Crude oil theft in Nigeria has seen a significant decline compared to figures reported two to three years ago, according to Oyeleke Banmeke, Executive Coordinator of the Independent Petroleum Producers Group (IPPG).
Speaking in an interview with The PUNCH on Sunday, Banmeke commended the Bola Tinubu administration for strengthening security along the country’s oil-producing corridors, particularly in the Niger Delta region.
He recalled that just a few years ago, the IPPG reported that up to 90 per cent of crude oil produced in some areas—especially on the eastern axis of the Niger Delta—was being lost before reaching export terminals due to rampant theft and insecurity.
“In terms of the loss you spoke about that my chairman spoke about, I think this was about two or three years ago. So I think that has changed. The loss is not as monumental as that anymore,” Banmeke stated.
While challenges remain, he emphasized that the situation has improved remarkably, offering hope for the stability and sustainability of Nigeria’s oil sector.
