Tony Elumelu has said crude oil losses to theft in the country have fallen dramatically in recent years, improving access to foreign exchange.
Speaking publicly, Elumelu contrasted the situation before 2023 with current conditions.
“I am not a politician, so I’ll speak my truth. Until 2023, we were losing 97% of our oil production to theft. Today, losses are down to 2%, we retain 98%, and we no longer need to know anyone at the CBN to access dollars,” he said.
Elumelu, chairman of Heirs Holdings and United Bank for Africa, attributed the improvement to reduced theft, which has strengthened retention of oil revenues and eased dollar scarcity for businesses.
