Izuchukwu Okosi
Chief Executive Officer of the Nigeria Upstream Petroleum Regulatory Commission, Gbenga Komolafe has decried the level of oil theft in oil producing communities in the country reports Prime Business Africa.
Join our WhatsApp ChannelAccording to the Commission, Nigeria lost more than 115,000 barrels per day (bpd) to oil theft and vandalism between January 2021 and February 2022, which amounts to $3.27 billion worth of crude oil.
Komolafe on Monday highlighted challenges facing the Commission following the directive of President Muhammadu Buhari to regulatory agencies to ensure that the menace of oil theft is nipped in the bud.
The NUPRC boss reiterated that his Commission is not mandated to subdue theft.
“The Presidential order that Mr President gave to agencies that oil theft should be put to an end is not specific to the Commission as our mandate does not extend to dealing with criminals,” the NURC boss said on Arise TV on Monday.
“We don’t have the machinery to subdue criminals. Our mandate covers regulatory and commercial functions,” Komolafe added.
“The issue of crude oil theft has assumed horrific and condemanble level. Nigeria is an oil producing economy. Whatever affects the industry affects the country.”
Komolafe in 2021 in another forum stated that the commission had set the target of growing Nigeria’s oil reserves to 40 billion barrels by 2030.
Izuchukwu Okosi is a Nigerian sports and entertainment journalist with two decades of experience in the media industry having begun his media journey in 2002 as an intern at Mundial Sports International (MSI) and Africa Independent Television (AIT), owners of Daar Communications Plc.
