- Auditors reveal $300 billion lost to crude oil theft in Nigeria.
- The Senate plans a special court to recover funds and prosecute offenders.
Auditors appointed by the Nigerian Parliament have uncovered the vast scale of Nigeria’s oil theft scandal. They estimate losses of approximately $300 billion, revealing how stolen crude oil was traded both domestically and internationally. The discovery has sparked outrage and renewed calls for accountability.
Senator Ned Nwoko, who chairs the Senate committee, stated that forensic reviews uncovered missing oil proceeds worth $22 billion, $81 billion, and $200 billion. Therefore, lawmakers want the committee to trace and recover all stolen funds, both within and outside the country.
The report presented to Parliament remains interim, meaning the actual loss could be even higher. Consequently, senators are pushing for the establishment of a special court to prosecute oil thieves and curb pipeline sabotage.
Oil theft and vandalism have plagued Nigeria for decades, weakening production and economic growth. The country once produced nearly two million barrels of oil daily in 2016. Since then, production has fallen sharply due to theft, vandalism, and low investor confidence.
Foreign energy companies have gradually reduced their presence, seeking safer investments elsewhere. Even so, progress is emerging. Earlier this year, Parliament passed a long-awaited energy law aimed at attracting investors through stronger transparency and more predictable policies.
In addition, President Bola Tinubu introduced a new tax incentive to promote efficiency and reduce costs in oil production. If fully enforced, these reforms could restore confidence and recover some of Nigeria’s lost revenue.
The exposure of Nigeria’s oil theft scandal has become a turning point. It underscores the urgent need for stronger institutions, better oversight, and proper accountability in Africa’s top oil producer.