US EditionNigeria’s $300 Billion Oil Theft Scandal
The Senate's interim report links $300 billion in losses since 2015 to poor enforcement and irregularities in the Niger Delta oil sector, urging reforms and accountability measures.
- On Wednesday, the Senate of Nigeria received an interim report finding Nigeria may have lost over $300 billion in unaccounted crude oil proceeds, with Senate President Godswill Akpabio calling the figure 'staggering'.
- The committee found systemic irregularities, poor measurement standards, and weak enforcement, while investigators described a complex web involving companies, individuals, and illegal refineries, urging well-by-well and rig-by-rig data.
- The committee recommended strict measurement enforcement by the Nigerian Upstream Petroleum Regulatory Commission and urged the Federal Government to deploy UAVs and establish a Maritime Trust Fund with Weights and Measures support.
- The Senate thereafter resolved to adopt the interim report and directed the ad hoc committee to continue investigations, while Senator Solomon Adeola urged more detail and said, `It is not the role of the Senate to recover funds; that lies with appropriate agencies.`
- Facing debate, the ad hoc committee proposed to be empowered to track, trace, and recover stolen crude, while several senators demanded a final comprehensive report identifying actors and rig-level data.
16 Articles
16 Articles
Nigeria Discovers $303 Billion in Lost Revenue Due to Crude Oil Pipeline Thieves
The Nigerian Senate on Wednesday produced a report that found $303 billion in oil revenue from the past ten years is missing, much of it attributed to oil thieves who tap into pipelines and sell their stolen crude on the black market. The post Nigeria Discovers $303 Billion in Lost Revenue Due to Crude Oil Pipeline Thieves appeared first on Breitbart.
Nigeria’s $300 Billion Oil Theft Scandal
Nigeria has lost $300 billion to oil theft, auditors appointed by the Nigerian parliament said this week. The oil was sold illegally both at home and abroad, the Senate committee tasked with investigating oil theft losses said, as cited by Nigerian media. “The ad hoc committee should be given the mandate to track, trace, and recover all proceeds of stolen crude oil both locally and internationally, as forensic review by the consultant shows over…
Nigeria: Senate Panel Submits Interim Report, Says Over $300bn Lost to Oil Theft
The Senate on Wednesday received the interim report of its Ad Hoc Committee investigating the incessant and nefarious acts of crude oil theft and related sabotage in the Niger Delta region, with findings indicating that Nigeria may have lost over $300 billion in unaccounted crude oil proceeds.
Nigeria lost over $300 billion to oil theft, Auditors tell Senate
The committee also recommended that the federal government establish a special court to prosecute oil-related offences. The post Nigeria lost over $300 billion to oil theft, Auditors tell Senate appeared first on Premium Times Nigeria.
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