WATCH THE VIDEO HERE Nigerian businessman, Tony Elumelu, has said oil theft largely contributed to the reasons International Oil Companies (IOCs) are divesting their interests from Nigeria to other countries. Elumelu stated this in an interview published by the Financial Times on Friday. According to him, the government and security agents in Nigeria should be able expose those responsible for stealing the country’s crude oil. His recent outburst follows that of 2022 when he tweeted about how the country lost a huge amount of its crude oil to oil thieves. “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.
Why IOCs are divesting from Nigeria — Tony Elumelu
