Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has lamented the unprecedented rate of oil theft recorded in recent times and its debilitating effect on government revenue and accretion to reserves. Emefiele said this while briefing journalists at the end of the Monetary Policy Committee (MPC) meeting in Abuja on Monday.
CBN governor’s comment came a day after THISDAY reported similar concern expressed by Co-founder and former Chief Executive Officer of Seplat Energy Plc, Mr. Austin Avuru, who called for a state of emergency in the Nigerian oil and gas sector, revealing that up to 80 per cent of oil pumped in the country, particularly in the East, is stolen.
Just about a week ago, Aiteo Eastern Exploration and Production Company (AEEPCO), operators of the Nembe Creek Trunk Line (NCTL) pipeline, threatened to exit the facility due to incessant vandalism, perennial sabotage and outright theft.
The company said, it remains gravely concerned about the persistent heightened attack on their production facilities and the NCTL as these attacks appear to have escalated in intensity and effect.
The company said all their current efforts to sustain and increase crude production are being aggressively undermined, even wiped out by the activities of economic saboteurs whose audacity continues to be growing by the day.
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