JUST IN: Nigeria Gets Ranked World #1 Country For Highest Crude Oil Thefts

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  • This comes after Jonathan government’s arming and billion’s contract award to terrorist leader Government Tompolo to ‘defend’ oil creeks

July 10, 2014

By MICHAEL EBOH

Nigeria has been listed as the country with the highest incidents of crude oil theft in the world, according to data released by Oilprice.com.

Government Tompolo, paid by Nigeria to defend oil

Government Tompolo, paid by Nigeria to defend oil

According to the website, with as much as 400,000 barrels of crude oil stolen daily, Nigeria is ranked worse than Mexico, Iraq, Russia and Indonesia on the top five countries most plagued by oil theft.

The report put Nigeria’s losses to crude theft at $1.7 billion, about N272 billion per month, representing 7.7 percent of Nigeria’s Gross Domestic Product, GDP.

The report said: “This represents 7.7 percent of Nigeria’s GDP vanishing, or more than the country spends on education and healthcare.

“These numbers paint a harsh picture about the inability of the Nigerian government and the multinational oil companies in Niger Delta, to do anything about this rampant theft.

“With oil theft hitting record levels in 2013, the G8 has been reminded of its 2000 pledge to help Nigeria solve this crippling problem.

“However, as the Global Financial Initiative points out, ‘stolen Nigerian crude oil is transported on internationally registered vessels, sold to international buyers, processed by international oil refineries and paid for using international bank accounts’.

“With one group of thieves admitting to profits of nearly $7,000 a day from their illicit activities, it will take some doing to stop them.”

On Iraq, the report said there have been substantiated reports of complex networks taking thousands of barrels right from the refineries and selling them illegally to Iran and Syria.

– See more at: http://www.vanguardngr.com/2014/07/nigeria-comes-tops-global-crude-theft/#sthash.xTMVEhVY.dpuf

The views expressed in this article belong to the author and do not necessarily reflect the editorial policy of NewsRescue
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    Somi 14 July, 2014 at 08:16 Reply

    The President is not just sitting with arms folded doing nothing to tackle
    the crude oil theft. Several measures is being taken to tackle this menace. The Joint
    Task Force (JTF) is really making progress to tackle pipeline vandalism
    and illegal oil bunkering.

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