Senate probe uncovers how Nigeria lost $300bn to oil theft, sabotage

A Nigerian Senate probe has revealed that systemic failures, including poor measurement standards and weak enforcement, led to a staggering $300 billion in lost oil revenue from 2015 to date.

The 23-man adhoc committee, headed by Senator Ned Munir Nwoko, presented its interim report on Wednesday, detailing the causes behind the rampant sabotage and crude oil theft in the Niger Delta region. The findings were based on stakeholder submissions, public documents, and records.

The 40-page report includes several key recommendations to combat the crisis. It urges the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to enforce international crude oil measurement standards at all production and export sites.

To improve security, it calls for the Federal Government to equip agencies with modern technology like drones and to establish a Maritime Trust Fund.

Other proposals include creating special courts to prosecute oil thieves, fully implementing the Host Communities Development Trust Fund, and handing over abandoned wells to the NUPRC for proper management.

A particularly bold recommendation—that the committee itself be empowered to “track, trace, and recover” stolen crude and its proceeds worldwide—sparked debate among senators. While lawmakers praised the committee’s work, many cautioned against overstepping legislative boundaries.

Senator Abdul Ningi described the report as “detailed and commendable” but argued that recovery is beyond the Senate’s power, a position supported by Senator Solomon Adeola. They, along with others like Senator Ibrahim Dankwambo, suggested the committee’s role should be to trace the losses and provide specific details—such as company names, locations, and well-by-well data—for executive agencies like the EFCC to handle recovery.

Senate President Godswill Akpabio agreed, stating that while the Senate’s duty is to “track and trace,” recovery is a mandate for government agencies.

He described the $300 billion loss as “staggering” and underscored the need for urgent sector reforms.

The Senate ultimately adopted the interim report and directed the committee to continue its investigation and submit a final, more comprehensive report.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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