Nigeria probes $10bn oil theft, summons NNPC, CBN

Nigeria's House of Representatives Special Committee on Oil Theft and Losses has initiated investigations into the illegal lifting of crude oil in the country. The Senate committee has summoned key players in the oil sector, including the Nigerian National Petroleum Company (NNPC) and Dangote Petroleum Refinery, for interrogation regarding the issue. Ayodele Oni, Partner at Bloomfield Law Practice, recently appeared on CNBC Africa to provide insights into the ongoing developments in Nigeria's oil industry. The probe into oil theft has raised concerns about the state of the industry and the impact on production levels. Corruption and theft in the oil sector have long been challenges in Nigeria, leading to significant losses in revenue for the government and oil companies. The issue of oil theft is not new, with reports indicating that approximately 437,000 barrels per day of crude oil are being illicitly taken. This rampant theft presents a significant threat to Nigeria's economy and its reputation in the global oil market. The involvement of major stakeholders such as NNPC and Dangote Petroleum Refinery in the investigation highlights the magnitude of the problem and the urgency to address it. The legal complexities and regulatory frameworks in the oil industry further complicate efforts to combat oil theft and ensure transparency and accountability in the sector. As the investigations unfold, stakeholders are calling for a thorough and honest examination of the issues at hand to prevent further losses and restore investor confidence in Nigeria's oil sector.