The Senate on Wednesday received the interim report of its ad hoc committee investigating crude oil theft in the Niger Delta, amid fresh concerns that Nigeria may have lost more than $300bn in unaccounted crude proceeds over the years.
The loss is attributed to alleged collusion, poor industry oversight, and entrenched sabotage networks.
The committee, chaired by Senator Ned Nwoko (Delta North), was set up earlier this year to probe persistent crude oil theft, bunkering operations, illegal export networks, and alleged compromises within regulatory and security systems, a crisis long blamed for dwindling production and Nigeria’s failure to meet Organisation of the Petroleum Exporting Countries output quotas.
Presenting the interim findings, Nwoko said the committee uncovered “systemic irregularities, poor measurement standards, and weak enforcement” across the petroleum value chain.
The preliminary document, which runs into about 40 pages, lays out proposed reforms and urgent actions.
“The ad hoc committee should be given the mandate to track, trace, and recover all proceeds of stolen crude oil transactions, both locally and internationally, as forensic review by the consultants shows over $22bn, $81bn, and $200bn remain unaccounted for.
“We are proposing to go straight to the recommendations as the full report is voluminous.
“The committee, after extensive assessment, recommends that the Nigerian Upstream Petroleum Regulatory Commission should strictly enforce internationally accepted crude oil measurement standards at all production sites and export terminals,” Nwoko said.
The Senate on Wednesday received the interim report of its ad hoc committee investigating crude oil theft in the Niger Delta, amid fresh concerns that Nigeria may have lost more than $300bn in unaccounted crude proceeds over the years.
The loss is attributed to alleged collusion, poor industry oversight, and entrenched sabotage networks.
The committee, chaired by Senator Ned Nwoko (Delta North), was set up earlier this year to probe persistent crude oil theft, bunkering operations, illegal export networks, and alleged compromises within regulatory and security systems, a crisis long blamed for dwindling production and Nigeria’s failure to meet Organisation of the Petroleum Exporting Countries output quotas.
Presenting the interim findings, Nwoko said the committee uncovered “systemic irregularities, poor measurement standards, and weak enforcement” across the petroleum value chain.
The preliminary document, which runs into about 40 pages, lays out proposed reforms and urgent actions.
“The ad hoc committee should be given the mandate to track, trace, and recover all proceeds of stolen crude oil transactions, both locally and internationally, as forensic review by the consultants shows over $22bn, $81bn, and $200bn remain unaccounted for.
“We are proposing to go straight to the recommendations as the full report is voluminous.
“The committee, after extensive assessment, recommends that the Nigerian Upstream Petroleum Regulatory Commission should strictly enforce internationally accepted crude oil measurement standards at all production sites and export terminals,” Nwoko said.
