The Economic and Financial Crimes Commission (EFCC) has advocated for the creation of a specialized court to expedite the prosecution of oil theft and financial crimes in Nigeria. The commission argued that delays in the regular court system are hindering the effective prosecution of such crimes, thereby obstructing efforts to eliminate crude oil theft and related financial offenses.
During an investigative hearing on crude oil theft in Abuja, Michael Uzokwe, Chief of Staff to the EFCC Chairman Ola Olukoyede, emphasized the need for specialized courts to ensure faster trials and facilitate the recovery of stolen assets. The proposal is part of a broader effort to combat the ongoing issue of oil theft, which has significantly impacted Nigeria’s economy.
In a related development, Rep. Alhassan Ado-Doguwa, Chairman of the Special Committee on Crude Oil Theft, announced the formation of a sub-committee to assess the effectiveness of the Molecular Power System (MPS) oil theft detection system. Despite a multi-million dollar contract and a $5 million retainer fee, the system has yet to produce any substantial recoveries, raising concerns about its continued use.
The Nigeria Extractive Industries Transparency Initiative (NEITI) reported that Nigeria lost 619 million barrels of crude oil, valued at $46.16 billion (₦16.25 trillion), to theft in 2022 alone. The audit further revealed that the country loses an average of 140,000 barrels of crude oil per day due to theft. This alarming trend underscores the urgency of the EFCC’s call for specialized courts and more effective measures to combat oil theft.