• The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

  • Web of dependency

    Zupta defenders are playing cat and mouse with ratings agencies, says Solly Moeng.

All data is delayed
Loading...
See More

Nigeria loses $10.9bn to oil theft

Jul 30 2013 15:03
Reuters

Abuja - Nigeria lost out on $10.9 billion in potential oil revenues due to oil theft between 2009-2011, the chairman of the Nigeria Extractive Industries Transparency Initiative (NEITI) said on Tuesday.

"Over 136 million barrels estimated at $10.9bn was lost to crude oil theft and sabotage," Ledum Mitee said in an emailed statement, after NEITI published an audit of the Nigerian oil and gas sector this week.

NEITI is a government agency that operates as part of a global EITI scheme aimed at improving transparency among commodity producing countries.

Oil theft in Nigeria is often associated with criminal gangs who tap crude from pipelines for local refining but the majority of stolen crude leaves the country in large tankers.

Security experts say the scale of the theft - estimated at up to 250 000 barrels per day - could not be achieved without the complicity of officials.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

nigeria  |  oil

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...