The Senate on Wednesday revealed that about $303 billion in proceeds from stolen crude oil transactions within and outside Nigeria remains unaccounted for over the years.
This was disclosed during the presentation of the interim report of 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 the report, a forensic review conducted by independent consultants revealed that about $22 billion, $81 billion, and $200 billion from crude oil transactions could not be traced to government accounts.
The committee recommended the strict enforcement of internationally recognized crude oil measurement standards at all production sites and export terminals. It also advised that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) should be mandated to acquire modern measuring technologies or return the function to the Weights and Measures Department under the Ministry of Industry, Trade, and Investment.
The report further urged the Federal Government to deploy advanced surveillance technology such as Unmanned Aerial Vehicles (UAVs) for real-time monitoring of pipelines to curb theft and leaks. It also called for the creation of a Maritime Trust Fund to support maritime safety, infrastructure, and economic growth.
Additionally, the committee proposed the establishment of a special court for the speedy prosecution of crude oil thieves and their collaborators. It also urged the immediate implementation of the Host Communities Development Trust Fund (HCDTF) as provided in the Petroleum Industry Act (PIA) to reduce sabotage.
The report recommended that abandoned and decommissioned oil wells be transferred to NUPRC for allocation to modular refineries to boost local refining capacity and minimize illegal activities.
Lawmakers who contributed to the debate, including Senators Abdul Ningi (PDP, Bauchi Central), Olamilekan Adeola (APC, Ogun West), and Ibrahim Dankwambo (PDP, Gombe North), emphasized the need for transparency in tracking and documenting losses, while clarifying that the Senate lacks constitutional power to recover funds directly.
Senate Deputy President, Barau Jibrin (APC, Kano North), reaffirmed that only the executive arm has the authority to recover stolen funds but urged the committee to submit comprehensive findings.
Senate President Godswill Akpabio commended the committee for its work and directed it to continue investigations and present a final report for consideration.
