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NNPCL loses $700m to oil theft

The Nigerian National Petroleum Company (NNPC) Limited says it loses $700 million every month as a result of oil theft and vandalism at terminals.

Bala Wunti, group general manager, National Petroleum Investment Management Services (NAPIMS), made this known while touring NNPCL facilities on Sunday.

“When you multiply seven million barrels by $100 that is $700 million lost per month, adding that about 150,000 barrels expected are differed, we are not producing due to security challenges”, he said.

For decades, Nigeria has been battling with oil theft and vandalism, losing billions of naira in the process.