The Sea Empowerment Research Centre has raised concerns over alleged collusion between international shipping lines and oil bunkering cartels, stating that Nigeria is losing between $1bn and $2bn annually to such illegality.
In its 2024 Third Quarterly Bulleting signed by its Head of Research, Dr Eugene Nweke, a copy made available to the Nigerian Tribune, the Centre said that this collusion varies through Ship-to-Ship Transfer, fake documentations, money laundering, escort services amongst others.
According to the 2024 Third Quarterly Bulleting of the Sea Empowerment Research Centre, “There are allegations of a connection between international shipping cartels and oil bunkering cartels in Nigerian waters, including:
“Collusion in Oil Theft: International shipping companies or their agents might be complicit in oil theft by transporting stolen oil or providing logistical support to oil bunkering cartels;
“Ship-to-Ship Transfers: International shipping vessels might be involved in illegal ship-to-ship transfers of stolen oil in Nigerian waters;
“Fake Documentation: International shipping companies might provide fake documentation or assist in creating false papers to facilitate the transportation and sale of stolen oil;
“Money Laundering: International shipping companies or their affiliates might be used to launder proceeds from oil bunkering activities;
“Protection and Escort Services: International shipping companies might offer protection or escort services to oil bunkering cartels, ensuring safe passage for stolen oil;
Bribes and Corruption: International shipping companies or their agents might bribe Nigerian officials or provide other forms of corruption to facilitate oil bunkering activities;
“Please note that these are allegations and not all international shipping companies are involved in such activities. However, there have been reports and investigations suggesting connections between international shipping and oil bunkering cartels in Nigerian waters.
“It is estimated that oil bunkering activities in Nigeria generate significant revenues, potentially exceeding $1 million weekly.
“A 2019 report by the Nigerian Navy estimated that oil bunkering activities in Nigerian waters generate around $1.4 million to $2.5 million per day, which translates into around $9.8 million to $17.5 million per week.
“Another report by the International Energy Agency (IEA) estimated that oil theft in Nigeria generates around $1 billion to $2 billion annually, which translates into around $19 million to $38 million per week.”
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