The Senate Committee investigating crude oil sales and alleged theft, chaired by Senator Ned Nwoko, has submitted its interim report, revealing that over $303 billion (₦484 trillion) from the Nigerian National Petroleum Company Limited (NNPCL) crude oil transactions between 2017 and 2025 remains unaccounted for.
According to the committee, the missing amount does not reflect in either the domestic or offshore crude oil sales accounts, raising serious questions about transparency in NNPCL’s operations over the years.
The report further disclosed that 16 oil companies operating in the Niger Delta region have been directly linked to the alleged fraud and diversion of funds, while certain security agencies were found to have been complicit in the activities.
Following the revelations, the Senate has directed the Ned Nwoko-led committee to update the interim report with a full disclosure of all companies, individuals, and security agencies implicated in the alleged fraud.
In a related development, the Senate Committee on Public Accounts, chaired by Senator Ahmed Wadada, has also raised concerns over another ₦210 trillion that remains unaccounted for or allegedly stolen by NNPCL officials between 2017 and 2023.
Combined, the interim findings of the two Senate committees indicate that nearly ₦600 trillion in crude oil proceeds may have been stolen, diverted, or remain unaccounted for between 2017 and date — a figure that underscores the scale of alleged corruption and financial mismanagement within Nigeria’s oil sector.
The Senate is expected to debate both interim reports in plenary before calling for a full-scale investigation and possible prosecution of those found culpable.
