Nigeria lost $1 billion in revenue during the first quarter of this year due to crude oil theft, the petroleum regulator said on Friday, warning the practise was a threat to the economy of Africa’s top producer. Nigeria loses millions of barrels of crude oil a year because of theft and vandalism including tapping of crude from a maze of pipelines owned by oil majors, underscoring how poor security causes vast financial losses for the country. Gbenga Komolafe, the head of the Nigerian Upstream Petroleum Regulatory Commission, said of the 141 million barrels of oil produced in the first quarter of 2022, only about 132 million barrels of oil were received at export […]