In what seem to be a shocking revelation at the 2025 Association of Energy Correspondents of Nigeria (NAEC) conference in Lagos, the Executive Secretary of the Nigerian Extractive Industries Transparency Initiative (NEITI), Engr. Ogbonnaya Orji, said Nigeria lost 13.5 million barrels—valued at $3.3 billion—to oil theft and pipeline sabotage between 2023 and 2024. This massive revenue drain, he added, compounds the challenge of withheld earnings where oil firms owe the federation ₦1.5 trillion.
Orji delivered his address under the theme “Nigeria’s Energy Future: Exploring Opportunities and Addressing Risks for Sustainable Growth.” The losses, he said, aren’t just numbers on paper; they are missed opportunities to uplift millions across Nigeria.
He noted,
“These losses are not just economic—they represent broken trust, institutional weaknesses, and missed opportunities for national progress. This is precisely why transparency and accountability are not optional. They are existential.”
From my home in Adamawa State, I felt a pang of frustration listening. I thought of how much that $3.3 billion could do for health clinics, rural electrification, or quality schools in remote communities.
Orji said the magnitude of the lost funds could have funded the federal health budget for an entire year or delivered energy access to millions of homes. The government, he argued, must now shift from secrecy to openness if real progress will come.
He warned that Nigeria’s energy story must no longer hinge solely on how much we pump or how many reserves we hold. The real measure, he stressed, will be how we manage our natural resources—with integrity, transparency, and smart governance.
He declared the era of opaque resource control over.
“The global energy transition towards cleaner fuels, gas optimisation, and renewable energy requires openness, responsibility, and innovation at every stage of the value chain,” he said. “At NEITI, our philosophy is clear and uncompromising: Data builds trust, and trust drives investment.”
He added:
“Transparency is not a bureaucratic exercise—it is an economic imperative. It attracts capital, technology, and partnerships. Our latest NEITI industry reports make this truth evident.”
Orji’s speech turned somber when he recalled NEITI’s recent numbers. In 2021, Nigeria earned $23.04 billion from the oil and gas sector; in 2022, earnings edged to $23.05 billion. But he warned that some companies and agencies still owe the federation ₦1.5 trillion—funds that could bolster energy infrastructure, education, or healthcare.
“Over the past decade, NEITI has evolved from an auditing agency to a governance reform institution,” he said.He recounted that NEITI now performs regular audits of oil, gas, and solid mineral sectors, tracking production, payments, and corrections.
The agency developed Nigeria’s Beneficial Ownership Register, exposing real owners of over 4,800 extractive assets. It also launched the NEITI Data Centre, a public, open-data platform giving Nigerians real-time access to industry information.
He noted partnerships with NUPRC, NMDPRA, and NCDMB to boost transparency in licensing, metering, and managing trust with host communities.
NEITI also introduced a Just Energy Transition and Climate Accountability Framework to guide Nigeria’s shift to clean energy with fairness and clarity.
“These are not ceremonial milestones. They are practical governance instruments designed to make transparency the DNA of Nigeria’s extractive sector,” he said.
He urged the government to keep up with innovation. In his view, Nigeria’s energy future must rest on verifiable data, open contracts, measurable emissions, and accountable institutions.
“Our energy future must rest on verifiable data, open contracts, measurable emissions, and accountable institutions. NEITI envisions a sector where every dollar is traceable, every contract is public, every decision is transparent, and every Nigerian citizen can see how natural resources translate into national prosperity.”
He promised that at NEITI, they would ensure that every barrel produced, every cubic foot of gas commercialised, and every kobo earned contributes to national development—in full public view.
In the crowd, you could see reporters scribbling furiously. Young journalists leaned forward. Some faces in the hall betrayed a mix of anger and hope. Outside the Lagos conference hall, in the city’s swelling heat, people asked: how would this changing narrative reach rural Nigeria?
I thought of farmers in Adamawa whose children struggle in underfunded schools. I thought of mothers who haul water to fuel their homes. If Nigeria could stop losing $3.3 billion, if it could claim that ₦1.5 trillion, it could change those lives.
There was tension too. Some delegates muttered that oil firms might resist. Others wondered whether institutions have the willpower to push back. A few raised fingers: Will auditing replace collusion? Can we trust in structures that have failed before?
Still, Orji’s tone remained firm. He appealed to public servants, company executives, civil society, and every Nigerian: the fight for resource justice is collective. He didn’t sugarcoat the work ahead. He said reform is messy, slow, and often resisted. But he insisted it is necessary.
As the event ended and attendees filed out, many paused to shake Orji’s hand or grab a copy of the NEITI report. Some lingered to press for clarifications. The buzz in the lobby was that this could be a turning point.
On my drive back home to Adamawa, I thought: the numbers are staggering, yes. But what matters more is whether ordinary Nigerians see those reforms in their lives—schools, clinics, roads, electricity. If The Gazette News (Nigeria) keeps following this story, perhaps citizens will hold leaders to account. Because losing $3.3 billion isn’t just a statistic—it’s a tragedy of opportunity.
Comments (0)
No comments yet. Be the first to comment!