Economic and Financial Crimes Commission (EFCC) Chairman, Abdulrasheed Bawa, yesterday said the anti-graft agency was investigating allegations of crude oil theft.
He said the complexities in the operations of the oil and gas industry make it vulnerable and highly susceptible to money laundering.
According to him, the industry is characterised by several players and dealers in the supply chain, thus creating an avenue for fraud and distortions.
Bawa spoke at the one-day summit on Legislative Transparency and Accountability by the House of Representatives Committee on Anti-Corruption.
He was represented by EFCC Head of Operations, Michael Wetcas.
Bawa said there must be continuous engagements and consultations amongst all stakeholders to maximise the full potential of the new regime governed by the Petroleum Industry Act (PIA) 2021.
According to him, the government must institute measures to enhance transparency in the sector, including full disclosures of NNPC Joint Venture arrangements.
The EFCC, he said, is determined to continue to work closely with stakeholders in the extractive sector to enforce accountability.
“We will continue to hold accountable those who breach the public trust in the sector whether they are corporations or individuals, whether local or foreign…
“Lets us all join hands to rescue the Nigerian extractive industry from the grips of unscrupulous players in the quest of seeing a Nigeria that is free of economic and financial crimes,” Bawa said.
Also yesterday, the Equatorial Guinea government handed over the ‘rogue’ vessel, MT Heroic Edun, arrested for stealing crude in a Nigerian oil field, to the Nigerian Navy.
The vessel was apprehended after it fled Nigerian waters.
It had refused to stop for a check after entering the Akpo Oilfield without authorisation.
Akpor Oilfield is a joint venture operated by Total Energies EP.
Director of Information, Nigerian Navy, Commodore Kayode Ayo-Vaughan, said in a statement: “The handover was carried out in Equatorial Guinea on November 6, 2022.
“It is now expected that the vessel will return to Nigeria, for further investigations by the Nigerian Government.”