Nigeria's Oil Losses Drop from 97% to 2% Under Tinubu
Tony Elumelu stated that Nigeria's oil production losses have significantly decreased from 97% before President Bola Tinubu assumed office in 2023 to just 2% as of June 2026. Elumelu, an investor in Nigeria's oil and gas sector, noted that his operations currently yield over 58,000 barrels of oil daily.
He highlighted that monthly fiscalisation indicated that 98% of oil production was accounted for in June, with only a 2% loss. Elumelu recalled raising concerns about the severe losses in Nigeria's oil industry prior to Tinubu's presidency.
He emphasized that while improvements in the oil sector may not be immediately visible, they are crucial for Nigeria's economic development, especially given the country's large youth population. In December 2025, Heirs Energies and Heirs Holdings acquired a 20.07% stake in Seplat Energy, making them the largest shareholder.
The reduction in oil losses coincided with ongoing efforts by security agencies to combat oil theft and illegal refining.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
Read full article
Continue on Nairametrics
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Heirs Energies Cuts Oil Theft Losses to 2%, Boosts Profits
Nigeria's Oil Production Rises Amid Reduced Pipeline Losses
Tinubu Commits to Reviving Nigeria's Refineries
TotalEnergies to Boost Nigeria's Oil Output by 140,000bpd
Tinubu Claims Economic Recovery and Improved Security
Tinubu: Northern Nigeria to Gain from Economic Reforms
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
