Nigeria losses $25bn to Illegal oil bunkering annually – Amaechi 

Abiola Seun     |

Nigeria is currently losing $25billion anually to illegal oil bunkering and insecurity on the nation’s waterways.

This was disclosed by the immediate past Minister of Transportation, Rt. Hon Rotimi Amechi over the weekend at a reception organised by Team Maritime Nigeria to celebrate the achievements of the Former Minister of Transportation in the maritime sector.

Amaechi said the $25 billion illegal economy in the Nigerian waters was as a result of illicit oil bunkering.

Amaechi further stated that if the $25 billion lost to illegal water economy are to put back into the nation’s economy, Nigeria would be rich as a country.

He however said that during his tenure as the minister of transportation, the ministry was pushing for security contract of $195 million contract to tackle  insecurity in the nation’s water.

He however advised that  if the new Minister of Transportation is not strong, the security contract would not fly.

Speaking further on the illegal activities, he added, “American spoke to me when i was a Governor, and they said  Nigeria bunkerers are the largest seven producers of oil in Africa but there is illegal bunkering. They came to me that the former President Obama sent them in respect of the meeting with President Goodluck Jonathan.

They said, ‘We are to tell you that President Goodluck Jonathan had a meeting with President Obama and told him that US marine should come and protect the nation’s oil.’ I asked which oil? And they said we are the seven largest producer in terms of bunkering”
“I opened my drawer, I gave them the letter the CBN governor wrote to President Goodluck Jonathan that $49 billion was missing from NNPC.”

“When I showed them, they were surprised, and I said forget this $7 billion, they covered the $49billion.

“The point I am making is our bunkerers are the seven largest producer with $7 billion. Look at those who escort vessels and those who escort them to the platform, when they complete that, all illegal economies is between $20 to $25 billion, if we put that in our economy, Nigeria will be rich,” he added.

He continued, “What is the solution? I told Dakuku look at the solution whether we go to sleep or not, this is still our water. When I proffered the solution, it took a tedious process to get approval from the cabinet of President.  After we got approval, stringent interest began to fight it, they fought it for two years. We went to the president, it was cancelled and we wrote again, it was cancelled.

“We went to President and Vice President, and they asked that if Amaechi’s solution is not the solution,  what is the solution? We wrote again for two years before the President said Amaechi,  I think you should go ahead, we will achieve good result. We have proceeded and we have trained our security now that will man the water and I hope it will be successful.”
However, he urged all the stakeholders and investors to be focused on Nigeria and make sure that the economy is working.