November 24, 2017

Oil theft may have cost Nigeria about US$ 243m loss

nigeria-oil

Oil theft and vandalism in Nigeria may have cost the nation about US$ 243m loss in 2013; this is according to the Nigerian National Petroleum Corporation (NNPC).

The Group Managing Director, NNPC, Joseph Dawah, confirmed the reports at an industry event in Abuja recently. He said the pipeline vandals brought about 3,571 reported cases on the pipelines last year.

He also pointed out that these acts have resulted to loss of revenue by the government and production capacity in the oil refineries.

Five major ‘Hot Spots’ where the vandals are carried out include; Gombe, Kaduna, Mosimi, Port Harcourt and Warri in Delta states.

They are currently working with the government to develop significant infrastructure and key resources protection in line with that of the United States, and increase the prosecution rates in theft cases.

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