By Tracy Moses<\/p>\n
The House of Representatives has launched a comprehensive investigation into the alleged non-repatriation of Nigeria\u2019s crude oil export proceeds, estimated at over $850 billion between 1996 and 2014, an issue lawmakers described as a major source of financial leakage and economic instability.<\/p>\n
Chairman of the House Ad-Hoc Committee on Pre-Shipment Inspection of Exports and Non-Repatriation of Crude Oil Proceeds, Hon. \u2018Seyi Sowunmi, announced this on Wednesday during the Committee\u2019s inaugural press briefing held at the National Assembly in Abuja.<\/p>\n
Sowunmi said credible findings point to widespread violations of the Pre-shipment Inspection of Exports Act, with players in the oil and gas industry allegedly failing to repatriate between 40 and 45 per cent of Nigeria\u2019s crude oil export proceeds. This, he noted, contravenes the law, which mandates that export earnings must be fully repatriated within 90 days for oil exports and 180 days for non-oil exports.<\/p>\n
He expressed concern over what he described as a \u201ctroubling discrepancy\u201d in export revenue figures reported by major government institutions, including the Central Bank of Nigeria (CBN), the Department of Petroleum Resources (now NUPRC), the Nigerian National Petroleum Corporation (NNPC), and the National Bureau of Statistics (NBS). Sowunmi added that even the data provided by OPEC and other international bodies sharply contradict Nigeria\u2019s official records.<\/p>\n
The lawmaker further noted that the trend extends beyond the oil sector, revealing similar inconsistencies in the non-oil export sector, especially in the trade of solid minerals and agricultural commodities, where compliance with repatriation regulations is said to be poor.<\/p>\n
According to him, the Pre-shipment Inspection of Exports Act (CAP P26, