{
  "id": 2798466,
  "title": "Nigeria’s oil losses plunge from 97% to 2% under Tinubu, Elumelu says",
  "url": "https://urgent.news/2026/08/23/nigerias-oil-losses-plunge-from-97-to-2-under-tinubu-elumelu-says",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-23T14:05:38.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/08/23/nigerias-oil-losses-plunge-from-97-to-2-under-tinubu-elumelu-says/"
  },
  "original_language": "en",
  "account": "Nigeria's oil production losses have plummeted from 97% before President Bola Tinubu took office in 2023 to just 2% in June 2026, according to Tony Elumelu, a prominent investor in the country's oil and gas sector. Elumelu made this declaration while conversing with President Tinubu in a video that circulated on social media, discussing recent developments in the oil and gas industry. As the head of Heirs Energies and Heirs Holdings, Elumelu's operations generate over 58,000 barrels of oil daily. Monthly fiscalization data reveals that an impressive 98% of oil production is now accounted for, leaving only a 2% loss. Elumelu recalled that before Tinubu's presidency, he had publicly criticized the scale of losses in Nigeria's oil industry, which could reach 97% at times. Despite these strides, Elumelu stressed that the impact of changes in the sector may not be immediately apparent to the public, as it often takes time for such advancements to be recognized. He also emphasized the crucial role of power and energy in Nigeria's economic growth, asserting that the country's large youthful population and abundant energy resources could fuel economic development if the right policies are implemented. In December 2025, Elumelu's companies, Heirs Energies and Heirs Holdings, acquired a significant 20.07% stake in Seplat Energy from Maurel & Prom, making them the largest shareholders in the latter. This investment reflects Elumelu's ongoing commitment to the oil and gas industry. Elumelu had previously expressed concerns about crude oil theft in March 2022, when he claimed Nigeria was losing more than 95% of some oil production to thieves, citing the Bonny Terminal's inability to receive adequate crude daily. These concerns were linked to various disruptions in production, including pipeline vandalism and crude theft, which hindered Nigeria's ability to meet its OPEC production quota. However, recent improvements in crude production have been accompanied by ongoing efforts by security agencies to combat oil theft and illegal refining. For instance, the Nigerian Navy recently dismantled three illegal refining sites in Rivers State and recovered around 91,000 liters of suspected stolen crude oil, as part of their ongoing efforts to protect crude oil production infrastructure.",
  "summary": "Tony Elumelu has said Nigeria’s oil production losses have fallen sharply from 97% before President Bola Tinubu assumed office in 2023 to 2% as of June 2026. The post Nigeria’s oil losses plunge from 97% to 2% under Tinubu, Elumelu says appeared first on Nairametrics .",
  "key_points": [
    "Nigeria's oil losses dropped from 97% to 2% under President Tinubu's leadership.",
    "Tony Elumelu, oil industry investor, reported significant improvement in June 2026.",
    "Elumelu's companies acquired 20.07% stake in Seplat Energy in December 2025."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}