Headlines
NEITI Alleges Oil Worth $42bn Stolen in 10 Years
Crude oil and refined products worth $41.9bn were stolen from Nigeria in the last 10 years, the Nigeria Extractive Industries Initiative has said.
NEITI also urged the government to embrace oil fingerprinting technology, comprehensive metering infrastructure of all facilities and other creative strategies to combat the growing menace of theft of Nigeria’s crude oil and refined petroleum products.
It said these in a policy brief released in Abuja on Wednesday.
A breakdown by the organisation showed that the nation lost $38.5bn on crude theft alone, $1.56bn on domestic crude and another $1.8bn on refined petroleum products between 2009 and 2018.
NEITI expressed concerns that in the face of current dwindling revenues, paying priority attention to curb oil theft in the country’s oil and gas industry had become both necessary and urgent to expand revenue generation.
The report further disclosed that Nigeria lost an average of $11m daily, which translated to $349m in a month and about $4.2bn annually to crude and product losses arising from stealing, process lapses and pipeline vandalism.
It said, “While figures from government put the loss at between 150,000 and 250,000 barrels per day, data from private studies estimated the figure to be between 200,000 and 400,000bpd.
“This implies that Nigeria may be losing up to a fifth of its daily crude oil production to oil thieves and pipeline vandals.”
On comparative analysis of the size and implication of the losses to the country’s current dwindling revenue profile, NEITI renewed its appeal to the government to curb oil theft to reduce budget deficits and external borrowing.
The transparency agency stated that the value of crude oil and allied products so far lost was equal to the size of Nigeria’s entire foreign reserves.
“Stemming this haemorrhage and leakages should be an urgent priority for Nigeria at a time of dwindling revenues and increasing needs,” the report stated.
According to the NEITI report, what the country lost in 20 months in fiscal terms was enough to finance the proposed budget deficit for 2020.
It said that what the nation lost in 15 months would be enough to cover total the proposed borrowing or increased capital budget by 100 per cent.
NEITI added “In terms of volume, 138.000 barrels of crude oil was lost every day for the past 10 years, representing seven per cent of average production of two million bpd.
“Nigeria lost more than 505 million barrels of crude oil and 4.2 billion litres of petroleum products between 2009 and 2018.
“What is stolen, spilled or shut-in represents lost revenue, which ultimately translates to services that government cannot provide for citizens already in dire need of critical public goods.”
The report further identified other effects of oil theft to the nation to include pipeline vandalism, criminal sabotage and illegal refineries in oil producing communities.
The Punch
The All Progressives Congress (APC), Rivers State chapter, has vehemently rejected moves by the State House of Assembly to impeach Governor Siminalayi Fubara and his deputy.
The House of Assembly, on Thursday, commenced an impeachment process against Fubara over alleged misconduct..
The impeachment notice is expected to be issued to the governor and his deputy in the next seven days.
Reacting, the Rivers APC, in a statement issued by its Publicity Secretary, Darlington Nwauju, rejected the move.
“Our position as at today on this matter is that we solemnly reject the resort to an impeachment process against our governor and his deputy.
“It will be totally untenable for our party to keep quiet when an obvious hang-over from strifes that occurred within the PDP are allowed to resurface in our great party,” Darlington said.
He added that the ruling party “will do everything possible to ensure that the Government of Rivers State, which is an APC government, is not destabilized”.
Media Adviser to former Vice President Atiku Abubakar, Paul Ibe, has insisted that neither Atiku nor any other aspirant in the African Democratic Congress (ADC) opposition coalition will step aside, stressing that the party’s presidential ticket must be earned through a transparent and competitive process.
Speaking in an interview with ARISE News on Wednesday, Ibe said calls for Atiku to withdraw from the race undermine democratic principles and play into what he described as the ruling All Progressives Congress’ alleged plan to weaken opposition politics.
“Inclusiveness is the essence of democracy. The ADC remains committed to an open, transparent and competitive process for choosing its flag bearer. Any call for Atiku Abubakar to step aside is a betrayal of the Nigerian people,” he said.
Ibe accused the administration of President Bola Tinubu of interfering in the internal affairs of opposition parties, alleging an agenda to impose a one-party state on Nigeria.
