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Nigeria loses N377 billion to crude oil theft

21 March 2014, 14:08

Abuja - Over N12.4 billion was spent by the Pipeline and Products Marketing Company (PPMC) on repairs of vandalised pipelines and in securing them between 2008 and 2013, reports The Nation.

Haruna Momoh, PPMC's Managing Director, said the company had to spend so much on repairs during this period because the spate of vandalism had risen in recent times far above what obtained in past.

He, however, noted that the security measures put in place to safeguard the pipelines have started yielding results as the number of line breaks dropped to 3567 in 2013 from the 5518 line breaks recorded in the past.

He said the country lost over N377 billion to crude oil theft and vandalism.

Read more at The Nation.

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