The Nigerian Senate has uncovered alleged massive financial discrepancies amounting to about $303 billion in the country’s crude oil sector.
According to the Senate Committee on Crude Oil Theft, forensic audits revealed that $22 billion, $81 billion, and $200 billion remain unaccounted for in separate crude oil sale records between 2015 and 2024. Presenting an interim report on Wednesday, committee chairman Ned Nwoko said the findings expose deep-rooted fraud and large-scale diversion of oil revenues.
A consultant’s report showed an $81 billion shortfall between figures declared by the NNPC and DPR and what was received by the Central Bank of Nigeria. The probe also uncovered alleged fraud in the Direct Sale Direct Purchase (DSDP) programme, where crude meant for domestic refining and taxes was diverted. In 2017 alone, 27% of domestic crude and 68% of tax oil worth nearly $2 billion were reportedly stolen or unaccounted for.
The committee identified 10 foreign joint venture accounts and 16 companies allegedly linked to illegal diversions through technical manipulation and collusion. It cited weak surveillance, poor coordination among agencies, and human interference as major enablers of oil theft.
The Senate has directed the committee to continue its investigation, identify all individuals and entities involved, and produce a comprehensive final report for referral to anti-graft agencies. It also proposed establishing a special court to fast-track the prosecution of crude oil thieves and collaborators.
