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Nigeria loses N5tn annually to oil theft

21 May 2015, 15:10

Abuja - The Chief Executive Officer, Nigerco Nigeria Limited, Yabagi Sani said the country is experiencing an annual operational losses of $25bn (about N5tn) from the oil and gas sector, Punch reports.

He said the losses were being incurred through crude oil theft and non-adherence to principles and standards as stipulated in the Weights and Measures Act.

Yabagi’s firm is currently implementing the legal metrology system in Nigeria on behalf of the Weights and Measures Department of the Ministry of Industry, Trade and Investment.

Also read: Government to develop new technology to fight oil theft

He said implementation of legal metrology in the oil and gas sector of the Nigerian economy would help reduce the massive corruption in the sector.

Yabagi said in view of the dwindling oil revenue from the oil and gas sector, strict adherence to principles and standards of weights and measures were fundamental for the growth of any economy.

However, he regretted that since 2013, there had been a lot of slack and ineffectiveness in the enforcement of the legal metrology law in the various sectors of the economy particularly the oil and gas sector.

Read more at Punch

- News 24


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