Ned Nwoko: Nigeria Losing Billions Of Dollars Annually To Oil Theft, Illegal Bunkering

BY DANIEL DAFE

Senator Ned Nwoko, representing Delta North Senatorial District, has said that Nigeria, as Africa’s largest oil producer, is losing billions of dollars annually due to oil theft, illegal bunkering, and pipeline vandalism.

He emphasized that these activities weaken the economy, disrupt the energy sector, and limit the country’s ability to fund vital infrastructure, social services, and development programs.

Senator Nwoko stated this via a post on X, following his appointment as the Chairman of the Senate Ad-Hoc Committee on Crude Oil Theft.

In his post, he highlighted the importance of crude oil to Nigeria’s economy, stating, “Crude oil remains Nigeria’s most valuable natural resource, and protecting it is essential for economic stability, national security, and the well-being of all Nigerians.”

He added however, “Our goal is to end this sabotage, restore investor confidence, and ensure that Nigeria fully benefits from its natural wealth.”

Describing his new role as a “pressing national assignment” in alignment with President Bola Ahmed Tinubu’s ‘Renewed Hope Agenda’, Senator Nwoko stressed that crude oil theft has been a significant threat to Nigeria’s economy for years, draining government revenue, discouraging investment, and undermining national security.

He also noted that under President Tinubu’s leadership, the focus would be on transparency, accountability, and economic growth.

“I look forward to working with my distinguished colleagues, security agencies, and industry stakeholders to address this challenge decisively,” he said.

The Senate Ad-Hoc Committee on Crude Oil Theft is tasked with investigating the root causes of these illegal activities, identifying key actors and networks involved, reviewing existing security measures, and recommending stronger enforcement strategies.

The committee will also engage stakeholders, including security agencies, oil companies, host communities, and government bodies, to develop sustainable solutions and strengthen legal frameworks to deter oil theft and ensure perpetrators are held accountable.