Senate Committee Flags $300bn in Lost Crude, Proposes Urgent Petroleum Sector Reforms

The Senate on Wednesday received the interim report from its ad hoc committee probing crude oil theft in the Niger Delta, highlighting fresh concerns that Nigeria may have lost over $300 billion in unaccounted crude proceeds over the years.

The massive losses have been linked to alleged collusion, weak regulatory oversight, and entrenched sabotage networks.

Chaired by Senator Ned Nwoko (Delta North), the committee was established earlier this year to investigate persistent crude theft, bunkering operations, illegal exports, and suspected compromises within regulatory and security systems—issues long blamed for declining production and Nigeria’s recurring failure to meet OPEC output quotas.

Presenting the preliminary findings, Nwoko revealed “systemic irregularities, poor measurement standards, and weak enforcement” throughout the petroleum value chain. The interim report, spanning around 40 pages, outlines urgent actions and proposed reforms.

“The ad hoc committee should be empowered to track, trace, and recover all proceeds from stolen crude oil transactions, both domestically and internationally. Forensic reviews indicate that over $22 billion, $81 billion, and $200 billion remain unaccounted for,” Nwoko stated.

He added that, given the report’s length, the committee opted to present the key recommendations, which include a call for the Nigerian Upstream Petroleum Regulatory Commission to strictly enforce internationally accepted crude oil measurement standards at all production sites and export terminals.