“The Tinubu-led administration should be focused on governance — security, the economy, the welfare of Nigerians — but instead, they are dabbling into opposition politics. That is dangerous for democracy,” he said.
He dismissed claims that Atiku dominates the ADC, describing such narratives as “mischief.”
“Atiku Abubakar is just a member of the ADC. Yes, he is a leader, a former vice president, but he is not the only leader. There are leaders across the country, and he is working with them to build party structures,” Ibe said.
According to him, the party’s current priority is grassroots mobilisation, not ticket permutations.
“Talking about who gets the ticket now is putting the cart before the horse. A house without pillars will collapse. The ADC is building structures — ward, local government, state — and that is where the focus should be.”
On speculation about possible compromises with other aspirants such as Peter Obi and Rotimi Amaechi, Ibe said no discussion has taken place regarding relinquishing the presidential ticket.
“There has been no conversation whatsoever about stepping down for anyone. Their preoccupation is building a robust alternative platform capable of giving the APC a run for its money.”
Addressing reports of alliances involving figures outside the ADC, including Rabiu Kwankwaso and former President Olusegun Obasanjo, Ibe said such talks were external to the party.
“Rabiu Kwankwaso is not a member of the ADC. Whatever discussions are happening are outside the party. But the ADC is expanding, reaching out, and more people will come on board.”
He maintained that the ADC leadership has ruled out automatic tickets, insisting the process will not be dictated by external forces.
“The party has made it clear: no automatic tickets. The outcome of the primaries will be determined by party members, not outside influence.”
Responding to questions about Atiku’s age and repeated presidential bids, Ibe rejected suggestions that the former vice president should step aside to mentor successors.
“Age has nothing to do with leadership. Atiku has mentored governors, lawmakers and public servants over the years. He is patriotic, passionate, and deeply committed to Nigeria.”
He added:
“If you analyse his blood, you will find Nigeria in it. Nobody has been more prepared to govern than Atiku Abubakar.”
Ibe also alleged that Nigeria’s last two presidential elections were rigged, arguing that Atiku’s defeats were not a reflection of public trust.
“The elections of 2019 and 2023 were rigged. This is not about trust; it is about institutions failing Nigerians.”
On fears that opposition divisions could again hand victory to the ruling party in 2027, Ibe said opposition leaders had learned from past mistakes.
“This is not about personal ambition. It is a call to national duty. Leaders understand what is at stake and have learned from 2023.”
He further alleged attempts by the ruling party to infiltrate and destabilise the ADC.
“The Tinubu camp does not want an opposition. They are funding court cases and using state resources to undermine the ADC, but the party is taking steps to ensure they fail.”
However, Ibe said some details could not be disclosed publicly.
“There are things I cannot share on camera, but the leadership and stakeholders are fully aware.”
Asked what would happen if Atiku loses the ADC primary, Ibe said his principal would accept the outcome.
“Atiku Abubakar will submit himself to the process and support whoever emerges as the presidential candidate of the ADC.”
Rivers State governor, Siminalayi Fubara, has resisted alleged pressure to hand over N700 billion, representing 35% of the State’s internally generated revenue (IGR), to anyone, sparking a heated power struggle with former Governor Nyesom Wike, now Federal Capital Territory (FCT) minister.
The dispute has raised concerns about the welfare of Rivers State residents, with 4.4 million people living in multidimensional poverty.
The feud between Fubara and Wike, who unilaterally chose Fubara as his successor, has escalated into violent confrontations, defections, and legal battles.
Wike has threatened to make Rivers State “ungovernable” if Fubara fails comply, while his supporters have vowed to “deal with” Fubara.
In response, Fubara has warned that he cannot be intimidated, saying: “Rivers State is not a playground” and that he’s prepared to defend the state’s interest.
His supporters have also threatened to mobilise protests against Wike and his allies.
The crisis had paralysed governance, prompting President Bola Tinubu to declare a six-month emergency rule in the State last year.
The situation remains tense, with both sides maintaining their respective stance.
The outcome will have significant implications for Rivers State and Nigerian politics.
The dispute highlights concerns about godfatherism in Nigerian politics and its impact on governance.
Wike has accused Fubara of ingratitude, while Fubara sees the former’s demands as an attempt to undermine his authority.
