As part of measures to combat crude oil theft, the Senate Ad Hoc Committee on Crude Oil Theft, chaired by Senator Ned Nwoko, has embraced digital oversight to track both legal and illicit oil transactions worldwide.
By leveraging cutting-edge financial tracking tools, the committee aims to expose hidden money trails, recover stolen revenues, and reinforce transparency in Nigeria’s oil sector.
Senator Nwoko spoke in Abuja during a courtesy visit by the Host Communities Producing Oil, Gas, and Pipeline Impacted States Youth Council of Nigeria (HOSTCON Youth Council of Nigeria), led by its National President,, Emmanuel Fiawei Pathfinder.
The visit was aimed at fostering collaboration in the fight against crude oil theft and strengthening the engagement between host communities and legislative efforts.
Nwoko pointed out that, having recognised that stolen crude generates illicit wealth through global financial networks, the committee has enlisted international experts to trace payments linked to oil theft.
He asserted that, “No transaction is beyond detection anymore. We can trace payments linked to stolen crude, track the beneficiaries, and hold them accountable. Our priority is to protect Nigeria’s resources and restore economic integrity.”
A forthcoming public hearing will convene key institutions, including the military, police, regulatory bodies, and host communities, to ensure a comprehensive approach.
Acknowledging persistent security loopholes, the committee plans to establish an independent security task force comprising the military, navy, air force, and intelligence agencies. This move seeks to replace compromised units and reinforce sector-wide oversight.
