Expert Legal Insight from:
Segun Osuntokun Nick Jones
Nigeria oil theft: The crude cost
Introduction
There is pervasive fraud and corruption in Nigeria’s oil industry enabling theft
that is causing Nigeria’s economy substantial damage. The English courts...
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Expert Legal Insight from:
Segun Osuntokun Nick Jones
Nigeria oil theft: The crude cost
Introduction
There is pervasive fraud and corruption in Nigeria’s oil industry enabling theft
that is causing Nigeria’s economy substantial damage. The English courts
could help to trace the money and track the thieves.
No one knows how much crude oil theft is really costing the country; those
involved are able to hide much of their actions and proceeds. But the theft is
so serious, pervasive and sophisticated that it is causing grave damage to
Nigeria’s economy.
Nigeria’s finance minister, Ngozi Okonjo-Iweala, said in November 2013 that
the country could fall USD 12 billion short of its 2013 budget estimate as a
result of the theft. It is estimated that between 100,000 to 350,000 barrels per
day, out of Nigeria’s daily production of approximately two million barrels,
are being stolen.
“...the theft is so serious, pervasive and sophisticated that it is causing grave
damage to Nigeria’s economy”
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