Home News House Minority Caucus seeks probe of $40m daily loss

House Minority Caucus seeks probe of $40m daily loss

by Our Reporter
The Minority Caucus in the House of Representatives has called for the probe of the $40 million daily oil theft in the country, saying crude theft has become an organised racket under the APC administration.
The Caucus in a statement by its leader Hon. Ndudi Elumelu lamented that 400,000 barrels of crude oil worth $40 million are allegedly being stolen daily.

While calling on President Muhammadu Buhari to take urgent steps to address the challenges facing the country, the caucus called for an immediate, independent and open investigation into the issue of oil theft in the country.

The statement read in part, “We are disturbed by reports of alleged complicity by certain corrupt government officials as evinced in the clandestine entrance and berthing of a 3-million-barrel capacity supertanker, MV. Heroic Idun in Nigerian waters to criminally load millions of barrels of stolen crude oil from our country. Such reported complicity is also evidenced in the failure of the Nigerian authorities to effectively intercept and arrest the criminal tanker and its crew, which successfully left the Nigerian waters only to be apprehended by the Equatorial Guinea Navy.

“This shocking development underscores the massive sleaze in our nation’s oil and gas sector under the APC administration, with consequential crippling effect on our overall national economy and social wellbeing. It is indeed disturbing that under the APC administration, according to official reports, oil thieves are having a field day stealing up to 400,000 barrels of crude oil every day. This amounts to a daily siphoning of about $40m (given the current average global oil price of around $100 a barrel) accrued revenue meant for the well-being of Nigerians.

“The Minority Caucus, standing with Nigerians, demands an immediate, independent and open investigation into the issue of oil theft in the country with particular reference to the circumstances that facilitated the reported illegal operation by MV Heroic Idun as well as its escape from our waters. Who granted the vessel entrance into the Nigerian waters? Who granted it facilities to illegally berth and pump stolen crude oil? What circumstances facilitated its escape from the Nigerian waters? Who is the vessel working for and who are those behind the illegal operation?” the Caucus queried.

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