Elumelu's Oil Theft Claim Debunked: PRNigeria Fact-Check Reveals Misleading Viral Graphic
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 Ahmed Tinubu's administration. However, a fact-check by PRNigeria found this claim 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.' However, PRNigeria's verification confirmed that while Elumelu made a similar statement, it was taken out of context.
The original quote from July 25, 2025, during President Tinubu's meeting with members of the Association of Power Generation Companies (GENCOs), stated: 'Before you took office in 2023, we lost 97% of our daily oil production. Today, we are retaining 98%. That's transformation.'
However, further examination showed that Elumelu was referring specifically to Heirs Energies' OML 17 oil asset, not Nigeria's overall crude oil production.