UNCOVERING $300 BILLION IN UNACCOUNTED CRUDE OIL REVENUE

Yesterday, 5th November 2025, as Chairman of the Senate Ad Hoc Committee on Crude Oil Theft and Sabotage, I presented our interim report before the Senate.

Our investigation has so far uncovered massive revenue losses amounting to over $300 billion in unaccounted crude oil proceeds over the years. This represents one of the most troubling cases of economic sabotage our nation has ever faced.

We have made far-reaching recommendations to end this long-standing menace. These include:

 • The strict enforcement of international crude oil measurement standards at all production and export points.

 • Mandating the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to deploy modern, tamper-proof measuring technology or returning this function to the Department of Weights and Measures under the Ministry of Industry, Trade, and Investment.

 • The deployment of advanced surveillance systems, including drones, to assist security agencies in combating oil theft.

 • The creation of a Special Court for Crude Oil Theft to ensure swift prosecution of offenders and their collaborators.

 • Full implementation of the Host Communities Development Trust Fund under the Petroleum Industry Act (PIA) to empower local communities and reduce sabotage.

 • Ceding abandoned oil wells to the NUPRC for allocation to modular refineries to support local production and job creation.

The committee also seeks an expanded mandate to track, trace, and recover stolen crude oil proceeds, both locally and internationally. Forensic reviews show over $22 billion, $81 billion, and $200 billion remain unaccounted for across different audit periods.

This is a national call to action. Nigeria cannot afford to continue losing trillions to corruption, inefficiency, and criminal networks. I remain committed, alongside my colleagues, to ensuring accountability, recovery, and reform within the oil and gas sector.