Nigeria lost over $7bn to oil theft as at 2021

Nigeria has lost in excess $7 billion in oil theft as at 2021, House of Representatives has said.

The House of Representatives Special Ad-hoc Committee investigating the subsidy regime disclosed this a public hearing in Abuja.

Related posts

18 Terrorists Neutralised as OPHK Hits High-Profile Meeting Point in Borno By ZAKAA LAZARUS The Air Component of Joint Task Force (North East), Operation HADIN KAI (OPHK) has destroyed a terrorist enclave and neutralised over 18 fighters in Tumbunma Baba, Tumbuns area of Borno State. This was disclosed in a statement signed by Captain Mohammed Goni, Acting Military Information Officer, Headquarters Joint Task Force (North East) OPHK, on 11 September, 2026. According to the statement, the operation involved a force package of Intelligence, Surveillance and Reconnaissance (ISR) and attack platforms working in close coordination with ground troops of Sector 1 OPHK. The operation was based on credible intelligence gathered over the past weeks indicating the presence of high-profile terrorist elements using the islands as convergence points for meetings and logistics. The intelligence was validated through surveillance by Theatre Command and confirmatory ISR from Wednesday, 9 September 2026, which identified several terrorist structures and logistics hubs in the location. The kinetic operation was executed in the early hours of Friday, 11 September 2026. Following positive identification, air platforms engaged the designated targets with precision munitions while ground troops occupied likely escape routes for direct fire engagements. The statement said the air strikes successfully destroyed targeted structures and neutralised over 18 terrorist elements. A post-strike assessment indicated an estimated 85 per cent success in achieving the intended operational objectives. The Army noted that the operation dealt “a significant blow to terrorist activities in the area, disrupting their logistics and degrading their ability to use the enclave as a gathering and support base.” It added that the outcome underscores the effectiveness of intelligence-led operations, timely ISR confirmation, and coordinated air-ground synergy. OPHK assured that it will continue to conduct intelligence-driven operations “to deny terrorist elements the freedom to operate, regroup or establish logistics and support infrastructure across the Theatre,” working in concert with all security agencies and stakeholders. Members of the public were also encouraged to remain vigilant and provide credible and timely information to security forces to support ongoing efforts to disrupt terrorist activities across the North East Theatre.

September 12, 2026

Scores of Terrorist, Family Surrender to Troops in Borno, as Military Sustains Operations Nationwide

September 12, 2026

The committee said that, records have shown that as at 2021 over $7 billion in over 120 million barrels have been diverted.

The committee thus summoned the governor of Central Bank of Nigeria (CBN), Godwin Emefiele, Inspector-General of Police (IGP), Usman Alkali Baba and the Director-General (DG), Department of State Services (DSS), Magaji Bichi to appear before 

Chairman of the Ad-hoc Committee, Ibrahim  Almustapha Aliyu gave the directive during its sitting.

The lawmkers also alleged that, the component costs of the petroleum products subsidy value chain claimed by the NNPC is over bloated while the transfer pump price per litre used in relation to PPMC is underquoted as N123-N128 instead of N162-N128 which the committee said amounts to N70 billion in a month, was fraudulent.

The Ad-hoc Committee is investigating Ministries, Departments and Agencies (MDA’s) and oil companies on the subsidy and the current Direct Sale and Direct Purchase (DSDS) arrangement with NNPC. 

The Ad-hoc Committee expressed disappointment that the installed capacity utilisation of the country began to nosedive and eventually fell to zero as a result of ineffective and corruption by critical stakeholders.

It noted that, it was as a result of the decline NNPC found it more convenient to export crude oil in exchange for refined petroleum through the DSDP arrangement.