Nigeria loses $5billion yearly to crude oil theft, the Managing Director of Shell, Mutiu Sunmonu has disclosed.
Sumonu stated this in Abuja yesterday during a meeting with the executive secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Mrs. Zainab Ahmed.
The Shell boss who dispelled claims that Nigeria does not know the amount of crude it produces per day, noted that rather than concentrate on the quantity of crude produced more focus should be on stopping oil theft that is costing the country $5 billion yearly.
He explained that there were measures in place to ensure adequate accountability of crude exported from the country.
According to him, “Many people are under the impression that the oil producing companies are playing games with the amount of crude that they produce and export. I want to state here categorically that the oil business is an international business.
“The practice in terms of how you account for what you produce, how you account for what you sell is universal. The companies in this business are very big companies. The code of conduct that governs their activity is so strict that they cannot afford to play games.”
He said that Nigeria as a country has put its regulatory framework in proper perspective and this accounts for what was produced and what was loaded, adding that at the port of loading, there were security agents such as the Customs positioned there, and meters which measures what goes into the tankers.