Senator Ned Nwoko says over $300 billion in crude oil proceeds remain unaccounted for, calling for wider powers to trace and recover stolen funds.
Sen. Ned Nwoko (APC–Delta) has called for an expanded mandate to trace and recover stolen crude oil proceeds locally and abroad.
Speaking in Abuja on Thursday, the lawmaker, who chairs the Senate Ad Hoc Committee on Oil Theft and Sabotage, said forensic reviews revealed over $300 billion in unaccounted crude oil revenue across audit periods.
“This is a national call to action. Nigeria cannot afford to continue losing trillions to corruption, inefficiency, and criminal networks,” Nwoko said.
He urged strict enforcement of international oil measurement standards and the use of tamper-proof technology at export terminals.
The senator also proposed creating a Special Court for Crude Oil Theft to ensure swift prosecution of offenders, alongside drone surveillance for oil assets.
He added that empowering host communities and supporting modular refineries would reduce sabotage and strengthen accountability in the oil and gas sector.