During the installation ceremony of the Nigerian Mining and Geosciences Society’s 32nd president, Akinade Olatunji, an important revelation was made. Olatunji expressed his belief that increased security surveillance alone cannot effectively tackle the issue of oil theft in Nigeria.
Olatunji highlighted the alarming situation where the quantity of oil stolen in the country surpasses the amount sold through legitimate channels. He compared the problem of oil theft to a monstrous Frankenstein, emphasizing its magnitude and complexity.
To address this critical issue, Olatunji proposed a different approach. He emphasized the need for communities to develop a sense of ownership over the assets in their own land. Merely providing financial benefits to communities affected by oil theft does not foster patriotism or a sense of belonging.
Olatunji called for strategic and intentional actions that would ensure communities become owners or co-owners of these assets. He argued that oil-producing communities in Nigeria have long awaited a transformation that would elevate them from their current state to the prosperous cities built with the wealth generated from their own resources.
Furthermore, Olatunji highlighted the inadequacy of the resources allocated to oil communities in the Petroleum Industry Act (PIA). He emphasized that this allocation is insufficient to guarantee the necessary safety and long-term profitability of the oil and gas sector. Urgent amendments to this aspect of the PIA are necessary to preserve the bill’s expected benefits.
And that concludes the report on President Akinade Olatunji’s remarks regarding oil theft in Nigeria. Stay tuned for more updates.
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