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Home Breaking News

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

by iDeemlawful
March 25, 2022
in Breaking News, Business News
A A
0
Engr. Kastina Charged to Court For Slapping Security Guard

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.

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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.

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