Tony Elumelu, the founder and chairman of Heirs Energies, has called on the Nigerian government and security agencies to reveal the individuals responsible for oil theft in the country.
Elumelu expressed his concerns in an interview with the Financial Times, highlighting how oil theft has led to a decreased interest from international oil companies in investing in Nigeria.
He emphasized the need for transparency in addressing this issue, stating that the government should be aware of and disclose the perpetrators behind these criminal activities. Elumelu also discussed the challenges faced in acquiring an oil asset amidst the global energy transition, emphasizing the importance of energy security for a country with insufficient electricity supply for its population.
He shared how he raised $2.5 billion to purchase an oilfield in 2017, only to have the deal blocked by former President Muhammadu Buhari and his chief of staff, Abba Kyari, citing reasons of strategic importance.
Elumelu also recounted his firsthand experience of criminal gangs stealing crude oil from his pipelines, shedding light on the reasons why international oil companies have been reducing their investments in onshore assets in Nigeria.
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