A prominent traditional ruler, the Ibenanaowei of Ekpetiama Kingdom in Bayelsa State, King Bubaraye Dakolo, has raised alarm over Nigeria’s longstanding struggle with crude oil theft and poor resource accountability, accusing successive governments of failing to clearly define and confront the problem of oil theft.
Speaking on the magnitude of revenue lost due to years of unchecked looting in the oil sector, the monarch estimated that over $3 trillion worth of oil has been extracted from Nigeria, with much of it either stolen or never remitted to the country.
“The Federal Government not properly defining who an oil thief is has set us on this trajectory,” the monarch stated. “As we speak, about $3 trillion worth of oil has been sold or extracted over the years, most of it outright stolen and never brought back to Nigeria.”
He drew parallels with the infamous Abacha loot, expressing disbelief at the continual repatriation of funds allegedly looted by the late military ruler.
“Even though Abacha has been dead for about 27 years, the money keeps coming in. I believe we are expecting another tranche this year — that’s about $1 trillion.”
He further criticized the handling of the remaining $2 trillion that reportedly entered the country for national development, alleging that mismanagement, corruption, and bizarre excuses have robbed the country of its benefits.
“Those are the funds swallowed by snakes, eaten by rats, stolen by fish, or attributed to cows. That’s the level of accountability we’ve seen.”
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The monarch decried the absence of transparency and political will to tackle oil theft head-on, stating, “Nobody wants to frontally say, ‘This is an oil thief’ or even define what one is.”
His comments come amid ongoing efforts by the Federal Government to ramp up oil production.
In February, the Chief of Defence Staff, General Christopher Musa, revealed that security forces and oil stakeholders were working to meet President Bola Tinubu’s target of 2.5 million barrels of crude oil per day.
Despite the optimism, Nigeria’s output has remained stagnant at 1.4 million barrels per day, well below the target.
General Musa had issued a three-month deadline to curb oil theft in the Niger Delta, but with little progress made, concerns continue to mount over the effectiveness of government strategies to secure the nation’s most critical resource.
As debates around accountability, theft, and resource control persist, many Nigerians are demanding more transparency and action in protecting the country’s oil wealth from further plunder.