Nigeria News Now posted Tony Elumelu Hails Nigeria's Oil Theft Drop from 97% to 2% Elumelu, who leads Heirs Group operating oil assets like ...

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Nigeria News Now

@NigeriaNewsNow News

Tony Elumelu Hails Nigeria's Oil Theft Drop from 97% to 2% Elumelu, who leads Heirs Group operating oil assets like OML 17 with over 50,000 barrels daily, stated that until 2023 Nigeria lost 97% of oil production to theft, now down to 2%. Official data from the Nigerian Upstream Petroleum Regulatory Commission supports a roughly 90% reduction in losses, from over 100,000 barrels daily in 2021 to 9,600 in early 2025, thanks to pipeline surveillance including contracts with Tantita Security Services. While some celebrate restored investor confidence under President Tinubu, others question if gains reach everyday Nigerians amid ongoing high living costs.

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