Tony Elumelu Says Oil Theft Losses Fell From 97% to 2% Since 2023

Tony Elumelu says his company was losing as much as 97% of its oil production to theft until 2023. He claims losses have since dropped to about 2%, allowing the company to retain 98% of its output. He also said access to foreign exchange has improved, without needing personal connections at the Central Bank. The remarks have renewed debate over oil-sector security, foreign-exchange reforms and business support for the Tinubu administration.

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