Nigerian Oil Theft Reaches $6bn Annually

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Nigeria’s oil companies are battling a surge in crude oil theft, with estimates suggesting that the oil-rich country loses some $6 billion annually in revenues due to bunkering. Oil theft is a lucrative black market in Nigeria, Africa’s top oil exporter, as well as neighbouring countries.

Bunkering, as oil theft is commonly known in Nigeria, involves siphoning crude from pipelines into makeshift vessels and has turned into huge a business that is damaging the country’s investment profile as well as international oil companies operating in Nigeria.

Nigerian Billionaire Dangote To Build $8 Billion Refinery, Donates $500,000 To UNICEF

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Africa’s richest man, Aliko Dangote, has announced plans to construct an $8 billion refinery in Nigeria later this year, according to a report by Nigeria’s Leadership newspaper.
Dangote made the announcement last week in Lagos during a breakfast meeting with some senior editors of various Nigerian media organizations to commemorate his 57^th birthday. While Dangote did not disclose the planned location of the facility or its capacity, he said his Dangote Group, will start work on the refinery as soon as the company secures final approval from the federal government and other related agencies.