Nigeria lost over $300 billion to oil theft, Auditors tell Senate

The Senate ad hoc committee investigating persistent crude oil theft in the Niger Delta has disclosed that a forensic audit conducted by independent consultants revealed that suspected oil thieves stole more than $300 billion worth of oil, which ought to have been Nigeria’s proceeds from crude oil sales.

Penpushing reports that chairman of the committee Senator Ned Nwoko, made the disclosure this while presenting an interim report of the committee during Wednesday’s plenary, adding that the findings were based on a forensic review conducted by consultants engaged by the committee.

The Senator representing Delta North Senatorial District explained that the stolen funds were traced to both local and international transactions, however, requested that the committee should be given the mandate to track, trace, and recover all proceeds of stolen crude oil both locally and internationally

“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,” he said.

Penpushing further reports that Nwoko who did not disclosed identity of the consultants, stated that the period covered by the forensic report, the identities of the suspected perpetrators and the companies allegedly involved.

The federal lawmaker, however, pointed out that the report was interim, suggesting that more findings would be made public in the committee’s final submission, adding that the committee recommended that the Nigerian government establish a special court dedicated to prosecuting oil-related offences and offenders appropriately.

Penpushing also reports that the committee urged the government to implement the Host Communities Development Trust Fund under the Petroleum Industry Act (PIA) to reduce sabotage in oil-producing regions.

“The federal government should set up a special court to promptly prosecute crude oil thieves properly and their collaborators. 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’, he said.

Meanwhile, Nigeria’s oil-producing states are predominantly in the Niger Delta region, which include: Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo, and Rivers states.

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