Reported by: Ijeoma G | Edited by: Henry Owen
Abuja, Nigeria — November 6, 2025 — The Nigerian Senate has revealed that a staggering $303 billion from proceeds of stolen crude oil transactions, both domestic and international, remains unaccounted for.
The disclosure was made in an interim report presented by Senator Ned Nwoko, Chairman of the Senate Ad-hoc Committee on Crude Oil Theft, representing Delta North (APC). The report, based on a forensic review conducted by consultants, highlighted that $22 billion, $81 billion, and $200 billion of crude oil revenue could not be traced.
Senator Nwoko emphasized that the findings underscore systemic gaps in the monitoring and management of Nigeria’s oil revenues, which have long contributed to economic losses and weakened national development efforts.
“The total of $303 billion reflects the urgent need for accountability in the petroleum sector. Transparency and rigorous enforcement are non-negotiable if we are to safeguard national resources,” the Committee Chairman stated.
The report is expected to form the basis of further legislative actions aimed at strengthening regulatory frameworks, improving surveillance of crude oil transactions, and prosecuting individuals or organisations implicated in illegal dealings.
Oil analysts noted that such revelations highlight longstanding challenges in Nigeria’s oil sector, where theft, smuggling, and opaque financial practices continue to drain public coffers and undermine economic growth.
The Senate has called for collaboration with law enforcement, anti-corruption agencies, and international partners to recover the missing funds and ensure accountability in the sector.
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