$1.9bn Loss: Oil Theft Panel Charges Operators and Regulators.

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Operators and regulators in Nigeria’s oil sector have been charged with extensive acts of sabotage in the industry, according to a report by the Special Investigation Panel on Oil Theft and Losses in Nigeria. The National Security Advisor (NSA), retired Major-Gen., had just received the panel’s findings.

According to a statement by Mr. Zakari Usman, Head, Strategic Communication, Office of the National Security Adviser (ONSA), who quoted the report, the panel found that the failure to properly report crude oil production, illegal refining, theft from wellheads, and diversion from sophisticated pipeline networks were the main causes of crude oil losses.

Notwithstanding the greatest efforts of the Military Forces and other security authorities to prevent the illicit theft of crude oil, the panel found several levels of involvement in the crime.

The Sun

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