Abuja - The Nigerian National Petroleum Corporation, NNPC has said that Nigeria has lost N12.66 billion in one month due to petroleum products theft and vandalism to its facilities, Vanguard reports.
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The NNPC reports disclosed that the continued vandalism and theft had put it at a disadvantaged competitive position as its value has been affected.
A total of 3,153 incidents of vandalism was recorded between April 2015 and March 2016, resulting in Nigeria losing huge amounts of money.
The corporation added that it was undergoing a comprehensive restructuring exercise aimed at re-positioning it for maximum profitability.
According to reports by Punch, Nigeria now is also under threat to lose its usual buyers to rival oil producers such as Iran and Saudi Arabia.
For more on this story, visit Vanguard.
- News 24