Elumelu Hails Tinubu for Curbing Oil Theft

The Chairman of Heirs Holdings and the United Bank for Africa (UBA), Tony Elumelu, has commended President Bola Ahmed Tinubu for the significant improvement in the oil and gas sector since he assumed office in 2023.

Speaking in a video monitored by Economic Confidential, Elumelu revealed that oil production losses have drastically reduced from 97% to just 2% under the current administration.

“From where I sit, I see a lot happening. I tell you Mr. President that in the oil and gas sector of this country, a lot has happened in the past two years. I am not a politician, so I’m not speaking like one, but a lot has happened.”

“Some of you here know I am an investor in that sector and we generate over 58,000 barrel of oil everyday.

“Mr. President, before you took over 2023, people here know I shouted on social media, I tweeted that we were producing and losing 97% of our oil production, 97% Mr. President,” Elumelu said.

The businessman attributed the improvement to the government’s efforts, citing the fiscalisation process that tracks oil production and revenue.

“Every month, we do what is called fiscalisation. Last month, for the month of June, we got 98% so, only 2% loss. This is a significant improvement, and people don’t know this, but it takes time for people to know what is going on,” emphasised.

Elumelu also stressed the importance of harnessing Nigeria’s youthful energy to drive stability and economic growth.

His words, “Power is so critical. With the energy we have in this country, youth energy and youth population, and can use it to bring stability and this country will take off.”