The senate has uncovered what it describes as “massive” revenue losses of more than $300 billion of crude oil proceeds unaccounted-for over the years.
This was contained in the interim report presented by its ad hoc committee investigating crude oil theft and related sabotage in the Niger Delta.
Ned Nwoko, senator representing Delta north and chair of the committee, presented the report during plenary on Wednesday.
This comes after another committee alleged that over ₦210 trillion in unaccounted funds from the Nigerian National Petroleum Company Limited 2017–2023 financial statements bringing to the fore the menace of revenue losses in the petroleum industry.
Speaking during plenary on Wednesday, Nwoko said the committee’s findings so far indicate “massive” revenue losses of more than $300 billion from unaccounted-for crude oil proceeds over the years.
The senator said the report recommends strict enforcement of internationally recognised crude oil measurement standards at all production sites and export terminals.
He said the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) should be mandated to acquire modern measuring technology or the responsibility should be restored to the weights and measures department under the federal ministry of industry, trade and investment.
The lawmaker said the federal government should deploy surveillance technology, including unmanned aerial vehicles, to support security agencies in tackling oil theft.
He said the report also calls for the establishment of a maritime trust fund to improve maritime training, safety, and security.
“The federal government should set up a special court to promptly prosecute crude oil thieves properly and their collaborators,” Nwoko said.
“The federal government should immediately implement the host communities development trust fund under the Petroleum Industry Act, PIA, to reduce sabotage.
“All abandoned and decommissioned wells should be completely ceded to NUPRC who should in turn hand such wells to modular refineries to reduce sabotage and increase crude availability for local consumption.
“The ad hoc committee should be given the mandate to track, trace and recover all proceeds of stolen crude oil both locally and internationally, as forensic review by the consultant shows over $22 billion, $81 billion and $200 billion remains unaccounted.”
Abdul Ningi, senator representing Bauchi central, said the committee can trace and document losses but does not have the mandate to recover stolen funds.
Solomon Adeola, senator representing Ogun west, said the consultant must provide specific names of companies and individuals involved.
“The funds mentioned in this report, if put together, we are talking about $300 billion dollars. The consultant should come up with a detailed list of those who carried out these actions,” he said.
Ibrahim Dankwambo, senator representing Gombe north, said the final report must identify the actors involved and the specific wells, rigs, and locations where losses occurred.
Enyinnaya Abaribe, senator representing Abia south, said the document should be received as an interim report pending further action.
Senate President Godswill Akpabio commended the committee and said the upper legislative chamber will consider recommendations after the final report is submitted.
He instructed the committee to continue its investigation and present a comprehensive final report in due course.
