Tony Elumelu, the Nigerian businessman and founder of Heirs Holdings, has criticized the Nigerian government and security agencies for not addressing the problem of crude oil theft in the country. In a recent interview with the Financial Times, Elumelu expressed frustration over the ongoing theft of crude oil, noting that criminal gangs are responsible for significant losses in oil production. He emphasized that such thefts have led to the divestment of international oil companies and adversely impacted Nigeria’s oil production capabilities.
Elumelu highlighted that oil theft remains a major issue, with about 18% of the crude oil produced from his fields being stolen. He questioned the government’s ability to identify those responsible for these crimes and drew a comparison to the swift identification of perpetrators in other countries, like the United States.
Additionally, Elumelu recounted his difficulties in acquiring an oilfield due to alleged interference from the previous administration, which he claimed prevented him from purchasing the asset from a foreign company. He also discussed his decision to invest in the oil sector to bolster Nigeria’s energy security, despite the ongoing challenges.
Regarding the migration trend among Nigerians, often referred to as the “japa syndrome,” Elumelu expressed support for those seeking opportunities abroad due to joblessness and lack of opportunities at home, while also encouraging those who choose to stay to strive for impact and legacy.