Senate crude oil report shows $303bn unaccounted, urges modern tech, special courts, and trust funds to tackle theft and sabotage in Niger Delta.

Senate crude oil report findings indicate that $303 billion from stolen crude oil transactions, both locally and internationally, remain unaccounted for over the years. The interim report was presented by Senator Ned Nwoko, Chairman of the Senate Ad-hoc Committee on Crude Oil Theft, following an investigation into pipeline sabotage and related losses in the Niger Delta.

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According to the report, forensic reviews identified missing funds in tranches of $22 billion, $81 billion, and $200 billion. It recommends strict enforcement of internationally recognised crude oil measurement standards at all production sites and export terminals.

The committee urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to adopt modern measuring technologies or restore responsibility to the weights and measures department under the Federal Ministry of Industry, Trade and Investment. It also called for the deployment of advanced equipment and Unmanned Aerial Vehicles (UAVs) to support pipeline surveillance and theft detection.

The interim report further suggested establishing a Maritime Trust Fund to support maritime infrastructure, training, and security. Additionally, the committee recommended setting up a special court to promptly prosecute crude oil thieves and their collaborators. It also emphasised the implementation of the Host Communities Development Trust Fund under the Petroleum Industry Act (PIA) to reduce sabotage, and the transfer of decommissioned wells to modular refineries to boost local crude supply.

Senators contributing to the session highlighted challenges in enforcement. Senator Abdul Ningi noted that while the committee can trace and document losses, it lacks the constitutional mandate to recover stolen funds. Senator Olamilekan Adeola called for specific names of companies and individuals implicated in the forensic review.

Deputy Senate President Barau Jibrin reminded the chamber that the National Assembly cannot recover funds directly but can forward findings to the executive. Senator Ibrahim Dankwambo stressed the need to identify specific actors, wells, rigs, and locations involved in the losses.

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Senator Enyinnaya Abaribe described the document as an interim report, while Senator Lola Ashiru noted that the estimated losses equate to almost ten years of Nigeria’s national budget, urging continued investigation. Senate President Godswill Akpabio commended the committee and instructed it to produce a comprehensive final report before the recommendations are fully considered.

thecable.ng