Tag Archives: N5tn

Nigeria Loses N5tn Annually To Oil Theft

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The Chief Executive Officer, Nigerco Nigeria Limited, Yabagi Sani said the country is experiencing an annual operational losses of $25bn (about N5tn) from the oil and gas sector.

He said the losses were being incurred through crude oil theft and non-adherence to principles and standards as stipulated in the Weights and Measures Act.

Yabagi’s firm is currently implementing the legal metrology system in Nigeria on behalf of the Weights and Measures Department of the Ministry of Industry, Trade and Investment.

He said implementation of legal metrology in the oil and gas sector of the Nigerian economy would help reduce the massive corruption in the sector.

Yabagi said in view of the dwindling oil revenue from the oil and gas sector, strict adherence to principles and standards of weights and measures were fundamental for the growth of any economy.

However, he regretted that since 2013, there had been a lot of slack and ineffectiveness in the enforcement of the legal metrology law in the various sectors of the economy particularly the oil and gas sector.

Read More: Punch

N5tn Stolen Under Jonathan- Investigation

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Over N5tn in government funds have been stolen through fraud, embezzlement and theft since President Goodluck Jonathan assumed office on May 6, 2010, SUNDAY PUNCH investigation has found.

Our correspondents arrived at the stolen sum after poring over the reports of the various committees set up by the President to probe some sectors of the economy, particularly oil and gas.SUNDAY PUNCH also relied on disclosures by some senior government officials.

Five trillion naira is the summation of government funds said to have been stolen, according to the Mallam Nuhu Ribadu-led Petroleum Task Force report; the Minister of Trade and Investment’s report on stolen crude; the House of Representatives fuel subsidy report and investigations into the ecological fund, SIM card registration and frequency band spectrum sale.

The Ribadu report on the oil and gas sector put daily crude oil theft at a high 250,000 barrels daily at a cost of $6.3bn (N1.2trn) a year. This puts the total amount lost through oil theft in the two years of Jonathan’s government at over $12.6bn (N2trn).

Oil theft is common in the Nigerian oil and gas sector. In June, a special naval team impounded a French ship, MT Vannessa, at Brass Loading Terminal, Bayelsa State, for allegedly stealing 500,000 barrels of crude oil per day from the country.

Read More: punchng