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Oil theft costs Nigeria $25bn yearly – Amaechi

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Former Minister of Transportation, Mr. Rotimi Amaechi, has lamented the high level of loss Nigeria incurs yearly as a result of illegal oil bunkering.

He pointed out that if the money lost to illegal business on the water as well as the one spent on escort services to secure vessels calling at Nigerian shores was put back into the economy every year, Nigeria would be rich.

“The Americans spoke to me; they said Nigerian illegal bunkering merchants are the seventh-largest producers of oil in Africa,” Amaechi said.

In the May report released recently by NNPC, it is revealed that within the period, 60 pipeline points were vandalized, representing a remarkable 52% decrease from the 125 points vandalized in April.

The Atlas Cove-Mosimi and Ibadan-Ilorin pipelines accounted for 38% and 23% and other locations accounted for the remaining 39% of the total breaks.

The report noted the spirited efforts by NNPC, in collaboration with the local communities and other stakeholders, to continuously strive to reduce and eventually eliminate this menace.

Source Ripples Nigeria
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