Losses to the Oil Industry in Nigeria from Theft

The Government of Nigeria estimates that it is losing up to $6 Billion a year to oil theft and oil smuggling on the black market. The Nigerian Government wants international help in cracking down on the money laundering of stolen proceeds.

Oil industry companies such as Shell state that thieves are also sabotaging pipelines to steal oil.

Source:  AFP, “Nigeria wants world’s help to slow massive oil theft,” Google News, February 19, 2013.