A statement by NEITI released today in Abuja described the decision as bold, courageous and timely given the havoc oil theft has wrecked in oil production and the country’s revenue generation.
To underline the seriousness of the Oil Theft Investigation Panel, NEITI disclosed that from its industry reports, Nigeria has lost 619.7 million barrels of crude oil valued at $46.16 Billion or N16.25Trillion in twelve years from (2009 to 2020). The losses were from theft and sabotage, based on information and data provided by an average of eight companies covered by NEITI process over the years.
