Tony Elumelu, Chairman of Heirs Holdings, has lamented the fact that Nigeria loses over 95% of its oil production to thieves.
This comes as the Manufacturers Association of Nigeria (MAN) has described the rising price of Automotive Gas Fuel (AGO), also known as diesel, as a very concerning development that has had a negative impact on businesses, particularly the manufacturing sector of the economy.
Elumelu, who recounted the travails of some of his coworkers on his official Twitter handle, stated that, aside from the economy, Nigerians are now fearful as a result of the deteriorating security situation.
Elumelu, the founder of the Tony Elumelu Foundation, a platform that promotes African entrepreneurship, urged Nigerians to be “vocal” about how they are governed and to hold their leaders more accountable.
“How can we be losing over 95% of our oil production to thieves?” he continued. Consider the Bonny Terminal, which should receive over 200,000 barrels of crude oil per day but only receives less than 3,000 barrels, prompting the operator, Shell, to declare force majeure”.Tony Elumelu
He bemoaned Nigeria’s deteriorating security, public infrastructure, and rising inflation.
Evil prevails when good people are silent. We need to be vocal about 2023. Let’s focus on Nigeria. Demand and advocate for leaders that deliver.— Tony O. Elumelu, CON (@TonyOElumelu) March 17, 2022
In 2023, Nigeria must be on a strong trajectory for progress and development.
The usually reserved businessman, who chairs the Board of the United Bank for Africa (UBA), argued that the country, despite being endowed with vast natural resources, should not be in its current state.
Elumelu in 2020 was named on Time’s list of the 100 most influential people in the world.
A thread of his tweets below:
This morning, I am listening to my colleagues at the office bemoan the very pressing issues that they face everyday in this country, and how things have been getting worse and worse – no electricity for 5 days, hikes in the price of diesel, frightening food inflation, etc.— Tony O. Elumelu, CON (@TonyOElumelu) March 17, 2022