Nigeria loses N48bn to oil theft

Nigeria loses N48bn to oil theft

Between January and September this year, Nigeria lost about N48bn to crude oil theft, the Nigerian National Petroleum Corporation has said.

According to the corporation, the N48bn is aside what the losses recorded by the NNPC during the period under review.

As a result of the crude/product losses, the firm noted that it had adopted some key determinants for driving change.

In its latest monthly financial and operations report for September 2015, the NNPC stated that it had adopted pipeline security reforms that would ensure reduction in crude oil theft as well as address the loss of other petroleum products. Read more

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