Nigerian Businessman Tony Elumelu Calls for Transparency in Oil Theft
Tony Elumelu, a Nigerian businessman, has called on the government and security agents in Nigeria to reveal the identities of those stealing the country’s crude oil, particularly those using vessels that operate in its territorial waters. Elumelu made the plea in an interview with the Financial Times, expressing his frustration with the oil theft menace that has contributed to the divestment of international oil companies in Nigeria.
Elumelu, who dreads oil theft, revealed that his company, Heirs Holdings, has been a victim of oil theft, with thieves stealing 18% of the crude oil produced daily. He lamented that the government and security agencies have failed to identify and apprehend those responsible for the theft.
"This is oil theft, we’re not talking about stealing a bottle of Coke you can put in your pocket," Elumelu said. "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?"
Elumelu also spoke about his experience with the previous administration of President Muhammadu Buhari, who allegedly blocked his company’s attempt to acquire an oilfield. He claimed that former President Buhari and his late Chief of Staff, Abba Kyari, stopped the deal, citing concerns that the oilfield was too strategic for a private operator.
Elumelu, who has made his fortune outside of oil, revealed that his decision to buy a 45% stake in an oilfield three years ago was to provide energy security for Nigeria, which faces significant power supply challenges. He expressed optimism that the country can overcome its energy crisis and become a Fortune 500 company.
On the japa syndrome, which refers to the exodus of young Nigerians seeking better opportunities abroad, Elumelu declared his support for those who choose to leave the country. He, however, urged those who decide to stay to create an impact and build a legacy.
"I support it, totally," Elumelu said. "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."
