August 10, (THEWILL) – Chairman of Heirs Holdings and philanthropist, Tony Elumelu, has challenged the Federal Government to expose those behind oil theft in the country.
In an interview published by the Financial Times on Friday, Elumelu said the government ought to know the identity of those who use vessels to steal the country’s crude oil through territorial waters.
He disclosed that he uncovered why international oil companies were partly divesting from onshore assets after criminal gangs began stealing crude from his pipelines.
According to Elumelu, the culprits take away 18 per cent of crude from his field.
“42,000 barrels of crude pumped out daily. Theft still takes away about 18 per cent of production,” he said.
Responding to a question on those possibly behind oil theft, Elumelu replied: “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?”
Reflecting on past challenges, Elumelu recalled how the previous administration of President Muhammadu Buhari allegedly blocked him from acquiring an oilfield.
Despite raising $2.5 billion for the purchase, Elumelu claimed that Buhari and his late Chief of Staff, Abba Kyari, prevented the deal, stating that something of such strategic importance could not be handed over to a private operator.
“This defied logic,” Elumelu remarked, noting that he would have been buying the asset from a foreign company. He added that his decision to acquire a 45 percent stake in an oilfield three years ago was driven by a desire to enhance Nigeria’s energy security amid ongoing power shortages.
“We wanted to become a Fortune 500 company, and we estimated what we needed. It’s not naira, it’s huge dollars. Energy security is crucial for a country that doesn’t produce enough electricity for its roughly 200 million citizens,” he added.
Addressing the rising trend of emigration, Elumelu expressed his support for those seeking opportunities abroad.
“I support it, totally. I don’t have a problem with people saying, ‘I’m going to Canada, UK, or US’. 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,” he said.
