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

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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