By Anamati Inyang | November 7, 2025
The Senate has revealed that about $303 billion in proceeds from stolen crude oil transactions, both locally and internationally, remain unaccounted for over the years.
This disclosure came during the presentation of an interim report by the Senate Ad hoc Committee on Crude Oil Theft and Related Sabotage in the Niger Delta, chaired by Senator Ned Nwoko (APC, Delta North).
According to the report, forensic reviews conducted by consultants indicated that more than $22 billion; $81 billion; and $200 billion in crude oil proceeds have not been properly accounted for.
Senate Probes Crude Oil Theft and Systemic Leakages
Senator Nwoko, while presenting the findings, said the committee’s investigations exposed large scale discrepancies in crude oil measurement and export documentation. He emphasized the need for strict enforcement of internationally recognized crude oil measurement standards at all production sites and export terminals.
The report recommended that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) should be mandated to acquire modern measuring technology or that the responsibility be reassigned to the Weights and Measures Department under the Federal Ministry of Industry; Trade; and Investment.
It further advised the Federal Government to deploy modern surveillance technology and logistics to enhance the capacity of security agencies in monitoring the oil sector. This, the committee said, should include the use of Unmanned Aerial Vehicles (UAVs) such as quadcopters for real time surveillance and pipeline integrity monitoring systems to detect theft and leakages.
Recommendations for Accountability and Reforms
The committee urged the Federal Government to establish a Maritime Trust Fund dedicated to supporting maritime infrastructure; training; and safety operations. According to the report, such a fund would be strategic in improving maritime security; capacity development; and promoting sustainable economic growth.
Additionally, the committee called for immediate implementation of the Host Communities Development Trust Fund (HCDTF) under the Petroleum Industry Act (PIA) to reduce acts of sabotage and foster inclusion of host communities in the oil and gas value chain.
It also recommended that abandoned or decommissioned oil wells be handed over to the NUPRC, which should then allocate them to modular refinery operators to enhance domestic crude processing and curb sabotage.
Senators React to the Interim Report
Following the presentation, several senators made contributions on the way forward.
Senator Abdul Ningi (PDP, Bauchi Central) noted that while the committee could trace and document stolen funds, it lacked the authority to recover them.
Senator Olamilekan Adeola (APC, Ogun West) insisted that the consultants must name specific companies and individuals involved in the theft.
Deputy Senate President Barau Jibrin (APC, Kano North) clarified that the National Assembly had no constitutional power to recover funds, stressing that only the Executive could take such action based on the findings.
Senator Ibrahim Dankwambo (PDP, Gombe North) urged that the final report should include the names of actors, wells, rigs, and locations where the losses occurred.
Senator Enyinnaya Abaribe (APGA, Abia South) described the submission as an interim report, urging the committee to continue its work to completion.
Senator Lola Ashiru (APC, Kwara South) expressed concern that the missing funds amounted to “almost ten years of Nigeria’s national budget,” describing it as an economic tragedy.
Akpabio Commends Committee, Orders Continuation of Probe
Senate President Godswill Akpabio, while commending the committee for its effort, said the Senate would review and act on the recommendations once the final report is presented.
He directed the committee to intensify its investigation and submit a comprehensive report that would enable the Senate to take decisive legislative action against crude oil theft.
