Bloomberg News

Nigeria Loses $5 Billion a Year to Oil Theft, ThisDay Reports

March 29, 2012

Nigeria loses $5 billion a year to the theft of oil in the Niger River delta, ThisDay reported, citing Mutiu Sunmonu, Managing Director of Shell Petroleum Development Company of Nigeria, a unit of Royal Dutch Shell Plc. (RDSA)

Unless the theft is stopped, revenue from Africa’s biggest oil industry to Nigeria’s government will continue to fall, the Lagos-based newspaper cited Sunmonu as saying yesterday during a meeting with the Executive Secretary of the Nigerian Extractive Industries Transparency Initiative, Zainab Ahmed, in Abuja, the capital.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.


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