Senate Probe Uncovers $300 Billion in Unaccounted Crude Oil Revenue

The Nigerian Senate has received an interim report from its ad hoc committee investigating crude oil theft and sabotage in the Niger Delta, revealing that more than $300 billion in oil revenue remains unaccounted for.

Senator Ned Nwoko, who represents Delta North and chairs the committee, presented the findings during Wednesday’s plenary session. He said investigations show “massive” revenue losses spanning several years, largely due to poor measurement systems and unchecked theft across production and export points.

The committee recommended the enforcement of internationally recognized crude oil measurement standards and urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to adopt modern measuring technologies. Alternatively, the report proposed returning the responsibility for measurement to the weights and measures department under the Federal Ministry of Industry, Trade and Investment.

Nwoko also called for the deployment of advanced surveillance systems, including drones, to help security agencies monitor oil facilities and curb theft. He further recommended the creation of a maritime trust fund to strengthen maritime safety, training, and security operations.

The report advised the federal government to establish a special court dedicated to prosecuting crude oil thieves and their collaborators. It also urged the swift implementation of the host communities development trust fund under the Petroleum Industry Act to reduce sabotage and promote local participation.

The committee proposed that all abandoned and decommissioned oil wells be transferred to the NUPRC and subsequently allocated to modular refineries to boost domestic refining and reduce losses.

Nwoko said a forensic review revealed that $22 billion, $81 billion, and $200 billion remain unaccounted for in separate audit periods. The committee requested authority to track and trace proceeds of stolen crude both locally and internationally.

Some senators raised concerns about the scope of the committee’s powers. Senator Abdul Ningi noted that while the panel can document losses, it does not have the mandate to recover stolen funds. Senator Solomon Adeola urged that the consultants identify the specific companies and individuals involved, while Senator Ibrahim Dankwambo stressed the need to pinpoint the exact wells and locations of theft.

Senator Lola Ashiru described the estimated losses as equivalent to nearly ten years of Nigeria’s national budget and encouraged the committee to continue its work.

Senate President Godswill Akpabio commended the committee’s efforts and directed it to continue its investigation, promising that the chamber will review its recommendations once the final report is submitted.