• Upper chamber receives interim report on crude oil theft investigation

The Senate has disclosed that about $303 billion from proceeds of stolen crude oil transactions, both within and outside Nigeria, remain unaccounted for over the years.

This revelation came on Tuesday as the Senate received an interim report from its Ad Hoc Committee on Crude Oil Theft and Related Sabotage in the Niger Delta, chaired by Senator Ned Nwoko (APC, Delta North).

Presenting the report, Senator Nwoko said a forensic review by independent consultants revealed that $22 billion, $81 billion, and $200 billion from crude oil proceeds could not be traced to government accounts.

According to him, the committee recommended the strict enforcement of internationally recognized crude oil measurement standards at all production sites and export terminals to curb leakages and theft.

He said the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) should be mandated to acquire modern metering and monitoring technology. Alternatively, the responsibility could be reassigned to the Weights and Measures Department under the Federal Ministry of Industry, Trade and Investment.

The committee also urged the Federal Government to deploy advanced surveillance and security technologies — including Unmanned Aerial Vehicles (UAVs) and integrity monitoring systems — to help security agencies detect theft and pipeline breaches in real time.

Among its recommendations, the committee proposed the creation of a Maritime Trust Fund to enhance maritime infrastructure, training, and security operations, as well as the establishment of a special court for the speedy prosecution of crude oil thieves and their collaborators.

The report further called for the immediate implementation of the Host Communities Development Trust Fund (HCDTF) under the Petroleum Industry Act (PIA) to reduce sabotage in oil-producing regions. It also recommended that all abandoned and decommissioned oil wells be transferred to the NUPRC, which would then allocate them to modular refineries to boost local refining capacity.

During deliberations, senators debated the scope of the committee’s powers, especially regarding its recommendation to trace and recover stolen crude oil proceeds.

Senator Abdul Ningi (PDP, Bauchi Central) noted that while the committee could track and document financial losses, it lacked the authority to recover stolen funds.

Senator Olamilekan Adeola (APC, Ogun West) called on the consultants to name the specific companies and individuals implicated in the theft, while Deputy Senate President Barau Jibrin (APC, Kano North) clarified that the National Assembly could not recover funds but only submit its findings to the executive for further action.

Senator Ibrahim Dankwambo (PDP, Gombe North) emphasized the need for the final report to identify all actors involved, as well as the affected wells, rigs, and locations. Similarly, Senator Enyinnaya Abaribe (APGA, Abia South) described the submission as an interim report that required further review.

Senator Lola Ashiru (APC, Kwara South) remarked that the estimated $303 billion loss was equivalent to “almost ten years of Nigeria’s budget,” urging the committee to continue its work diligently.

In his closing remarks, Senate President Godswill Akpabio commended the committee for its efforts, stating that the Senate would consider its recommendations after receiving the final report. He directed the committee to continue its investigation and present a comprehensive report for further legislative action.