Business
Expose Crude Oil Thieves, Elumelu Challenges FG
Nigerian businessman and philanthropist, Tony Elumelu, has called on the Federal Government and security agencies to reveal the identities of those responsible for the massive theft of crude oil in Nigeria, particularly through vessels moving in and out of the country’s territorial waters.
Elumelu, who made the appeal in an interview published by the British daily newspaper, Financial Times (FT), on Friday, highlighted the grave impact of oil theft on Nigeria’s economy and the comsequent exodus of international oil companies from the country.
He described oil theft as a significant factor behind the divestment of international oil companies (IOCs) from Nigeria’s onshore assets.
Sharing his personal experience, Elumelu recounted how criminal gangs began siphoning crude oil from his company’s pipelines, leading to a drastic reduction in production.
In 2022, Elumelu reacted when it got to a critixal point by taking the to social media, by tweeting, “How can we be losing over 95 per cent of oil production to thieves?
“Look at the Bonny Terminal, which should be receiving over 200,000 barrels of crude oil daily; instead, it receives less than 3,000 barrels, leading the operator, Shell, to declare force majeure.
“The reason Nigeria is unable to meet its OPEC production quota is not because of low investment, but because of theft, pure and simple!”
He expressed his dismay at the failure of Nigerian authorities to curb the oil theft, contrasting the situation with the efficiency of security agencies in other countries.
“This is oil theft, we’re not talking about stealing a bottle of Coke you can put in your pocket. The government should know, they should tell us.
“Look at America: Donald Trump was shot at and quickly they knew the background of who aters and we don’t know?” he questioned.
Despite the ongoing theft, which still claims about 18 per cent of his company’s daily production of 42,000 barrels, Elumelu remains optimistic.
He is, however, also critical of the government’s handling of the situation, recalling a past incident where the administration of former President Muhammadu Buhari allegedly blocked his attempt to acquire an oilfield.
According to Elumelu, Heirs Holdings had raised $2.5 billion to purchase an oilfield since 2017, but the deal was thwarted by Buhari and his late Chief of Staff, Abba Kyari, on the grounds that such a strategic asset could not be sold to a private operator.
“This defied logic,” Elumelu said, noting that the oilfield was being sold by a foreign company.
Elumelu, who made his fortune outside the oil industry, explained that his decision to purchase a 45 per cent stake in an oilfield three years ago, at a time when International Oil Companies (IOCs) were divesting from Nigeria’s shallow water assets, was driven by a desire to ensure energy security for the country.
He said, “We wanted to become a Fortune 500 company and we estimated what we needed. It’s not naira, it’s huge dollars. Energy security is crucial for a country that doesn’t produce enough electricity for its roughly 200 million citizens”.
Speaking on the increasing port for those seeking greener pastures abroad.
trend of Nigerians emigrating for better opportunities, known as the “japa syndrome”, Elumelu expressed his support for those seeking greener pastures abroad.
“I support it, totally. I don’t have a problem with people saying ‘I’m going to Canada, UK or US.’ Joblessness is the betrayal of a generation. You’ve gone to school and come back with your dreams and aspirations and you don’t have the opportunity.
“For people who decide to find solutions elsewhere, no one should stop them. But for those who decide to stay, they should try to create an impact and build a legacy”, he stated.
Kolomoni Microfinance Bank has awarded grants to five female entrepreneurs to boost their businesses as part of its commitment to promoting women in business.
The initiative, organized to mark International Women’s Day, was themed “Accelerate Her Growth.”
According to the bank, the decision to support women was inspired by World Bank data, which shows that 41 percent of Nigeria’s micro-businesses are owned by women.
Delivering the keynote address, business strategist, Ebun Akinwale, emphasized that entrepreneurship requires resilience, creativity, and passion.
She illustrated this by recounting her own business challenges and highlighting the critical role passion plays in overcoming obstacles.
The event underscored Kolomoni’s mission to empower women and support small businesses in Nigeria.
Other speakers at the occasion were Odunayo Oyebolu, a seasoned entrepreneur; Victori Ajiboye, a marketing strategist with global experience; and Simi Ojumu, a finance expert.
The beneficiaries said the financial support was a validation of their hard work and a boost of confidence towards scaling through in their businesses.
The winners were selected after sharing their entrepreneurial journeys and presenting business proposals for financial assistance from the bank.
