The Senate has disclosed that about $303 billion in proceeds from stolen crude oil transactions, both local and international, have remained unaccounted for over the years.
This revelation followed the presentation of an interim report by the Senate Ad Hoc Committee on Crude Oil Theft and Related Sabotage in the Niger Delta.
Presenting the report, Committee Chairman Senator Ned Nwoko (APC, Delta North) said forensic investigations conducted by consultants revealed that $22 billion, $81 billion, and $200 billion in oil proceeds were yet to be traced or accounted for.
Calls for Enforcement of Oil Measurement Standards
Senator Nwoko said the committee recommended the strict enforcement of internationally recognized crude oil measurement standards across all production and export sites.
He advised that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) should acquire modern measuring technology or that the function be reassigned to the Weights and Measures Department under the Federal Ministry of Industry, Trade, and Investment.
READ ALSO: Senate Probes NNPCL Over N210 Trillion Audit Gap
The report also urged the Federal Government to equip security agencies with modern surveillance tools, including Unmanned Aerial Vehicles (UAVs) and integrity monitoring systems, to detect leaks and illegal tapping of pipelines.
Committee Seeks Maritime Fund, Special Court
The committee further recommended the establishment of a Maritime Trust Fund to enhance maritime infrastructure, safety, and economic growth.
It also called for the creation of a special court to ensure speedy prosecution of oil thieves and their collaborators.
READ ALSO: Senate Approves Tinubu’s $21.5bn External Borrowing Plan
To curb sabotage in host communities, the committee advised immediate implementation of the Host Communities Development Trust Fund (HCDTF) as provided under the Petroleum Industry Act (PIA).
It also proposed that all abandoned or decommissioned wells be handed over to NUPRC for allocation to modular refineries to boost local refining capacity.
Senators Differ on Recovery Mandate
During debate on the report, Senator Abdul Ningi (PDP, Bauchi Central) stated that while the committee could trace and document stolen funds, it lacked the authority to recover them.
Senator Olamilekan Adeola (APC, Ogun West) said consultants must name companies and individuals involved in the theft, while Deputy Senate President Barau Jibrin (APC, Kano North) noted that only the executive arm of government had the constitutional power to recover stolen funds.
Senator Ibrahim Dankwambo (PDP, Gombe North) urged that the final report clearly identify the actors, wells, rigs, and locations linked to the missing funds.
Senate Orders Continuation of Probe
Senator Enyinnaya Abaribe (APGA, Abia South) described the report as an interim submission pending further investigation, while Senator Lola Ashiru (APC, Kwara South) observed that the losses equalled “almost 10 years of Nigeria’s national budget.”
In his closing remarks, Senate President Godswill Akpabio commended the committee for its efforts and directed it to continue its investigation and submit a comprehensive final report for consideration.
Rafiyat Sadiq is a political, justice, and human rights reporter with Pinnacle Daily, known for fearless reporting and impactful storytelling. At Pinnacle Daily, she brings clarity and depth to issues shaping governance, democracy, and the protection of citizens’ rights.
