Elumelu oil theft Nigeria, SOJWORLDNEWS.
Elumelu oil theft Nigeria — Business mogul Tony Elumelu has revealed a dramatic turnaround in Nigeria’s oil production sector, and his numbers paint a striking picture. According to Elumelu, the country once lost nearly all of its crude output to theft, but that trend has now reversed sharply.
Speaking candidly on the issue, Elumelu chose to set politics aside entirely. “I am not a politician so I will say my truth,” he said. With that framing, he went on to describe just how severe the theft crisis had become before recent reforms took hold.
“We were producing and losing 97% of our oil produce to theft till 2023,” Elumelu revealed. That figure, if accurate, suggests that Nigeria retained only a fraction of its own crude output for years, even as production continued at scale. Consequently, the country’s revenue base suffered enormously during that period, despite oil remaining central to the national economy.
However, Elumelu says the situation has changed dramatically since then. “Today, we only lose 2% to theft and make 98% profit,” he stated. This shift, according to his account, represents one of the most significant improvements in Nigeria’s oil sector in recent memory. Therefore, if the figures hold up, they would mark a major win for anti-theft enforcement and pipeline security efforts across the Niger Delta.
In addition to the theft numbers, Elumelu also addressed currency access, a persistent pain point for businesses operating in Nigeria. He stated plainly that his operations no longer depend on personal connections to secure foreign exchange. “We don’t need to know anyone in CBN to get dollars,” he said, referring to the Central Bank of Nigeria. This comment, in particular, speaks directly to longstanding complaints from investors and business owners who have struggled with forex scarcity and preferential access in the past.
Taken together, these remarks suggest that Elumelu views recent economic and security reforms as producing tangible results, at least within his own sphere of operations. Meanwhile, his comments arrive at a time when the federal government continues to tout improvements in crude oil output and revenue generation. As a result, his statements may serve as a form of independent validation from the private sector, coming from a businessman rather than a government official.
Nevertheless, the claims are likely to draw scrutiny from analysts who track Nigeria’s oil sector closely. While official reports have indeed pointed to reduced pipeline vandalism and improved production figures in recent years, the specific 97% to 2% shift Elumelu described represents an unusually steep swing. Therefore, independent verification against NNPC and regulatory data will likely follow as the comments circulate.
Still, Elumelu’s remarks carry weight given his standing as one of Nigeria’s most prominent investors, with extensive interests spanning banking, power, and oil and gas. His firsthand account, drawn from direct involvement in the sector, adds a layer of credibility that purely statistical government announcements sometimes lack.
Ultimately, whether the exact percentages prove precise or somewhat rounded for effect, the broader message is clear. Elumelu believes Nigeria has turned a corner on oil theft, and he credits that shift with restoring profitability to an industry that had been bleeding resources for years. As the conversation around energy security continues, his comments are likely to feature prominently in ongoing debates over the true state of Nigeria’s oil recovery.
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