The Nigerian Navy has intercepted a wooden boat carrying approximately 100,000 litres of stolen crude oil along the Idiogba-Mahin coastline in Ilaje Local Government Area of Ondo State. The operation was carried out by the Forward Operating Base (FOB) in Igbokoda, following credible intelligence that led to the deployment of the base’s Quick Response Team.
The perpetrators fled upon sighting the Naval team, abandoning the boat and its equipment. The Navy secured the recovered vessel and its contents, taking a sample of the crude oil for laboratory analysis.
This incident highlights the ongoing challenge of oil theft in Nigeria, which has significant implications for the country’s revenue generation and economic stability. In 2022, Nigeria lost an estimated 437,000 barrels of crude oil daily to criminal activities, resulting in a staggering $23 million in daily revenue losses.
Source: Nairametrics
