The committee also recommended that the federal government establish a special court to prosecute oil-related offences.
The Senate ad hoc committee investigating persistent crude oil theft in the Niger Delta has revealed that a forensic audit conducted by independent consultants showed that suspected oil thieves stole more than $300 billion worth of oil, which ought to have been Nigeria's proceeds from crude oil sales.
The committee's chairperson, Ned Nwoko, disclosed this while presenting an interim report of the committee during Wednesday's plenary.
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Mr Nwoko, the senator representing Delta North Senatorial District, said the findings were based on a forensic review conducted by consultants engaged by the committee.
He explained that the stolen funds were traced to both local and international transactions.
"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 $22 billion, $81 billion, and $200 billion remains unaccounted," he said.
However, the senator did not disclose the identity of the consultants, the period covered by the forensic report, the identities of the suspected perpetrators and the companies allegedly involved.
Mr Nwoko only noted that the report was interim, suggesting that more findings would be made public in the committee's final submission.
Committee recommendations
The committee recommended that the federal government establish a special court dedicated to prosecuting oil-related offences and offenders appropriately.
It also urged the government to implement the Host Communities Development Trust Fund under the Petroleum Industry Act (PIA) to reduce sabotage in oil-producing regions.
"The federal government should set up a special court to promptly prosecute crude oil thieves properly and their collaborators. The federal government should immediately implement the host communities development trust fund under the Petroleum Industry Act, PIA, to reduce sabotage.
"All abandoned and decommissioned wells should be completely ceded to NUPRC, who should, in turn, hand such wells to modular refineries to reduce sabotage and increase crude availability for local
consumption," the senator said while reading the committee's recommendation.
Nigeria's oil-producing states are predominantly in the Niger Delta region. The states are: Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo, and Rivers.
Oil theft, though reduced, has continued despite the establishment of several security apparatus involving various security agencies. Oil theft is also believed to fuel militancy in the Niger Delta.
There have long been speculations that some security operatives and influential individuals aid and abet the illegal trade.
Debate
After Mr Nwoko presented the motion, senators debated the report. Many of them complained about the crude oil theft in the country and the implications for Nigeria.
Abdul Ningi (PDP, Bauchi Central) complained about the committee's ability to trace stolen funds but said the committee lacked the authority to pursue and recover the funds from the suspected thieves, even when identified.
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Adeola Olamilekan (APC, Ogun West) demanded that the consultants disclose the identities of those involved in the fraudulent transactions.
"The funds mentioned in this report, if put together, we are talking about $300 billion. The consultant should come up with a detailed list of those who carried out these actions," he said.
Ibrahim Dankwambo (PDP, Gombe North) urged the committee to ensure that its final report identifies the culprits, the affected wells, and the specific sabotage methods used.
Enyinnaya Abaribe (APGA, Abia South) advised the Senate to treat the document strictly as an interim report pending further investigations.
Responding, the Senate President, Godswill Akpabio, commended the committee's efforts and assured that the Senate will consider the recommendations after the final report is presented.
Mr Akpabio, thereafter, directed the committee to continue its investigation and present a comprehensive final report as soon as possible.