The 8th edition of the Nigeria Small and Medium Enterprises (SMEs) Summit and Awards (Nigeria SMEAwards) is set to take place in Lagos for the first time in its history, marking a significant milestone for this prestigious event.
Endorsed by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the annual awards celebrate the entrepreneurial spirit driving Nigeria’s economy.
The visionary convener of NigeriaSMEAwards 2025, Adedayo Olalekan, said, “Governors from Zamfara, Sokoto, Ebonyi, Borno, Enugu, Ekiti, Benue, and Kaduna States have all implemented transformative initiatives that have greatly benefitted local enterprises.
“Their contributions will serve as a beacon of inspiration for the nation.”
Speaking at a recent press conference in Lagos, Olalekan emphasised that the event would introduce a fresh and unique approach, moving away from tradition.
“Despite economic challenges, Nigerians continue to show an unwavering commitment to progress”, he said.
He noted that the awards will not only honor outstanding individuals, but also recognise the critical role state governments play in nurturing vibrant SMEs.
“State governments have been instrumental in fostering a supportive environment for SMEs, which in turn benefits both the awardees and the larger economy.
“With major banks like Providus, Access, and First Banks competing for top honors, the 8th NigeriaSMEAwards promises to be a night of celebration, recognising exceptional contributions to Nigeria’s SME landscape”, Olalekan added.
Amid global challenges such as inflation, geopolitical instability, and the ongoing conflict in Ukraine, Nigerians continue to show remarkable resilience.
Their efforts, according to reports, have contributed to job creation, economic growth, and overall prosperity, with SMEs at the forefront of this success.
This year’s awards will recognise governors who have made significant strides in advancing the SME sector within their states.
Small and Medium Enterprises (SMEs) consultants in Rivers State have called on entrepreneurs to be focused and avoid distractions.
The experts, who were speaking on the recent developments about the change of leadership in the state, said entrepreneurs need to put more efforts in their businesses in order to break even in the present situation in Rivers State.
Speaking in a chat with The Tide, an international SMEs consultant, Amb. Larry Goodwill Ajiola, said the political moves is capable of distracting SMEs who are not grounded in their businesses, adding that “the serious minded business men and women would utilise the opportunity to increase their revenues”.
Amb Ajiola, who is the President and Chief Executive Officer (CEO) of Rumuomasi Co-operative and Credit Society Limited, Port Harcourt, said, “Rugged entrepreneurs look out for business opportunities in situations around them, whether good or bad”.
He reiterated that the loan facility given to 3,000 SMEs in the state revived and expanded businesses, adding that the empowered businesses should continue to push, no matter the situation.
“credit is a powerful tool for achieving financial security.
“We can only keep imagin the economic value that the over 3,000 MSMEs would add to the positive economic dynamics of Rivers State and the Local Government Areas in terms of Gross Domestic Prooduct (GDP), increased tax returns, employment creation, income distribution, and production of goods and services”, he said.
Another SMEs Expert, a business consultant and SMEs trainer, Mr. Chisom Sam-Orji, in his advice, noted that every SME in the state should realize that change is the only constant thing.
He said SMEs should also know that “tough times never last, but tough people do”, adding the need for every entrepreneur to stay focused on creating value and remain resilient.
“This is not the time to be distracted by every noise around your space, but to maximize every time you have to focus on the essentials and keep creating value.
“For some people, it may just be the time to diversify, create new products and services to serve a new or existing market. But this must be based on the facts available to you via research and market surveys”, he said.
The SMEs expert also said the present time in the life of an entrepreneur is a time to cut off unnecessary excesses that surround one’s business.
“Those extra costs that may hamper your growth in this season and beyond, and focus on just essentials.
“SMEs should find certain leverages that are available to aid their business growth. This could be in form of grants, knowledge, and other leverage tools.
“Collaboration is one big way to grow in this season. Finding ways to collaborate with like minds instead of competing could enable a product or service gain advantage in the market and beyond.
“They should also find ways to sustain and grow their customer relationship as this is key to sustaining business flow. They must seek new and efficient ways to serve their customers and gain their loyalty”, he stated.
He further called on every entrepreneur to keep building capacity and never take their eyes off their visions, adding the need to muster every courage it takes to keep building and moving forward.
Lilian Peters