Senator Ned Nwoko, Chairman of the Senate Ad Hoc Committee on Crude Oil Theft and Sabotage, presented a staggering interim report on Monday, January 5, 2026, revealing that Nigeria has lost over $300 billion in unaccounted crude oil proceeds. The investigation, which Senator Nwoko described as uncovering “one of the most troubling cases of economic sabotage” in the nation’s history, identified massive revenue shortfalls across several audit periods. Forensic reviews cited specifically missing figures of $22 billion, $81 billion, and $200 billion. The report blames a combination of weak oversight, entrenched sabotage networks, and a lack of modern measurement technology for the “unprecedented” drain on the national treasury.
The committee’s findings suggest that systemic irregularities and collusion within the petroleum value chain have allowed for the unremitted tracking of exports since 2015. To address this, Senator Nwoko proposed a series of far-reaching reforms, including the immediate deployment of advanced drone surveillance systems to monitor pipeline networks and the creation of a Special Court for Crude Oil Theft. The committee also recommended that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) enforce international crude oil measurement standards at all export points, or return this function to the Department of Weights and Measures to ensure accurate metering.
The report further advised the full implementation of the Host Communities Development Trust Fund under the Petroleum Industry Act (PIA) to reduce local acts of sabotage by empowering residents. Another notable recommendation is the ceding of abandoned or decommissioned oil wells to the NUPRC for reallocation to modular refineries, which would support local production and job creation. While the Senate lauded the “thorough and courageous effort,” some lawmakers, including Senator Abdul Ningi, cautioned that while the Senate can “track and trace” the funds, the actual recovery of stolen proceeds must remain the responsibility of agencies like the EFCC and ICPC.
