EFCC, Marketers Partner To Tackle Oil Theft

EFCC Arrests Former NDDC Boss Over Alleged Misappropriation Of ₦47bn

The Economic and Financial Crimes Commission (EFCC), and the Independent Petroleum Marketers Association of Nigeria (IPMAN), have partnered to tackle the menace of oil theft in the country.

BizWatch Nigeria learnt that the partnership was sealed in Port Harcourt, Rivers State, when the Chairman of IPMAN, Hon. Bello Binna paid a courtesy visit to the Port Harcourt’s Zonal Commander of the anti-graft agency, ACE Nwanneka Nwokike.

Expressing his confidence in EFCC relating to preferring solutions to oil theft, Binna stated: “We seek the support and intervention of the EFCC, because the Commission is the only agency trusted to give solutions on issues of pipeline vandalism and oil theft in the Niger Delta region.”

Responding to IPMAN’s request, Nwokike said the EFCC was working towards ending the menace of oil bunkering.

“The EFCC is working tirelessly to put an end to the menace of illegal oil bunkering in the Niger Delta region. I assure you that the EFCC has the desire to reduce, if not bring to an end, the menace of illegal oil bunkering,” Nwokike added.

How much oil is stolen in Nigeria?

In 2022 Q1, the Nigerian National Petroleum Company Limited (NNPC) released data that showed that Nigeria was losing about 250, 000 barrels per day of crude oil to theft. This did not only bring the total loss to about $1.5 billion daily but has consequently become the possible biggest threat to national development and the environment.

Just as economic woes are exacerbating Nigeria, oil theft by criminal networks and corrupt public office holders in the country is ravaging the economy.

Essentially, with how oil theft is gaining momentum in present times, the 11th largest oil-producing country in the world, cannot meet the quota assigned to it by Organization of the Petroleum Exporting Countries (OPEC).

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