Nigeria Navy says it recovered N75 billion of stolen petroleum products in 5 years

Nigeria Navy has said it recovered N75 billion worth of stolen petroleum products in five years. The products recovered between 2015 and 2019 include crude oil, diesel, and petrol, according to a news report by This Day.

During the 64th anniversary of the Nigerian Navy,  the Chief of Naval Staff, Vice Admiral Ibok-Ete Ekwe Ibas has said that the recoveries boosted the economy and denied criminal oil entrepreneurs of N75 billion.

The naval chief, who was represented by the Chief of Policy and Plans, Rear Admiral Ifeola Mohammed has said that 2,287 illegal refineries were destroyed between 2015 and 2019.

He added that the highest number of 1,218 refineries were destroyed in 2017 but decreased in 2018 and 2019 as a result of the swamp buggy operations in the Niger Delta, which made it difficult to reactivate illegal refining sites.

"The Nigerian Navy also recorded successes in anti-crude oil theft operations and illegally sourced petroleum products, which has reduced illegal oil dealings within the Nigerian maritime environment from 2017-2019, "Mohammed said.

"For instance, in 2017, the NN denied criminal oil entrepreneurs dealing on illegal oil about 218,057 barrels of crude oil valued at about N3,724,413,560 and 60,553,415 liters of Automotive Gas Oil (AGO) valued at N11,807,915,925, "he added.

Similarly, in 2018, illegal oil dealings of about 295,028 barrels of crude oil valued at about N5,039,078,240 and 23,991,325 liters of AGO valued at N4,678,308,375 were denied the criminal oil entrepreneurs by the NN.