The loss from oil thefts imperils the country’s economy A new report on the protracted practice of crude oil theft in Nigeria has disclosed that amongst those involved in the illicit trade are oil companies operating in the Niger Delta region. The report, prepared by the Nigeria Natural Resources Charter (NNRC), revealed some of the smart ways International Oil Companies (IOCs) operating in oil fields in the country usually steal and siphon large volumes of crude oil undetected by the Nigerian authorities. Exploring the political economy of oil theft in Nigeria, its causes, and dimensions, the report also divulged how the practice was handed down from the military to the civilian authorities in 1999, when the country returned to democratic government. While these are mere allegations, we believe that the report is detailed enough to provide the necessary starting points for investigations of the IOCs and whoever may be […]