By Ogechi Anita Agu
ABUJA (PRECISE POST) – The Nigerian Senate on Wednesday, November 5, 2025, received an explosive interim report revealing that over $300 billion in crude oil proceeds remain unaccounted for due to decades of theft and sabotage in the Niger Delta.
Presenting the report during plenary, Senator Ned Nwoko (Delta North), chairman of the Senate Ad Hoc Committee on Crude Oil Theft, said the findings expose “massive revenue losses” stretching across several years.
The committee urged the strict enforcement of global crude oil measurement standards at all production and export terminals. It also recommended that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) acquire modern metering technology and deploy advanced surveillance tools — including unmanned aerial vehicles (UAVs) — to monitor pipelines and deter theft.
To ensure swift justice, the committee proposed the establishment of special courts dedicated to prosecuting oil thieves and their collaborators. It also called for full implementation of the Host Communities Development Trust under the Petroleum Industry Act to curb local sabotage.
Senator Nwoko further revealed that consultant reviews traced $22 billion, $81 billion, and $200 billion in separate periods that remain unaccounted for, emphasizing the need to “track and trace” stolen crude proceeds both locally and abroad.
Senator Lola Ashiru (Kwara South) described the estimated losses as equivalent to “almost ten years of Nigeria’s national budget,” urging the committee to dig deeper.
Senate President Godswill Akpabio commended the committee’s work, assuring that the chamber would consider its recommendations once the final report is submitted. He directed the committee to continue its investigation to deliver a comprehensive account of Nigeria’s long-running crude oil theft crisis.
