(DDM) – The Nigerian Senate has raised alarm over the discovery of massive crude oil losses estimated at more than $300 billion, following the submission of an interim report by its Ad Hoc Committee investigating oil theft and sabotage in the Niger Delta.
According to Diaspora Digital Media (DDM), the shocking figure emerged during plenary on Wednesday when the committee presented preliminary findings, revealing widespread collusion between industry insiders, security operatives, and international cartels.
The committee, chaired by Senator Bassey Albert Akpan, disclosed that Nigeria has consistently lost billions in unaccounted crude proceeds over the years due to systemic corruption, pipeline vandalism, and weak regulatory oversight.
Lawmakers expressed outrage over what they described as “an organised criminal enterprise” that has crippled Nigeria’s oil revenue, destabilised the economy, and eroded public trust in government institutions.
Senator Akpan said the probe uncovered evidence suggesting that many oil theft operations were carried out with the knowledge of certain high-ranking officials within the petroleum and security sectors.
He warned that unless drastic action is taken, Nigeria could continue to lose up to $10 billion annually through unmetered crude shipments, illegal bunkering, and falsified export records.
Background checks by DDM show that oil theft has plagued Nigeria for decades, particularly in the oil-rich Niger Delta region, where militant groups, corrupt officials, and foreign syndicates reportedly siphon millions of barrels monthly.
Despite several government interventions, including the deployment of security task forces and the introduction of surveillance contracts, experts say the situation has worsened due to lack of transparency and accountability in the oil and gas industry.
The Senate committee’s report also noted that several offshore terminals and flow stations operated without accurate metering systems, making it almost impossible to track real export volumes.
Some lawmakers called for an independent forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) and other agencies responsible for crude export and revenue management.
Senator Akpan urged the federal government to treat the findings as a matter of national emergency, stressing that the continued bleeding of oil revenues was undermining Nigeria’s economic sovereignty.
“We are not just losing crude oil; we are losing the foundation of our nation’s fiscal survival,” he said. “This is not mere theft, it is an economic war being waged from within.”
DDM recalls that crude oil remains Nigeria’s primary source of foreign exchange, accounting for more than 80 percent of government revenue.
However, persistent theft and corruption have significantly reduced the nation’s production capacity, pushing it below OPEC quotas and driving budget shortfalls.
The Senate is expected to debate the full report in December, after which legislative recommendations, including possible prosecution of implicated officials and review of existing oil laws, will be submitted to the executive arm.
As Nigerians react to the revelation, calls are mounting for an international investigation to trace stolen oil proceeds allegedly laundered through foreign accounts and shell companies linked to global oil traders.