Billionaire businessman and United Bank for Africa (UBA) Group Chairman Tony Elumelu has praised the current administration's efforts in combating crude oil theft and improving foreign exchange accessibility for investors.

Speaking during a recent media briefing, the Heirs Energies chairman highlighted a dramatic reduction in crude oil losses, contrasting the current stability with the severe operational challenges energy investors faced prior to 2023.

"I am not a politician, so I’ll speak my truth. Until 2023, we were losing 97% of our oil production to theft. Today, losses are down to 2%, we retain 98%, and we no longer need to know anyone at the CBN to access dollars," Elumelu stated.

Reflecting on his personal experiences as an investor whose operations generate over 58,000 barrels of crude oil daily, Elumelu noted that the drastic shift in security and fiscal reconciliation has restored investor confidence.

"From where I sit, I see a lot happening. I tell Mr. President that in the oil and gas sector of this country, a lot has happened. People here know I shouted on social media, I tweeted that we were producing and losing 97% of our oil production. Over 50,000 barrels, 97%.

"Mr. President, every month we do what is called fiscalization. Last month, for month of June, we got 98 percent. So 2 percent loss is significant," Elumelu shared.

Closing his remarks, the business mogul stressed that stabilizing energy security and expanding power infrastructure remain crucial catalysts for unleashing Nigeria's youth potential and driving broader economic takeoff.

"So whenever I have the opportunity, I say it as it is. Power is so critical. You know Mr. President, with the energy we have in this country, youth energy, youth population, the stability we're bringing, this country will take off," he added.

“I am not a politician, so I’ll speak my truth. Until 2023, we were losing 97% of our oil production to theft. Today, losses are down to 2%, we retain 98%, and we no longer need to know anyone at the CBN to access dollars” — Tony Elumelu says pic.twitter.com/GSr50uAhIX

— YabaLeftOnline (@yabaleftonline) August 23, 2026