PENGASSAN claims Nigeria loses six billion dollars annually to crude oil theft
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) says the country loses six billion dollars annually to crude oil theft.
Mr Babatunde Ogun, PENGASSAN’s President, made this known at a joint forum with the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) in Lagos over the weekend. “An estimated 60,000 barrels per day of crude oil is stolen at Nembe Creek. Agip also suspended production in Bayelsa because 60 per cent of its production of about 90 barrels is stolen per day.’’
“This is a threat to our national security and our democracy. If this kind of huge amount of money gets into the wrong hands, it can destabilise our democracy and national security,’’ Ogun reportedly stated.
He blamed the incessant loss of billions of dollars on vandalism of pipelines and expressed regrets that security forces had been unable to deal with the problem.