House Of Reps Unveils Strategy To Tackle Multimillion-Dollar Oil Theft Crisis

The House of Representatives has reaffirmed its determination to confront the crippling scourge of crude oil theft, which reportedly drains Nigeria of an estimated $79.4 million each day, according to IReporter Online.

Speaking at the 2025 General Counsel and Legal Advisers Forum for Midstream and Downstream Petroleum Companies in Abuja, Deputy Speaker of the House, Hon. Benjamin Okezie Kalu, represented by the Chairman of the House Committee on Petroleum Resources (Downstream), Hon. Nkechi Ugochinyere, emphasized that the National Assembly would intensify efforts to eliminate the economic sabotage threatening the country’s oil wealth.

“Persistent legislative engagement is non-negotiable in the face of ongoing challenges, particularly the economic devastation caused by oil theft. This is a battle we are committed to winning,” he stated at the forum themed: “Advancing a Collaborative Compliance Culture in Nigeria’s Midstream and Downstream Petroleum Sectors.”

According to IReporter Online, Hon. Kalu highlighted that the Petroleum Industry Act (PIA), signed into law two years ago, has already begun yielding positive outcomes. The Deputy Speaker revealed that Nigeria has attracted over $16 billion in investment commitments post-PIA—a staggering 28,991% increase from its 2020 baseline.

“These figures are not just statistics,” he noted. “They translate to jobs, infrastructure, and a renewed drive for national economic transformation.”

Citing data from the Nigerian Extractive Industries Transparency Initiative (NEITI), Kalu said that while Nigeria’s 94% compliance rate in 2015 appeared commendable, it masked deep structural inefficiencies. He noted that the Post-PIA implementation has tangibly enhanced regulatory oversight, citing the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which generated ₦4.344 trillion in 2023—a 14.89% rise from 2022.

Declaring the forum open, Engr. Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), described the event as a crucial platform for advancing regulatory compliance. Represented by Ogbugo Ukuoha, Ahmed stated that the midstream and downstream sectors remain pivotal to Nigeria’s economic expansion, industrialization, and energy access.

According to IReporter Online, Ahmed stressed the need for “a unified compliance culture rooted in clear legal frameworks, transparency, and shared responsibility.” He highlighted that PIA’s restructuring of the industry has clarified regulatory roles and streamlined licensing procedures, boosting investor confidence.

He added that NMDPRA is now engaging in a stakeholder-led process to consolidate and simplify existing regulations to reduce redundancy and foster an investment-friendly environment.

The forum also featured deliberations on the vital role of legal professionals in ensuring adherence to petroleum sector regulations, especially in Nigeria’s volatile and technically complex midstream and downstream environment.

According to IReporter Online, stakeholders expressed optimism that recommendations from the two-day forum would translate into more coherent policies, enhanced investor protection, and sustainable development across Nigeria’s energy value chain.

”IREPORTER REPORTS”