Reps vow to tackle oil theft as Nigeria loses $79.4m daily
…Cites PIA success in attracting $16bn investments
By Seun Ibiyemi
The House of Representatives has restated its firm determination to put an end to crude oil theft, a persistent threat that is draining approximately $79.4 million from Nigeria’s economy each day.
Deputy Speaker, Hon. Benjamin Okezie Kalu, made this known on Monday in Abuja at the 2025 General Counsel and Legal Advisers Forum for Midstream and Downstream Petroleum Companies, organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Represented by the Chairman of the House Committee on Petroleum Resources (Downstream), Hon. Nkechi Ugochinyere, Kalu described oil theft as an act of “economic sabotage” that must be decisively addressed through legislative action.
"Continued legislative focus is needed to tackle the ongoing challenges, especially the crippling issue of oil theft, which continues to cost the country dearly. This is a fight we cannot afford to lose," Kalu declared.
Themed “Advancing a Collaborative Compliance Culture in Nigeria’s Midstream and Downstream Petroleum Sectors”, the two-day forum brought together legal experts, regulators, and stakeholders to promote compliance, attract investment, and navigate post-PIA realities.
Kalu underscored the importance of sustained parliamentary involvement, stronger oversight, and targeted laws to address security gaps and bolster support for regulatory bodies. He described the Petroleum Industry Act (PIA) as a transformative legal framework that has already sparked $16 billion in investment pledges — a dramatic rise from the $55 million baseline recorded before its enactment in 2020.
“These figures represent more than economic data; they signify new employment opportunities, infrastructure development, and renewed purpose in Nigeria’s oil and gas sector,” he added.
He also cited enhanced performance by regulators such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which recorded ₦4.344 trillion in revenue for 2023 — a 14.89 percent increase compared to 2022.
Declaring the forum open, NMDPRA Chief Executive, Engr. Farouk Ahmed, represented by Executive Director Ogbugo Ukuoha, reiterated the need for strong legal compliance in the petroleum sector, which plays a vital role in Nigeria’s energy security and economic stability.
Ahmed said that operations across the midstream and downstream value chain — including processing, transport, storage, and marketing of petroleum products — require more than technical competence. He called for a cohesive culture of regulatory compliance and collaboration among stakeholders.
He noted that under the PIA, NMDPRA is empowered to issue all required licences and permits, as well as harmonise previously conflicting regulations to create clarity and boost investor confidence.
"As we continue efforts to eliminate regulatory ambiguity, we aim to improve Nigeria’s business climate and attract vital investments to strengthen the petroleum sector,” Ahmed stated.
The forum is expected to yield actionable recommendations to address regulatory and operational hurdles while reinforcing national efforts to combat oil theft and improve governance in the energy industry.