Tony Elumelu has said Nigeria’s oil production losses have fallen sharply from 97% before President Bola Tinubu assumed office in 2023 to 2% as of June 2026.
Elumelu made the disclosure while addressing President Tinubu in a video circulating on social media, where he spoke about developments in Nigeria’s oil and gas industry over the past two years.
Elumelu, who is an investor in Nigeria’s oil and gas sector and said his operations currently produce more than 58,000 barrels of oil daily, said monthly fiscalisation showed that 98% of oil production was accounted for in June, leaving a 2% loss.
What he’s saying
Elumelu recalled that before Tinubu became President in 2023, he had publicly raised concerns about the scale of losses in Nigeria’s oil industry, including through social media.
He said the country was losing as much as 97% of its oil production at the time, with monthly fiscalisation showing that only 2% of production was lost in June.
- “Mr. President, every month, we do what is called fiscalisation. Last month, for the month of June, and let’s let Nigeria know this, we got 98%. So, 2% loss. It’s significant.”
Elumelu said developments in the oil industry may not immediately be visible to the public, noting that it takes time for people to understand changes taking place in the sector.
He also stressed the importance of power and energy to Nigeria’s economic development, arguing that the country’s large youth population and energy could drive economic growth if the right framework is established.
In December 2025, Heirs Energies and Heirs Holdings acquired 120.4 million shares in Seplat Energy from Maurel & Prom, giving the two companies a combined 20.07% stake and making the Heirs Group Seplat’s largest shareholder. Elumelu is the ultimate beneficial owner of the Heirs…
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