$303bn Unaccounted For As Proceeds Of Stolen Crude Transactions — Senate
The Senate has revealed that $303 billion from proceeds of stolen crude oil sales, both domestically and internationally, has remained unaccounted for over the years.
It also yesterday received the interim report of its ad hoc committee investigating crude oil theft and related sabotage in the Niger Delta.
An interim report presented by the Chairman, Senate Ad- hoc Committee on Crude Oil theft, Senator Ned Nwoko, APC, Delta North, said according to forensic review by consultants, over $22billion, $81 billion and $200billion had been unaccounted for.
According to him, the report recommended strict enforcement of internationally recognized crude oil measurement standards at all production sites and export terminals.
The lawmaker said the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, should be mandated to acquire modern measuring technology or the responsibility should be restored to the weights and measures department under the federal ministry of industry, trade and investment.
The committee also recommended that the federal government deploy adequate modern technology, equipment and logistics to security agencies to enable them function effectively.
It said the deployment should include the use of Unmanned Aerial Vehicles, UAVS, such as quad copters for surveillance and integrity pipeline monitoring system to detect thefts and leaks
The committee said the federal government should establish a Maritime Trust Fund for the purpose of supporting the development and maintenance of maritime infrastructure, services and initiatives.
The fund, the committee said, was strategic to improving maritime training, safety, security and fostering of economic growth;
In the report, the Federal Government should setup a special court to promptly prosecute crude oil thieves and their collaborators.
It also said that thd Federal Government should immediately implement the Host Communities Development Trust Fund, HCDTF, under the Petroleum Industry Act ( PIA ) to reduce sabotage and that all abandoned and decommissioned wells should be completely ceded to NUPRC which should, in turn, handover such wells to modular refineries to reduce sabotage and increase crude availability for local consumption.
Contributions were later received from senators, following one of the recommendations of the committee that “the ad hoc committee should be given the mandate to track, trace and recover all proceeds of stolen crude oil transactions, both locally and internationally as forensic review by the consultants showed over $22billion, $81 billion and $200billion.”
In his contribution, Senator Abdul Ningi, PDP, Bauchi Central, said the committee could trace and document losses, but didn’t have the mandate to recover stolen funds.
On his part, Senator Olamilekan Adeola, APC, Ogun West, said the consultant must provide specific names of companies and individuals involved.
In his remarks, the Deputy President of the Senate, Senator Barau Jibrin, APC, Kano North, said the National Assembly had no constitutional authority to recover funds but could only forward findings to the executive.
In his remarks, Senator Ibrahim Dankwambo, PDP, Gombe North, said the final report must identify the actors involved and the specific wells, rigs, and locations losses occurred.
Also contributing, Senator Enyinnaya Abaribe, APGA, Abia South, said the document should be received as an interim report, pending further work.
Senator Lola Ashiru, APC, Kwara South, said the estimated losses amounted to “almost 10 years of Nigeria’s budget” and urged the committee to continue its work.
In his remarks, the President of the Senate, Senator Godswill Akpabio, who commended the committee, said that the Senate would consider the recommendations after the final report had been submitted and instructed the committee to continue its investigation and present a comprehensive final report.