Despite N350.4b annual security budget, oil facilities not safe

Gulf of Guinea, Kidnap for Ransom, Maritime Security, oil products theft, Piracy, port security 1 Minute

By Kingsley Jeremiah

Though the Nigerian National Petroleum Corporation (NNPC) and some International Oil Companies (IOCs) operating in the country stake as much as N350.4b for staff and asset protecting yearly, the nation is still losing over N1.6t to oil and gas theft every year.

Indeed, stakeholders in the sector are pointing accusing fingers at the nation’s military and a network of politically exposed individuals as being behind the growing losses of crude and refined petroleum products estimated at $42b (N15t) in the past 10 years.

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Source: guardian.ng

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Published by Maritime Security News

I entered the maritime security world in 2009, becoming Intelligence Officer for Neptune Maritime Security (now the NeptuneP2P Group). In 2012, became piracy editor for SomaliaReport.com and in 2013 became editor of MarsecReview.com and intelligence consultant for CSO Alliance, which I left in 2019. I currently work with another UK maritime security firm as a consultant and have an interest in a cyber security concern in the UK. Need a maritime security report, article or advice on maritime cyber security? contact me at: marsecnews@gmail.com

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