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Nigeria's state-owned oil company says an oil tanker carrying 800,000 litres of stolen crude has been intercepted offshore while heading to Cameroon.
It said the vessel would be destroyed as a deterrent.
Nigeria's state-owned oil firm said the oil had been stolen from a well in the south-western state of Ondo.
Oil theft from pipelines and wells in the Niger Delta is a major problem for the Nigerian economy, robbing it of much needed revenue.
The oil company said that the Nigerian registered tanker had been operating in what it called stealth mode for the last 12 years.
