Oil theft A report by the Nigeria Natural Resource Charter (NNRC) has revealed that the highest ever reported crude oil theft in the world has taken place in Nigeria, with the country recording approximately 400,000 barrels per day (bpd) crude theft. The NNRC report, which was an aftermath of a survey on oil theft in the world, also said that Mexico came second with approximately 5,000 to 10,000 bpd loss to oil theft. Speaking in Lagos at a workshop with media professionals and members of the civil society organisations on reducing oil theft, a researcher, Niyi Awodeyin, said the report showed that Nigeria’s loses around 10 per cent of its annual budget to crude oil theft. Awodeyin added that it was complex to determine the scale of oil theft but that on average, Nigeria loses N1 trillion annually to oil theft. He said the scale of oil theft showed […]