Over ₦1trn Lost to Crude Oil Theft Without a Single Conviction, Says King Dakolo

The Ibenanaowei of Ekpetiama Kingdom in Bayelsa State, has decried the absence of accountability in Nigeria’s oil sector, stating that despite the loss of over ₦1 trillion annually to crude oil theft, no meaningful convictions have been recorded against the true perpetrators of the crime.

The traditional ruler, who has long championed environmental justice and resource equity, criticised the prevailing narrative that frames oil theft as a crime perpetrated by impoverished Niger Delta youth.

He argued that the real masterminds are powerful actors residing in upscale neighbourhoods in Lagos, Abuja, and abroad.

“Nigeria loses approximately 300,000 barrels of crude oil daily, translating to over ₦1.29 trillion annually.

“Yet, no real oil thief has ever been convicted. The actual perpetrators do not operate from the creeks they sit in corporate boardrooms and live in mansions,” he said.

King Dakolo, author of The Riddle of the Oil Thief, maintained that the country’s failure to address the root of the problem has perpetuated impunity and entrenched corruption in the oil and gas industry.

He further condemned the Nigerian authorities’ frequent destruction of vessels allegedly used in oil theft, describing the act as counterproductive and environmentally destructive.

According to him, burning such assets not only devastates local ecosystems but also erases critical evidence that could aid investigations and successful prosecutions.

“There is no justice in destroying the tools of theft while shielding the architects. These actions serve only to obscure the truth and protect the powerful,” he stated.

His remarks come amid renewed efforts by the Federal Government to clamp down on oil theft, which continues to significantly undermine national revenue and security. Despite the involvement of security agencies and private surveillance firms, the persistence of large-scale theft has raised questions about collusion at high levels.

King Dakolo’s comments also reflect growing public frustration with the lack of transparency and consequences in Nigeria’s oil sector.

He urged the government to shift its focus from scapegoating marginalised communities to identifying and prosecuting the elite actors behind the billion-naira criminal enterprise.

“Until the system is bold enough to name and prosecute those truly responsible, Nigeria will remain in a cycle of loss and denial,” he warned.

As crude oil remains a major source of national revenue, stakeholders and civil society organisations continue to call for urgent reforms and a more robust judicial response to what many have termed an economic and environmental crisis.