Senate Uncovers $303bn Crude Oil Theft, Orders Additional Probe

The Nigerian Senate has uncovered large-scale monetary discrepancies within the oil sector, revealing that about $303 billion was allegedly stolen from native and worldwide crude oil transactions.

The revelation got here by the Senate Committee on Investigating Incessant and Nefarious Acts of Crude Oil Theft within the Niger Delta, which mentioned forensic audits by its consultants confirmed over $22 billion, $81 billion, and $200 billion lacking in separate crude sale data.

Presenting the interim report throughout Wednesday’s plenary, the committee Chairman, Senator Ned Nwoko, mentioned the findings uncovered deep corruption inside Nigeria’s oil export system, resulting in main income losses by diversion and manipulation of proceeds.

Lawmakers urged the consultants to reveal names of people and corporations concerned, stressing that the lacking funds have to be recovered.

The Senate directed Nwoko’s committee to proceed investigations and submit a complete last report back to facilitate referrals to anti-graft companies for prosecution.

The report really helpful making a particular court docket to attempt crude oil thieves and their accomplices.

Paperwork submitted by advisor E.J. Agbonayinma revealed an $81 billion shortfall between crude oil proceeds declared by the NNPC and DPR from 2016 to 2017, in comparison with what was acquired by the Central Bank of Nigeria.

Additional forensic evaluation confirmed that between 2015 and 2024, over $200 billion price of crude oil gross sales proceeds had been unaccounted for in each native and worldwide transactions.

The report additionally detailed fraud inside the NNPC Restricted’s Direct Sale Direct Buy (DSDP) programme, the place billions of {dollars} meant for home refining and taxes had been allegedly diverted.

In 2017 alone, 27% of home crude valued at over $1 billion was reportedly stolen, whereas 68% of tax oil price $844 million was diverted. By 2019, crude theft worsened, with 44.7% of home crude and 40% of tax oil proceeds lacking.

The committee discovered over 10 offshore and onshore three way partnership accounts the place crude sale proceeds had been allegedly laundered, implicating 16 firms in a community of collusion and technical manipulation.

It additionally cited weak surveillance, human interference, and lack of coordination amongst safety and regulatory companies as key enablers of oil theft.

The Senate directed the committee to establish all culprits, collect proof, and work with related companies to assist restoration and prosecution.