FT.COM
"The Nigerian state and oil companies are losing a billion dollars or more a month to oil theft by criminal networks whose activities have expanded rapidly under the government of President Goodluck Jonathan.
According to Ngozi Okonjo-Iweala, the finance minister, the trade in stolen oil led to a 17 per cent fall in official oil sales in April, or about 400,000 barrels per day (bd). At average April prices of $121 per barrel, this results in a loss of $1.2bn.
This is a higher estimate than that given earlier by SPDC, Royal Dutch Shell’s Nigerian subsidiary, which put theft at between 150,000 and 180,000bd. "
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