Crude Oil Theft: EFCC Task Oil Chiefs to Disincentivize Stealing of Nigerian Crude.


Benedicta T.D

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa has called on major oil producing companies in Nigeria to consider the introduction of advance cargo declaration on crude export as a measure to discourage the theft of Nigerian Crude oil.

Bawa who made the call when Members of Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry, LCCI paid a visit to the commission, expressed optimism that advance cargo declaration of crude export with unique tracking not will deter the theft of Nigerian crude at the export terminals but discourage off takers who would be unwilling to accept such cargoes.

He added that the measure was a part of the recommendations of a Committee that investigated the theft of Nigerian Crude in 2014 but was unfortunately never implemented. The EFCC’S Chairman challenged the oil Chiefs to revisit the recommendation as it could provide a silver lining to addressing the challenge of oil theft.

Bawa also expressed concerns that the total shut down of the Nigerian refineries had created a vacuum which illegal refiners were trying to fill through the production of adulterated Automotive Gas Oil, noting that, were the Nigerian National Petroleum Company Limited refineries to be operating even at 10% of capacity, it would have helped in reading demand pressures, while the illegal refiner would have less business.

The EFCC’S Chairman assured IOCs that the Commission is committed and willing to collaborate with all stakeholders both within and outside the country to bring an end to the oil theft challenge.

Speaking earlier, the Managing Director of Chevron Nigeria Limited and Chairman of OPTS, Rick Kennedy stated that they were at the EFCC to build relationships and seek ways of curbing the menace of crude oil theft in the industry as well as its impact on the environment and the economy.

Published by daranetworktv

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