed the incessant loss of billions of money on vandalism of crude oil and petroleum products’

pipeline.

He express regrets that security forces had been unable to arrest the unwholesome practise which led to

fire disaster in Arepo, Ogun state and the subsequent shut down of Nembe Creek Trunk line by Shell.

``An estimated 60,000 barrels per day of crude oil is stolen at Nembe Creek. Agip also suspended

production in Bayelsa because 60 per cent of its production of about 90 barrels is stolen per day.’’

He said it was sad that no one had ever been caught or prosecuted even when the miscellaneous offence

Act provides for life imprisonment for anyone who stole crude oil, petroleum product or vandalised pipelines.

He advised government to beef-up security and warned that the oil and gas sector would suspend

production of crude oil and supply of petroleum products if nothing was done.

Ogun called on government to deal with the insecurity problem in view of the resurgence of kidnapping and

continuous bombings.