Abuja: Sen. Ned Nwoko (APC-Delta) has called for an expanded mandate to effectively track, trace, and recover proceeds from stolen crude oil both domestically and internationally. Nwoko, who serves as the representative for Delta North Senatorial District and the Chairman of the Senate Ad hoc Committee on Oil Theft and Sabotage, spoke on Thursday with the News Agency of Nigeria (NAN) in Abuja regarding the progress made by his committee.
According to News Agency of Nigeria, forensic reviews have revealed that over $22 billion, $81 billion, and $200 billion remain unaccounted for across different audit periods. Nwoko emphasized the urgency of addressing this issue, stating, “This is a national call to action. Nigeria cannot afford to continue losing trillions to corruption, inefficiency, and criminal networks.” He reaffirmed his commitment, alongside his colleagues, to ensuring accountability, recovery, and reform within the oil and gas sector.
The Ad Hoc Committee on Crude Oil Theft and Sabotage presented its interim report to the senate on Wednesday. The investigation has so far uncovered massive revenue losses totaling over $300 billion in unaccounted crude oil proceeds over the years. Nwoko described this as one of the most significant cases of economic sabotage the nation has faced. The committee has made several recommendations, including the strict enforcement of international crude oil measurement standards at all production and export points.
Nwoko further suggested that the Federal Government should mandate the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to deploy modern, tamper-proof measuring technology, or consider returning this function to the Department of Weights and Measures under the Ministry of Industry, Trade, and Investment. He also advocated for the deployment of advanced surveillance systems, such as drones, to assist security agencies in combating oil theft.
Additionally, Nwoko called for the establishment of a Special Court for Crude Oil Theft to ensure the swift prosecution of offenders and their collaborators. He stressed the importance of implementing the Host Communities Development Trust Fund under the Petroleum Industry Act (PIA) to empower local communities and reduce sabotage. He also proposed ceding abandoned oil wells to the NUPRC for allocation to modular refineries to support local production and job creation, as vital measures in fighting the menace of oil theft and sabotage.