The Special Investigative Panel on Oil Theft/Losses in Nigeria has submitted its report to the National Security Adviser, Maj. Gen. Babagana Monguno (retd.), in Abuja.
The Head, Strategic Communication, Office of the National Security Adviser, Mr Zakari Usman, in a statement on Tuesday, said the report was submitted on Monday.
While submitting the report, the chairman of the panel, Maj. Gen. Barry Ndiomu (retd.), said the panel engaged key stakeholders from within and outside the oil and gas industry.
Ndiomu said stakeholders from state governments, ministries, departments and agencies, security agencies, regulatory agencies, international and indigenous oil companies, traditional institutions, host communities, artisanal refiners, among others, were also engaged.
He said the panel received and reviewed several memoranda and reports on oil theft and losses during the various engagements.
“The panel also observed that crude oil losses arose from lack of proper reporting of crude oil production, illegal refining, theft from well-heads and diversion from sophisticated pipelines network.
“The panel also attributed losses to the absence of a robust industry-wide metering system and an unworkable security arrangement.
“The confusing roles of regulatory agencies was also cited as being responsible for making the detection of theft/losses difficult,” he added.
He said prompt implementation of the report would not only create an immediate impact on crude oil production levels to meet OPEC’s quota but would also attract foreign direct investment and serve Nigeria’s economic and national security concerns.
Receiving the report, the NSA thanked the panel for keeping to the time frame and for addressing the issues of oil theft and losses comprehensively.
Monguno gave assurance that government would study the report and see to its immediate implementation, especially the recommendations with short-term perspectives.
The News Agency of Nigeria reports that the NSA had on December 6, 2022, inaugurated the investigative panel with extensive terms of reference to investigate all aspects of crude oil theft/losses in all its ramifications.
The panel was given 10 weeks to complete the assignment effective from the date of inauguration.
Punch
