Elumelu's Oil Theft Claim Debunked by Fact-Check

A recent social media graphic attributed to Tony Elumelu, chairman of Heirs Holdings, claimed that Nigeria lost 97% of its crude oil production to theft before President Bola Tinubu's administration. However, a PRNigeria fact-check found this statement to be misleading.

The graphic, which was widely circulated on WhatsApp and other social media platforms, quoted Elumelu as saying: 'We were losing 97% of our oil production to theft before Tinubu reforms; now we retain 98% and have unlimited access to dollars. I'm not a politician; I can tell the truth.'

PRNigeria's verification confirmed that Elumelu did make similar remarks on July 25, 2025, during a meeting with members of the Association of Power Generation Companies (GENCOs) at the Presidential Villa.

However, further examination of his speech showed that Elumelu was referring specifically to the operational experience of Heirs Energies' OML 17 oil asset, not Nigeria's overall crude oil production.