Menace Of Crude Oil Theft

Menace Of Crude Oil Theft

1/27/2022 3:52:00 AM

Menace Of Crude Oil Theft

Recent media reports claim that Nigeria lost not less than $3.5 billion revenue to crude oil theft in 2021 alone, representing about 10 percent of the

ADVERTISEMENTThis newspaper is worried that despite the burgeoning effects of oil theft on the national revenue, oil being the highest revenue earner for the country, successive governments have continued to pay lip service to this brazen act of sabotage.

It is even more saddening that due to a shortfall in revenue, the government has resorted to borrowing to fund budgets. At the moment, almost all the major ongoing projects are being funded with borrowed funds igniting fears that the country might be heading for another debt trap, not too long after it received debt forgiveness from the Paris Club.

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Tiago Gomes, ti o n pe ara re ni Oyinbo Ibile bawa soro lori ife re fun èdè Yorùbá. Iya re na, Dr Paula Gomes bawa soro. Won si pe akiyesi awon omo Yoruba si... Read more >>

Soot: Rivers LGA chairman vows to clamp down on illegal refineriesThe Chairman of Abua/Odual Local Government Area, Daniel E.O Daniel, has declared that his administration will not condone activities of artisanal crude oil refineries. Is it not from here a Divisional Police Officer was caught single handedly owning a refinary Are you looking for ways to gain admission and study in Universities aboard but don't know how ? we landmark careers will help you gain admission in Universities in the following countries 🇺🇲🏴󠁧󠁢󠁥󠁮󠁧󠁿🇨🇦🇩🇪🇷🇺🏴󠁧󠁢󠁷󠁬󠁳󠁿🇵🇱🇺🇦 🇨🇳🇨🇭🇫🇷🇬🇷🏴󠁧󠁢󠁳󠁣󠁴󠁿🇮🇪 And more DM for enquires Reactionary government GovWike ,yeye deh smell for this one. Badly o

Oil belongs to Niger Delta people, not Nigeria | TheCableBY MICHAEL OWHOKO For the record and for posterity, it is imperative to state that oil found in the Niger Delta region belongs to the people of the area. It And Niger Delta people are not Nigerian and oil discovered in other regions of Nigeria also belongs to Niger Delta too? E be like say una head done gbalę. 🤭😁🤣 Under d Nigeria system,oil & every other natural resources belongs 2 Nigeria as d benefit of being in Nigeria is far more important than d oil alone ,we cannot start segregating ourselves bcos of oil & trying 2 restructure our nation that will lead 2 civil war & our doom OK , but sounds like a broken and reapeted gramophone record

NSCDC destroys 10 illegal modular refineries in Abia, says State Commandant | The Guardian Nigeria News - Nigeria and World NewsThe Abia Command of the Nigeria Security and Civil Defence Corps has destroyed 10 illegal modular refineries operating in Okohia and Owaza oil-bearing communities of the state, an official has said. Next... Back word for who? Men at work

EFCC testifies in NI.4b oil subsidy trial of Nadabo Energy boss | The Guardian Nigeria News - Nigeria and World NewsChairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has told a Lagos High Court sitting in Ikeja that the anti-graft agency carried out ‘holistic investigation’ about Abubakar Ali Peters... Nigeroa courts & adjournment are the major reasons why cases of high profile takes almost a decade to get judgement. Compare with the speed a Petty Thief gets convicted within a year. How can the Judiciary & NJC remedy this ugly situation to help curb criminal activities in 🇳🇬

Opportunities in IOCs’ divestiture for local capacity development | The Guardian Nigeria News - Nigeria and World NewsAlmost 66 years after commercial oil discovery in Oloibiri Oilfield, the current wave of divestment hitting the nation’s oil and gas industry has been deemed necessary to allow smaller entities contribute to economic activities...

Dangote Refinery to be commissioned in Q3 2022💪🏿💪🏿 Abuja Protest on Thursday 27th starts at NLC Labour House, behind Finance, Central Area, Abuja. 📍Time: 9am Prompt. 📍Issues: Fuel scarcity, electricity tarriff, insecurity, new minimum wage,etc. Come with your placards WITH OR WITHOUT NLC, WE GO PROTEST! 💪🏿💪🏿💪🏿 When will Nigeria Refineries will start working?

There is no gainsaying it, in our opinion, that crude oil theft has continued to thrive because of the collusion of security officials, the communities and political leaders with criminal elements working on their behalf. ADVERTISEMENT This newspaper is worried that despite the burgeoning effects of oil theft on the national revenue, oil being the highest revenue earner for the country, successive governments have continued to pay lip service to this brazen act of sabotage. It is even more saddening that due to a shortfall in revenue, the government has resorted to borrowing to fund budgets. At the moment, almost all the major ongoing projects are being funded with borrowed funds igniting fears that the country might be heading for another debt trap, not too long after it received debt forgiveness from the Paris Club. According to reports from Debt Management Office (DMO), Nigeria is saddled with a debt stock of N38 trillion as of September 2021, which represents a N5 trillion increase from its previous N33 trillion as of December 2020. it is instructive to note that oil theft in Nigeria is made easier by several factors. Weak infrastructure, such as old oil pipelines, make it easier for thieves to gain access to the crude. In addition, general underinvestment across the sector and poor security of the country’s waterways hamper efforts to tackle the crime. We, therefore, suggest that the federal government must urgently inject funds into acquiring technologies that could monitor oil and gas pipelines across the country to recognise sabotage or human interference and prevent them before they are carried out. It is becoming exceedingly obvious that the country cannot afford to allow this mindless stealing to continue. More so as her revenue sources have shrunk in the past years, forcing it to rely more on crude oil exports. This newspaper is of the considered opinion that regardless of the instability in the international oil market, the nation’s oil production and sales, if well managed, some of the desperate tax regimes being currently introduced to shore up government’s revenue, with their excruciating adverse effects on the citizens, might not be necessary. ADVERTISEMENT However, we are compelled to recommend stiff penalties for perpetrators of these crimes. It requires political will on the part of the government. Security personnel, community and political leaders involved in this sleaze must be named and shamed. Beyond that, the government must go the whole hog by prosecuting the culprits to serve as deterrents.