The Nigerian Senate has disclosed that approximately $303 billion from proceeds of stolen crude oil transactions, both within and outside the country, have remained unaccounted for over the years.
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‎The revelation came on Wednesday, following the submission of an interim report by the Senate ad hoc committee investigating crude oil theft and related acts of sabotage in the Niger Delta.
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‎Presenting the report, Senator Ned Nwoko (APC, Delta North) and Chairman of the Committee, said a forensic audit conducted by consultants uncovered that over ₦22 billion, ₦81 billion, and $200 billion from various phases of crude oil transactions have not been properly accounted for.
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‎He explained that the committee recommended strict enforcement of internationally recognized crude oil measurement standards at all production sites and export terminals to ensure transparency and accountability.
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‎The report further proposed that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) should be directed to procure modern measuring technologies. Alternatively, the responsibility could be reassigned to the Department of Weights and Measures under the Federal Ministry of Industry, Trade and Investment.
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‎In addition, the committee urged the Federal Government to equip security agencies with modern surveillance technology, tools, and logistics to enhance operational effectiveness.
‎The proposed security upgrade should include the deployment of Unmanned Aerial Vehicles (UAVs) such as quadcopters for monitoring, as well as the establishment of a pipeline integrity monitoring system capable of detecting theft and leaks.
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‎The committee also recommended the creation of a Maritime Trust Fund to support the development and maintenance of maritime infrastructure, as well as to improve training, safety, and security within the sector; a move it described as vital for promoting economic growth.
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‎Among other recommendations, the report called for the establishment of a special court dedicated to the speedy prosecution of crude oil thieves and their collaborators.
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‎It also urged the immediate implementation of the Host Communities Development Trust Fund (HCDTF) under the Petroleum Industry Act (PIA) to help reduce acts of sabotage in oil-producing communities.
‎Furthermore, the report recommended that abandoned and decommissioned oil wells be transferred to the NUPRC, which should in turn allocate them to modular refineries. This, it said, would reduce vandalism and boost crude oil availability for domestic refining.
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‎Following the presentation, several senators contributed to the debate and endorsed the committee’s recommendation that it be empowered to track, trace, and recover proceeds from stolen crude oil both locally and internationally.
‎This support was based on forensic reviews indicating that over ₦22 billion, ₦81 billion, and $200 billion were missing across different audit phases.
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‎However, Senator Abdul Ningi (PDP, Bauchi Central) observed that while the committee has the competence to trace and document such financial losses, it does not have the authority to recover the stolen funds.
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‎Also speaking, Senator Olamilekan Adeola (APC, Ogun West) stressed that the consultants should disclose the names of companies and individuals implicated in the theft.
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‎On his part, Deputy Senate President, Senator Barau Jibrin (APC, Kano North) clarified that the National Assembly lacks constitutional powers to recover stolen funds, noting that its duty is limited to submitting findings to the Executive for action.
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‎Similarly, Senator Ibrahim Dankwambo (PDP, Gombe North) emphasized that the final report must include the names of those responsible, as well as the specific oil wells, rigs, and locations where the theft occurred.
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‎Senator Enyinnaya Abaribe (APGA, Abia South) cautioned that the current document should be treated strictly as an interim report, stressing the need for further investigation.
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‎Lending his support, Senator Lola Ashiru (APC, Kwara South) underscored the magnitude of the losses, describing them as equivalent to nearly ten years of Nigeria’s national budget. He urged the committee to deepen its inquiry to uncover all missing funds.
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‎In his closing remarks, Senate President Godswill Akpabio commended the committee for its work and directed it to continue its investigation. He assured that the Senate would deliberate on the recommendations once the final report is presented.
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