• Road to riches

    Taxpayers keep funding structures with big plans but who knows what efficacy, says Mandi Smallhorne.

  • Don't fall for Ponzi scams

    An expert unpacks the tell-tale signs to watch out for.

  • Inside Labour

    A smokescreen of misleading rhetoric won't make SA's problems go away, says Terry Bell.

Loading...
See More

Nigeria loses $10.9bn to oil theft

Jul 30 2013 15:03 Reuters

(http://www.shutterstock.com)

Related Articles

Minister defends Nigerian petroleum bill

Shell warns of more Nigeria asset sales

Hijackers release Nigerian oil tanker

Nigeria loses $6bn to illegal oil market

Nigeria starts work on vital oil bill

Nigeria halves fuel debt to traders

 

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

 
 
 

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
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 

Money Clinic

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

Voting Booth

People who fall victim to Ponzi scams are:

Previous results · Suggest a vote

Loading...