Oil Theft, Danger To National Security- Osinbajo

Prof. Yemi Osinbajo, Nigeria’s Vice-President has said that the menace of theft and sabotage of oil assets pose a “clear and present danger” to the economy and national security.

Osinbajo spoke in Abuja on Tuesday at a stakeholders conference on oil theft and losses in Nigeria.

He said the acts also have a negative effect on the revenue accrued to the federation and the business opportunities for oil and gas investors.

“All theft and sabotage of oil and gas assets are a clear and present danger to our economy and national security,” he said.

“Not only do they pose a serious threat to all exploration and our energy economy, they also impact negatively on what is accrued to the federation and the business prospects on investors in the oil and gas sector.”

If left unchecked, Osinbajo said, the menace will fuel crises that will paralyse the government and leave the country extremely vulnerable to shocks and other unexpected consequences.

He added that large-scale theft of crude oil undermines government efforts to optimise its intended vision.