CRUDE OIL THEFT: Nigeria Looses $150 Million Every Two Days – NNPC

“Every two days, you are talking of almost $150 million down the drain, that’s what the nation is losing as we speak.”

The Chief Financial Officer of Nigerian National Petroleum Company (NNPC), Umar Ajiya made this revelation on Wednesday.

Umar Ajiya

Chief Financial Officer of NNPC, Umar Ajiya who attributed this loss to vandalism, said “vandalism has impacted significantly on our performance, especially in this era where we have higher oil prices and we are operating at about 1.2 million barrels on average.”

Ajiya noted that prior to the COVID outbreak, the country reached from 2.3 million to 2.7 million barrels per day.

According to him, “the incessant vandalism and theft, our operators cannot tolerate such theft levels. When you send 100 barrels and you get probably 10 barrels at the terminal. So, as a consequence of that, some of them have declared force majeure and shut-in.”

This has greatly hampered production and revenue generation for NNPC, he added.

Recall that the NNPC Group Chief Executive Officer, Mele Kyari on Tuesday, September 4, 2022, declared a profit after tax (PAT) of N674 billion for the year ended 2021.

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