The Senate ad-hoc committee on crude oil theft on Wednesday disclosed that it will adopt a digital financial tracking tools to expose illicit transactions, recover stolen crude revenues, and enhance transparency in Nigeria’s oil sector.
The chairman of the committee, Senator Ned Nwoko, made this commitment when the HOSTCON Youth Council of Nigeria visited him in his office at the National Assembly.
Speaking at the National Assembly during a visit by the HOSTCON Youth Council of Nigeria, led by its national president, Comrade Emmanuel Fiawei Pathfinder,
He reaffirmed his commitment to fighting crude oil theft, emphasising that collaboration, intelligence-sharing, and decisive action are key to securing Nigeria’s economic future.
Nwoko revealed that international experts have been engaged to trace payments linked to stolen crude.
“No transaction is beyond detection anymore,” he stated, adding, “We can track payments, identify beneficiaries, and hold them accountable. Our priority is to protect Nigeria’s resources and restore economic integrity.”
Acknowledging the involvement of security operatives, oil firms, and illegal refiners in oil theft, he further said the committee will prioritise stakeholder engagement and organise a public hearing that will bring together the military, police, regulators, and host communities to ensure a coordinated response.
“We need all hands on deck. If you have intelligence on oil theft, now is the time to step forward,” Nwoko told the members of the council led by its National President, Comrade Emmanuel Fiawei Pathfinder.
He noted that to address security loopholes, the committee plans to establish an independent security task force comprising fresh personnel from the Army, Navy, Air Force and other intelligence agencies.
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“The existing security framework has been infiltrated,” Nwoko said. “We are creating a new task force with fresh leadership to ensure accountability.”
He said that beyond enforcement, the committee would also address host community concerns, including fair compensation, environmental restoration, and economic integration.
Nwoko also proposed supporting small-scale refiners with modular refinery projects instead of criminalising them.
He said: “Countries worldwide support small-scale refiners to enhance domestic capacity. Nigeria must adopt a similar model.”
Earlier in his remarks, the leader of the delegation, Comrade Fiawei lauded Nwoko’s leadership, pledging HOSTCON Youth Council’s support in tackling oil theft.
The council later conferred on Nwoko the title of Patron and presented him with a ‘Credence of Honour’ award in recognition of his contributions to national development.