Report Shows Likely Amounts Loss Due To ‘Oil Theft’ In Nigeria

The country’s oil regulator has said that Nigeria may have lost amount as much as $3.27 billion to oil vandalism in the past 13 months.

The statement which was said on Thursday with a further breakdown.

Gbenga Komolafe, chief executive of the Nigerian Upstream Petroleum Regulatory Commission, told a meeting of the core of companies drilling in Nigeria that “massive oil theft was going on in the country” and described it as a disaster.

Mr. Komolafe said Nigeria may have lost as much as $3.27 billion to vandalism between January 2021 and February 2022, putting the average monthly value loss during the period at $233.99 million, or as much as $7.72 million a day, a statement on the regulator’s website said.

However Mr. Komolafe flagged some doubts as to the figures, noting lack of accurate information as an issue for the government in fighting the challenge.