The Nigerian Senate has revealed that about $303 billion generated from stolen crude oil transactions — both locally and internationally — remains unaccounted for. This shocking discovery came to light during the presentation of the interim report of the Senate Ad-Hoc Committee on Crude Oil Theft, chaired by Senator Ned Nwoko (Delta North).
According to the forensic review conducted by consultants, three major sums — $22 billion, $81 billion, and $200 billion — were identified as missing over several years. The committee’s report emphasized the urgent need for Nigeria to adopt internationally recognized crude oil measurement standards at all production sites and export terminals to ensure transparency in the oil sector.
Senator Nwoko recommended that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) be equipped with modern measuring technologies. Alternatively, he suggested returning the responsibility to the Weights and Measures Department under the Ministry of Industry, Trade, and Investment. The report also proposed deploying Unmanned Aerial Vehicles (UAVs) and advanced monitoring systems for pipeline surveillance to curb oil theft and leakage.
The committee further advised the Federal Government to establish a Maritime Trust Fund to support the development of maritime infrastructure, security, and training. It also called for a special court dedicated to prosecuting crude oil thieves and their collaborators, ensuring swift justice and deterrence.
Additionally, the report recommended the implementation of the Host Communities Development Trust Fund (HCDTF) under the Petroleum Industry Act (PIA) to reduce sabotage in oil-producing regions. Abandoned wells, it said, should be handed over to modular refineries to boost local refining capacity and reduce illegal activities.
During the plenary, some senators debated the committee’s scope of authority. Senator Abdul Ningi (Bauchi Central) clarified that while the committee could trace and document losses, it lacked constitutional power to recover stolen funds. Senator Olamilekan Adeola (Ogun West) insisted that the consultants must name the companies and individuals implicated in the theft.
Senator Ibrahim Dankwambo (Gombe North) stressed that the final report should pinpoint specific wells and rigs where losses occurred, while Senator Lola Ashiru (Kwara South) noted that the stolen amount was equivalent to “almost ten years of Nigeria’s national budget.”
Senate President Godswill Akpabio commended the committee’s work and directed it to continue its investigation, urging members to submit a comprehensive final report. He assured that the Senate would act on the recommendations once all findings were presented.
The revelation underscores the magnitude of corruption and inefficiency plaguing Nigeria’s oil industry, a sector that accounts for the country’s largest source of revenue but remains riddled with sabotage and theft
