How collaboration with security forces reduced losses to oil thieves by 10% from over 97% – Elumelu
Chairman of Heirs Holding and United Bank for Africa (UBA) Plc, Mr Tony Elumelu has disclosed how collaboration with security forces in the country have helped the oil subsidiary of the group to reduce losses to oil thieves from 97 percent to 10 percent.
Elumelu made these known while delivering the graduation lecture at the Executive Intelligence Management Course (EIMC) 17, organised by the National Institute for Security Studies (NISS) in Abuja on Thursday.
Elumelu emphasised that energy is a key driver of socio-economic development, noting that power affects all sectors of life, from education to healthcare and business. He shared that his investment company currently supplies 15 percent of Nigeria’s electricity consumption and aims to generate an additional 2,000 megawatts from gas energy.
These efforts, he said, also contribute to reducing oil theft, which once accounted for 97 percent of production losses in oil fields acquired in 2021. Collaborative security measures have since reduced that figure to under 10%, improving national revenue and local stability.
“When we acquired oil mining interests from Shell in 2021, oil theft accounted for over 97 percent of our production. With the collaboration of our security forces, we’ve reduced that figure to less than 10 percent. This has been instrumental in boosting national revenue,” he disclosed.
He further enumerated the role of emerging technologies in addressing poverty, fostering entrepreneurship, and promoting regional trade.
He explained that digital tools, mobile banking, and e-commerce platforms are democratising access to opportunities and integrating millions into the formal economy. Through his foundation, Elumelu has supported over 20,000 African entrepreneurs with funding and mentorship, using technology to create jobs and alleviate poverty.
He called for strategic partnerships, strong policies, and investments in infrastructure to ensure that technological advancements benefit all Africans, irrespective of their location. He further urged leaders to prioritize security and electricity access to enable sustainable growth, reduce poverty, and drive industrialization.
Elumelu stated, “Security is the cornerstone of every socio-economic system, and no country or continent can succeed without a strong security infrastructure. I firmly believe that emerging technologies—be they artificial intelligence, biotechnology, or renewable energy—are not just tools of convenience but engines of growth that can drive unprecedented social and economic development across Africa.”
He added, “Development is impossible without reliable electricity. If there are two priorities, they should be security and improved access to electricity. With these, our continent will thrive.”
“Our group now supplies 15 percent of Nigeria’s electricity consumption. We aim to generate 2,000 megawatts from gas energy. By fostering young African entrepreneurs, we are transforming our communities and industries. Technology is key to this transformation.”
Elumelu concluded by emphasising the importance of power, stating, “Power impacts everything—hospitals, homes, businesses. If there are two priorities for Africa, they should be security and electricity. With these, our continent will thrive.”
