The Nigerian Senate has revealed that a staggering $303 billion generated from stolen crude oil transactions — both within and outside the country — remains unaccounted for over the years.
This revelation came as the upper chamber, on Thursday, received the interim report of its Ad-hoc Committee on Crude Oil Theft and Related Sabotage in the Niger Delta, chaired by Senator Ned Nwoko (Delta North, APC).
According to Nwoko, a forensic review conducted by independent consultants uncovered that $22 billion, $81 billion, and $200 billion from different periods of crude oil sales had not been properly accounted for.
The committee’s report recommended strict enforcement of internationally recognized crude oil measurement standards at all production sites and export terminals to curb discrepancies and losses.
It also urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to acquire modern metering and monitoring technology. Alternatively, the panel suggested that the task of measurement be returned to the Weights and Measures Department under the Federal Ministry of Industry, Trade and Investment.
Furthermore, the committee called on the Federal Government to deploy advanced surveillance technologies, including Unmanned Aerial Vehicles (UAVs), for pipeline monitoring and theft detection.
Among other recommendations were:
- Establishment of a Maritime Trust Fund to enhance maritime security and infrastructure.
- Creation of a special court dedicated to the swift prosecution of oil thieves and their collaborators.
- Immediate implementation of the Host Communities Development Trust Fund (HCDTF) under the Petroleum Industry Act (PIA) to discourage sabotage.
- Handover of all abandoned and decommissioned oil wells to modular refineries through the NUPRC to promote local refining and reduce illegal bunkering.
During deliberations, some senators expressed concerns about the committee’s authority to recover stolen funds, insisting that its role should be limited to tracing and documenting losses.
Senator Abdul Ningi (PDP, Bauchi Central) noted that recovery efforts fall under the executive arm, while Senator Olamilekan Adeola (APC, Ogun West) demanded that consultants should identify specific companies and individuals involved.
Deputy Senate President Barau Jibrin (APC, Kano North) reaffirmed that while the National Assembly lacks constitutional powers to recover funds, it can forward its findings to the executive for necessary action.
Senator Ibrahim Dankwambo (PDP, Gombe North) stressed that the final report must name the actors and identify the specific wells, rigs, and locations where the thefts occurred.
Meanwhile, Senator Enyinnaya Abaribe (APGA, Abia South) advised that the document remain an interim report pending further investigation, while Senator Lola Ashiru (APC, Kwara South) described the estimated losses as “almost 10 years of Nigeria’s national budget.”
In his closing remarks, Senate President Godswill Akpabio commended the committee’s work and directed it to continue investigations and present a comprehensive final report before the Senate takes a formal position.
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