We can trace payments linked to stolen crude, track the beneficiaries, and hold them accountable.”
By Deborah Hassan
365Daily – In a bid to clamp down on crude oil theft, the Senate Ad Hoc Committee on Crude Oil Theft, led by Senator Ned Nwoko, is harnessing digital oversight tools to track both legal and illicit oil transactions worldwide.
With advanced financial tracking technology, the committee aims to expose hidden money trails, recover stolen revenues, and promote transparency in Nigeria’s oil sector.
Senator Nwoko disclosed this initiative during a courtesy visit by the Host Communities Producing Oil, Gas, and Pipeline Impacted States Youth Council of Nigeria (HOSTCON Youth Council of Nigeria), led by its National President, Comrade Emmanuel Fiawei Pathfinder, in Abuja.
The visit sought to enhance collaboration in tackling oil theft and strengthening ties between host communities and legislative efforts.
Recognising that stolen crude generates illicit wealth through global financial networks, Senator Nwoko revealed that the committee has enlisted international experts to trace payments linked to oil theft.
Using digital tracking systems that monitor financial transactions in key hubs like New York, London, and Dubai, authorities can now pinpoint the movement of illicit funds with greater accuracy.
“No transaction is beyond detection anymore,” Nwoko asserted. “We can trace payments linked to stolen crude, track the beneficiaries, and hold them accountable. Our priority is to protect Nigeria’s resources and restore economic integrity.”
“We need all hands on deck. If you have credible intelligence on oil theft or illicit financial flows, now is the time to step forward,” Nwoko urged. The committee has already engaged specialised consultants and remains open to partnerships with industry experts and affected communities.
To address security loopholes, the committee is advocating for an independent security task force composed of personnel from the military, navy, air force, and intelligence agencies. This task force is expected to replace compromised security units and enhance sector-wide oversight.
“The existing security framework has been infiltrated,” Nwoko admitted. “We are creating a new task force with fresh leadership, ensuring that Nigeria’s oil assets are protected with integrity and accountability.”
Additionally, the committee is pushing for the inclusion of young Nigerians in surveillance operations, which will not only improve security but also provide employment opportunities.