So, Who are the Oil Thieves? Eddy Odivwri That Nigeria is in serious debt is no news. What should be news is how we got to this sorry low point in our life as a country. How come
That Nigeria is in serious debt is no news. What should be news is how we got to this sorry low point in our life as a country. How come suddenly, we tumbled from the height of a country that has so much money with our only problem being how to spend it, to a country of puppetry indebted to so many nations in huge margins and profile? We do not need experts in economics to know that Nigeria’s ill fortune is as a result of economic mismanagement, orchestrated by hydra-headed corruption.
For over a month, we have been regaled with tales of the great discovery of how our oil wealth has been stolen mercilessly for years unend. The theft of our crude oil did not just start. The thieves only got lionized. Before now, the stealing was with a modicum of fear of God. Not anymore. The present-day thieves neither fear God nor man. It got to a height last July when the nation could no longer export even the modest OPEC quota of 1.8 million barrels per day.
But this same NNPC which has not been able to contribute anything to the nation’s treasury spent over N13 billion on entertainment; N20 billion on phone calls, yes phone calls; N90 billion on media relations; N788 billion on salaries, etc; bringing a total of N788.7 billion “administrative expenses” in 2021.
The Saudi Arabian Oil and Gas company, Saudi Aramco, the equivalent of our NNPC, taking maximum advantage of the Russia-Ukraine war, as it concerns global pricing of petroleum products, two days ago, became the most market capitalized company in the world, at $2.426 trillion, beating the hitherto top-ranked Apple brand whose market capitalization stood at $2,415 trillion. But our NNPC, trading in the same global market, is netting a vexatious deficit.
The NNPCL, which recently re-organised its operations and its subsidiaries is expected to be transformed from this depth of economic liability to a profitable venture that can grow the profit margins of the country. It got so bad that the NNPC had to engage a private individual, Government Ekpemupolo, better known as Tompolo, who had no formal training in arms handling and security militant) to secure and protect the pipelines and oil installations in the creeks, at the whopping cost of N4 billion per month. Insider sources say the fee is far more than was announced.With Tompolo now in command, so many dirty deals have been blown open.
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