Senate Uncovers $303 Billion Crude Oil Theft, Declines to Name Suspects

By Diafa Doubra,

A shocking revelation emerged from the Nigerian Senate on Wednesday as its committee investigating crude oil theft disclosed that the country has lost an estimated $303 billion to unaccounted crude oil proceeds between 2015 and 2024.

The committee, which presented its findings before the Senate plenary, described the discovery as a massive economic sabotage, saying the stolen crude represents one of the country’s worst financial leakages in recent history.

While the report provided detailed figures of the missing funds, the lawmakers, however, refused to reveal the names of individuals, companies, or government officials allegedly involved in the multi-billion-dollar theft. The committee cited “ongoing investigations” as the reason for withholding names.

Senators expressed outrage at the magnitude of the loss and urged the federal government to establish a special court to try oil theft and corruption-related cases. They also called for the immediate involvement of anti-graft agencies like the EFCC and ICPC to recover the missing funds.

Analysts say the revelation raises renewed questions about accountability in Nigeria’s oil sector, which remains the country’s main source of revenue despite persistent corruption and production shortfalls.