Senate uncovers $303 Billion missing from stolen Crude Oil proceeds

The Senate has revealed that about $303 billion generated from stolen crude oil transactions, both locally and internationally, remains unaccounted for over the years.

This revelation came on Wednesday during the presentation of an interim report by the Senate Ad-hoc Committee on Crude Oil Theft and Related Sabotage in the Niger Delta, chaired by Senator Ned Nwoko (APC, Delta North).

According to Nwoko, forensic reviews by consultants indicated that $22 billion, $81 billion, and $200 billion were unaccounted for in different transactions. The report recommended the strict enforcement of internationally recognized crude oil measurement standards at all production sites and export terminals.

It further urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to acquire modern measuring technologies or have the responsibility returned to the Weights and Measures Department under the Federal Ministry of Industry, Trade, and Investment.

The committee also recommended that the Federal Government deploy modern surveillance technologies, including Unmanned Aerial Vehicles (UAVs) and pipeline monitoring systems, to detect oil theft and leaks effectively.

Additionally, it proposed the establishment of a Maritime Trust Fund to support the development and maintenance of maritime infrastructure and enhance safety, security, and economic growth.

The report also called for the creation of a special court dedicated to prosecuting crude oil thieves and their collaborators, as well as the immediate implementation of the Host Communities Development Trust Fund (HCDTF) under the Petroleum Industry Act (PIA) to reduce sabotage. It further advised that all abandoned or decommissioned wells be transferred to NUPRC and handed over to modular refineries to boost local crude processing.

During deliberations, some senators cautioned against exceeding constitutional limits. Senator Abdul Ningi (PDP, Bauchi Central) noted that while the committee could trace and document losses, it lacked the authority to recover stolen funds. Senator Olamilekan Adeola (APC, Ogun West) demanded that consultants name the individuals and companies involved in the alleged theft.

Deputy Senate President Barau Jibrin (APC, Kano North) emphasized that the National Assembly had no legal mandate to recover funds but could forward its findings to the executive for action.

Senator Ibrahim Dankwambo (PDP, Gombe North) stressed that the final report must identify those involved and specify the wells, rigs, and locations where the theft occurred. Senator Enyinnaya Abaribe (APGA, Abia South) advised that the report be treated as an interim document, while Senator Lola Ashiru (APC, Kwara South) described the losses as equivalent to nearly ten years of Nigeria’s national budget.

In his remarks, Senate President Godswill Akpabio commended the committee for its efforts, noting that the Senate would consider the recommendations after the final report is submitted. He directed the committee to continue its investigation and present a comprehensive final report soon.