Despite investing N48 billion per year in a private security firm, the Nigerian National Petroleum Company Ltd. (NNPCL) admitted its inability to combat rampant oil theft in the country.
Mele Kyari, the CEO, disclosed this during an oversight visit by the House of Representatives. Kyari cited staggering figures, revealing 4800 illegal connections along 5000 Km of pipeline as of December 2023.
Despite efforts to deactivate illegal refineries and disconnect illegal pipes, theft remains rampant. The NNPCL, in collaboration with the government, contracted Tantita Security Services, owned by ex-militant Tompolo, at N4 billion monthly.
Despite President Tinubu's pledge to maintain a production benchmark of 1.78 million barrels per day, Nigeria's oil production fell short, hitting 1.47 million barrels per day in February 2024, as reported by OPEC.
The country incurred losses of N2.3 trillion to oil theft in 2023, surpassing projected revenue for 2024, emphasizing the dire impact of oil theft on Nigeria's economy.
