Ned Nwoko Seeks Mandate To Recover Billions In Stolen Crude Oil Funds.

Ned Nwoko.

Senator Ned Nwoko of the All Progressives Congress (APC), representing Delta North, has called for greater authority to trace, track, and recover stolen crude oil proceeds both within and outside Nigeria.

Speaking in Abuja on Thursday with the News Agency of Nigeria, the lawmaker, who chairs the Senate Ad Hoc Committee on Oil Theft and Sabotage, said forensic audits have revealed staggering sums — over 22 billion dollars, 81 billion dollars, and 200 billion dollars — that remain unaccounted for across different audit periods.

He described the situation as a national emergency, stressing that Nigeria can no longer afford to lose trillions of naira to corruption, inefficiency, and criminal activities within the oil and gas industry. “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,” he said.

Nwoko noted that his committee had already presented an interim report to the Senate, which revealed shocking revenue losses exceeding 300 billion dollars in unaccounted crude oil proceeds over the years. He described the findings as one of the most serious cases of economic sabotage in Nigeria’s history and disclosed that the committee has proposed far-reaching recommendations to address the problem.

He called for the enforcement of global standards for crude oil measurement at all production and export terminals. According to him, the Federal Government should compel the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to deploy modern, tamper-proof measuring technology or return the function to the Department of Weights and Measures under the Ministry of Industry, Trade, and Investment.

The senator also proposed the use of modern surveillance technology, including drones, to assist security agencies in curbing crude oil theft. In addition, he urged the establishment of a Special Court for Crude Oil Theft to ensure the speedy trial and conviction of offenders and their accomplices.

Nwoko further emphasised the need to fully implement the Host Communities Development Trust Fund under the Petroleum Industry Act (PIA) to empower local communities and discourage sabotage. He also suggested that abandoned oil wells be handed over to the NUPRC for reallocation to modular refineries, which would boost local refining capacity and create jobs, thereby reducing the incentive for oil theft.