Following fresh concerns that Nigeria may have lost more than $300bn in unaccounted crude proceeds over the years due to alleged collusion, poor industry oversight, and entrenched sabotage networks, the Senate on Wednesday received the interim report of its Ad Hoc Committee investigating crude oil theft in the Niger Delta.
The committee, chaired by Senator Ned Nwoko (Delta North), was set up earlier this year to probe the persistent theft of crude oil, bunkering operations, illegal export networks, and alleged compromises within regulatory and security systems — a crisis long blamed for dwindling production and Nigeria’s failure to meet OPEC output quotas.
Nwoko, while presenting the interim findings, Nwoko disclosed that the committee uncovered “systemic irregularities, poor measurement standards, and weak enforcement” across the petroleum value chain.
The preliminary document, which runs into about 40 pages, lays out proposed reforms and urgent actions.
“We are proposing to go straight to the recommendations as the full report is voluminous.
“The Ad-hoc Committee should be given the mandate to track, trace and recover all proceeds of stolen crude oil transactions, both locally and internationally, as forensic review by the Consultants shows over $22bn, $81bn and $200bn remains unaccounted.”
“The committee, after extensive assessment, recommends that the Nigerian Upstream Petroleum Regulatory Commission should strictly enforce internationally accepted crude oil measurement standards at all production sites and export terminals,” Nwoko said.
The report further advised the Federal Government to equip security agencies with modern surveillance technology, including unmanned aerial vehicles, to monitor pipelines and export routes.
It also called for the establishment of a Maritime Trust Fund to enhance maritime security, infrastructure, and inter-agency intelligence operations.
Other recommendations include the establishment of special courts to prosecute crude oil thieves, full implementation of the Host Communities Development Trust Fund under the Petroleum Industry Act (PIA), and the handover of abandoned wells to the NUPRC for proper management and utilisation.
Senate President, Godswill Akpabio, commended the committee’s “thorough and courageous work” but aligned with colleagues who argued that recovery of stolen oil and funds falls under executive agencies.
