FG’s war against crude oil theft paying off – Elumelu

Chairman, Transnational Corporation Plc (Transcorp Plc) and Heirs Holdings, Mr Tony Elumelu, has said oil theft in the Niger Delta is declining following the government’s recent actions. He stated this at the 2021 Annual General Meeting of Transcorp Plc in Abuja on Thursday. Elumelu had taken to Twitter in March 2022 to lament the damage […]

Chairman, Transnational Corporation Plc (Transcorp Plc) and Heirs Holdings, Mr Tony Elumelu, has said oil theft in the Niger Delta is declining following the government’s recent actions.

He stated this at the 2021 Annual General Meeting of Transcorp Plc in Abuja on Thursday. Elumelu had taken to Twitter in March 2022 to lament the damage oil theft is doing to oil investors in the Niger Delta region.

But barely a month after the tweet, he said the security situation has improved. “The federal government responded very aggressively. You are aware the Chief of Defence Staff, the Group Managing Director and the Minister of State Petroleum all moved to Port Harcourt and ever since then, I know for a fact that things have improved, and the oil theft has reduced. So, I commend them,” he said.

Elumelu also lamented situations in the power sector saying, “On the national grid collapse, we must realise, we can’t make progress without power. I hope more attention will be given to power infrastructure.”

On the company’s performance, the President/Group CEO, Transcorp Plc, Mrs Owen Omogiafo said: “The gross earnings for the Group in 2021 rose by 48 per cent to N111.2 billion compared to N75.2bn. The increase by 48% was driven by improved performance in our power business.”

She said the Group recorded N28bn gross profit and 23.8bn as net profit adding that the gross profit was 50% than the figures in 2020 while the net profit or profit after tax was far higher than that of 2020.