The Nigerian Senate has uncovered large-scale financial discrepancies in the oil sector, revealing that about $303 billion was allegedly stolen from local and international crude oil transactions.
The revelation came through the Senate Committee on Investigating Incessant and Nefarious Acts of Crude Oil Theft in the Niger Delta, which said forensic audits by its consultants showed over $22 billion, $81 billion, and $200 billion missing in separate crude sale records.
Presenting the interim report during Wednesday’s plenary, the committee Chairman, Senator Ned Nwoko, said the findings exposed deep corruption within Nigeria’s oil export system, leading to major revenue losses through diversion and manipulation of proceeds.
Lawmakers urged the consultants to disclose names of individuals and companies involved, stressing that the missing funds must be recovered.
The Senate directed Nwoko’s committee to continue investigations and submit a comprehensive final report to facilitate referrals to anti-graft agencies for prosecution.
The report recommended creating a special court to try crude oil thieves and their accomplices.
Documents submitted by consultant E.J. Agbonayinma revealed an $81 billion shortfall between crude oil proceeds declared by the NNPC and DPR from 2016 to 2017, compared to what was received by the Central Bank of Nigeria.
Further forensic analysis showed that between 2015 and 2024, over $200 billion worth of crude oil sales proceeds were unaccounted for in both local and international transactions.
The report also detailed fraud within the NNPC Limited’s Direct Sale Direct Purchase (DSDP) programme, where billions of dollars meant for domestic refining and taxes were allegedly diverted.
In 2017 alone, 27% of domestic crude valued at over $1 billion was reportedly stolen, while 68% of tax oil worth $844 million was diverted. By 2019, crude theft worsened, with 44.7% of domestic crude and 40% of tax oil proceeds missing.
The committee found over 10 offshore and onshore joint venture accounts where crude sale proceeds were allegedly laundered, implicating 16 companies in a network of collusion and technical manipulation.
It also cited weak surveillance, human interference, and lack of coordination among security and regulatory agencies as key enablers of oil theft.
The Senate directed the committee to identify all culprits, gather evidence, and work with relevant agencies to aid recovery and prosecution.