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 due 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 the persistent theft of crude oil, 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 OPEC output quotas.
Presenting the interim findings, Nwoko disclosed that 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.
