The President of Nigerian Mining and Geosciences Society, Akinade Olatunji, on Sunday, said that increased security surveillance cannot solve oil theft in Nigeria. Olatunji lamented that the issue of oil theft had now attained the stature of a Frankenstein monster to the extent that the quantum of oil stolen now outstrips the quantum being sold legitimately. “The Petroleum Industry Act is a great attempt at removing the opacity and inconsistencies that have characterised the oil and gas sector in the country in the last 20 years. Yes, to increased security but that alone cannot solve the problem. “The amount of resources allocated to oil communities in the PIA is not sufficient to guarantee the kind of safety on investment that is required for the continuous survival and profitability of the oil and gas sector in the long run.

Source: Punch June 25, 2023 21:59 UTC