Sen. Ned Nwoko (APC-Delta) has sought an expanded mandate to track, trace, and recover stolen crude oil proceeds both locally and internationally.
Nwoko, who represents Delta North Senatorial District and Chairman, Senate Ad hoc Committee on Oil Theft and Sabotage, made the call on Thursday, while speaking with the the News Agency of Nigeria (NAN), Abuja on progress made so far by his committee.
He said that forensic reviews show over 22 billion dollars, 81 billion dollars, and 200 billion dollars remained 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.
He also said that the Ad Hoc Committee on Crude Oil Theft and Sabotage, on Wednesday presented it’s interim repor 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.
“There is need for strict enforcement of international crude oil measurement standards at all production and export points.
The Federal Government should also mandate 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,” he said.
The senator called for the deployment of advanced surveillance systems, including drones, to assist security agencies in combating oil theft.
He also called for the creation of a Special Court for Crude Oil Theft to ensure swift prosecution of offenders and their collaborators, would also go a long way in tackling the challenge.
“We must also endure the 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 is also very vital in fighting the menace of oil theft and sabotage, Nwoko further said.
