Abuja: Nigeria’s losses due to crude oil theft are more significant than those of some other OPEC members. The Chairman, Senate Ad hoc Committee on Crude Oil Theft, Sen. Ned Nwoko, made this known in an interview with the News Agency of Nigeria.
According to News Agency of Nigeria, Nwoko emphasized the detrimental impact of the issue, including economic damage, environmental destruction, and its impact on host communities. He highlighted that the theft was weakening the Naira and depriving the nation of vital revenue needed for infrastructure, healthcare, education, and social development. The senator, representing Delta North Senatorial District, revealed that the scale of this theft is staggering, with reports indicating losses of over 200,000 barrels per day.
He further explained that the ad hoc committee on Crude Oil Theft, which he chaired, recently conducted a two-day public hearing on the rampant theft of crude oil through illegal bunkering, pipeline vandalism, and the systemic gaps in the regulation and surveillance of the nation’s petroleum resources. The hearing was described as a pivotal step in addressing one of the most pressing challenges facing the nation.
Nwoko noted, “Nigeria loses billions of dollars annually to crude oil theft. This is severely undermining our economy, weakening the Naira, and depriving the nation of vital revenue needed for infrastructure, healthcare, education, and social development. The scale of this theft is staggering, with reports indicating losses of over 200,000 barrels per day more than some OPEC member nations produce. This criminal enterprise fuels corruption, funds illegal activities, and devastates our environment through spills and pollution.”
He emphasized that the public hearing was not just another talk shop but a decisive platform to uncover the root causes of crude oil theft, bunkering, and pipeline vandalism. The hearing aimed to evaluate the effectiveness of existing surveillance, monitoring, and enforcement mechanisms, identify regulatory and legislative gaps, engage stakeholders, and strengthen legal frameworks to ensure stricter penalties and more efficient prosecution of offenders.
Nwoko stressed the importance of addressing this issue for Nigeria’s survival, saying, “We cannot continue to haemorrhage resources while our people suffer. The future of our economy and the well-being of generations unborn depend on the actions we take today.”
He assured that the Senate and the National Assembly are committed to passing laws to strengthen regulatory agencies like NUPRC, NEITI, NSA, among others, enhance community engagement, and provide alternative livelihoods for Niger Delta youth. Additionally, he highlighted the importance of improving inter-agency collaboration between the military, police, NSCDC, and private security firms while enforcing transparency in crude oil lifting and metering processes.
Nwoko disclosed that the Ad-hoc Committee had begun work by engaging forensic experts to trace and provide information on crude oil theft from the point of lifting to sales, including bank transactions. He concluded, “This is truly yielding great results and the Ad-hoc Committee will in due time not hesitate to publish its findings. Together, we can reclaim Nigeria’s stolen wealth, secure our energy infrastructure, and restore confidence in the petroleum sector.”