Nigeria lost $1.35 bln to Oil theft in H1’19 as group urges legal task force

Date:

ABUJA, Sept 19 – Nigeria lost $1.35 billion to oil theft in the first six months of this year and needs a legal task force with special courts to tackle it, a government committee said on Thursday.

Thank you for reading this post, don't forget to subscribe!

The committee, set up to investigate theft from the miles of pipelines that snake through the country’s swampy, oil-rich Delta region, said the theft will only grow if the government does not take special action to combat it.

In addition to a legal task force, with dedicated courts, prosecution teams and specially trained judges, it also said oil pipeline maintenance and ownership needed to be restructured.

“The governance structure of the pipeline(s) is such today that no one is held accountable…when these losses occur,” the committee, chaired by Edo state governor Godwin Obaseki, said in its report.

The four primary pipelines lost 22.5 million barrels of oil in six months – roughly 6% of Nigeria’s nearly 2 million barrels per day (bpd).

The committee also cited a lack of fuel stations in most of the oil-producing communities around the Niger Delta, which it said made them resort to oil theft and illegal refining.

The recommendations will go to President Muhammadu Buhari, who control’s the country’s petroleum portfolio.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

Share post:

Subscribe

Popular

More like this
Related

Nigerian Bourse declines, All Share Index drops by 0.40%

March 19, 2024. Azonuchechi Chukwu. It was a bearish session on...

Kaduna Governor Advocates for State Police Amidst Banditry Challenges

Kaduna State Governor, Uba Sani, emphasized the urgent need...

EFCC Retrieves 324 Houses for Kano Pensioners in Alleged N4.1 Billion Property Fraud

Yesterday, the Economic and Financial Crimes Commission (EFCC) handed...

“More CBN Directors Face Dismissal Amidst Controversy”

Twelve additional directors of the Central Bank of Nigeria...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading