The Senate has called for urgent measures to halt crude oil theft and recover billions in lost revenue, after receiving an interim report indicating that Nigeria may have lost more than $300 billion to unaccounted crude oil proceeds over several years.
Presenting the report on Wednesday, Ned Nwoko, senator representing Delta North and chairman of the ad hoc committee investigating oil theft, said the findings point to extensive leakages across production and export operations.
He said the committee recommended enforcing international crude measurement standards at all production sites and terminals, and mandating the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to deploy modern metering technology. If NUPRC cannot deliver, he said the responsibility should return to the weights and measures department under the ministry of industry, trade and investment.
The report also proposes deploying surveillance technology, including drones, to support security agencies in tackling pipeline vandalism and illegal oil bunkering. It further calls for the creation of a maritime trust fund to enhance training and security along Nigeria’s coastline.
Nwoko recommended the establishment of a special court to speed up prosecution of oil theft cases, as well as full implementation of the Petroleum Industry Act’s host communities trust fund to reduce sabotage. He also urged that abandoned and decommissioned wells be transferred to modular refineries to boost local supply and reduce illegal tapping.
He added that the committee should be empowered to trace and recover proceeds of stolen crude oil, noting consultant reviews suggesting unaccounted revenues of $22 billion, $81 billion, and $200 billion across various periods.
However, some lawmakers insisted that the final report must identify those responsible.
Solomon Adeola (Ogun West) demanded a list of companies and individuals implicated, saying: “If we total these losses, we are discussing $300 billion. We must know who carried out these actions.”
Ibrahim Dankwambo (Gombe North) said the final document must pin down the specific wells, rigs, and locations linked to the losses. Abdul Ningi (Bauchi Central) said the committee can trace losses but does not yet have the mandate to recover funds.
Senate President Godswill Akpabio praised the committee’s progress and instructed it to continue its investigation and submit a comprehensive final report for legislative consideration.
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