The Nigerian Senate has received an explosive interim report from its ad hoc committee revealing over $300 billion in revenue losses from crude oil theft and sabotage in the Niger Delta over the years.
Senator Ned Nwoko (Delta North), chairman of the committee, presented the findings during Wednesday’s plenary, describing the scale of unaccounted crude proceeds as “massive".
Key recommendations include:
Mandatory adoption of international crude measurement standards at all production and export terminals.
Empowering NUPRC to deploy modern metering technology or transferring the function to the Weights and Measures Department under the Ministry of Industry, Trade and Investment.
Deployment of drones and surveillance systems to bolster security against pipeline vandalism and theft.
Creation of a Maritime Trust Fund to enhance training, safety, and security in Nigeria’s waterways.
Establishment of a special court for swift prosecution of oil thieves and their accomplices.
Immediate implementation of the Host Communities Development Trust Fund under the Petroleum Industry Act (PIA) to curb local sabotage.
Transfer of abandoned wells to NUPRC for allocation to modular refineries to boost local refining and reduce theft incentives.
The report also urges the committee be granted powers to track and recover stolen crude proceeds, with forensic audits pointing to $22 billion, $81 billion, and $200 billion unaccounted for in separate periods.
Reacting, Senator Abdul Ningi (Bauchi Central) clarified that while the committee can document losses, fund recovery exceeds its mandate.
Senator Solomon Adeola (Ogun West) demanded the consultant name specific companies and individuals involved, noting the $300 billion total “equals nearly a decade of Nigeria’s budget.
”Senator Ibrahim Dankwambo (Gombe North) insisted the final report must identify exact wells, rigs, and locations of theft.
Senator Enyinnaya Abaribe (Abia South) supported receiving the document as an interim report pending deeper scrutiny.
Senator Lola Ashiru (Kwara South) described the losses as “catastrophic” and urged swift follow-up action.
Senate President Godswill Akpabio praised the committee’s work and assured that recommendations will be reviewed upon submission of the final report.
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