Nation’s Wealth Under Siege! Senate Fights Back With Harsher Oil Theft Penalties

The Nigerian Senate is considering introducing stricter penalties for oil theft in a renewed effort to safeguard the country’s economy, according to Senate President Godswill Akpabio.....KINDLY READ THE FULL STORY HERE▶

Speaking through Deputy Senate President, Senator Barau Jibrin (APC, Kano North), during the opening of a two-day public hearing on crude oil theft in the Niger Delta, Akpabio reaffirmed the 10th National Assembly’s determination to implement decisive measures to combat the crime.

He revealed that the Senate is evaluating the possibility of classifying large-scale oil theft as an act of terrorism. Other measures under consideration include mandating digital metering, real-time monitoring of oil production and exports, and tightening oversight mechanisms.

Akpabio emphasized the need for full transparency in the lifting and sale of crude oil and stressed the importance of coordinated efforts among security agencies, anti-corruption bodies, and international partners to trace and recover stolen crude.

“We are ready to amend laws, intensify oversight, and ensure accountability from the agencies tasked with protecting our oil infrastructure,” he said.

Akpabio also called on oil companies to bolster pipeline security by investing in advanced surveillance technologies. He appealed to host communities to take ownership of resource protection, highlighting their vital role in preserving national wealth for the benefit of all Nigerians.

Declaring the public hearing open, Akpabio urged all participants to treat the session with the seriousness it deserves, stressing that actionable, measurable, and time-bound solutions must emerge.

“Nigeria’s survival hinges on our success in stopping this theft. To those looting our oil, your time is up. To the agencies responsible for protecting these resources, the nation is watching. The Senate expects a clear, fearless report that can shape decisive legislative and executive action. It’s time to reclaim what belongs to Nigeria,” he stated.

He expressed grave concern over reports that Nigeria loses between 150,000 and 400,000 barrels of crude oil daily to theft — a loss that translates to billions of dollars annually.

“This is not a harmless crime. It weakens our economy, depreciates the naira, deprives critical sectors of funding, and entrenches poverty in oil-producing areas. Even more alarming, it bankrolls illegal arms, fuels violence, and empowers criminal networks that pose a threat to national security,” Akpabio concluded.