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Home Energy

Oil Theft: Navy Seizes 6 million Litres of Stolen Crude from Illegal Refiners

Business 360 by Business 360
April 25, 2022
in Energy
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Petrol subsidy may hit N11.2bn per week, Reps condemn $750m annual loss to gas flaring

In furtherance of Operation Dakatar Da Barawo (OPDDB) that was launched to checkmate crude oil theft and related acts of economic sabotage, the Nigerian Navy said it seized 6, 000, 000 litres of stolen crude oil estimated at N264 billion.

This is just as President Muhammadu Buhari yesterday expressed “shock and trauma” about the death of over 100 people in an explosion at an illegal oil refinery in Imo State.

However, there were no report of seized barges and motherships by the Navy, unfortunately, that is where most of the theft occur because these are the means by which stolen crude oil are being transported to international market and sold at far below the market price.

And sadly, this is occurring right under the nose of the security agencies some of who the government has acknowledged collude with the criminals to shortchange the country.

Following the alarming increase of crude oil theft, the president had directed the Minister of State, Petroleum Resources, Mr. Timipre Sylva, the Group Managing Director of the Nigerian National Petroleum Company (NNPC), Mallam Mele Kyari as well as the Chief of Defence Staff, Gen. Lucky Irabor, to ensure that the criminal activity was brought to a halt.

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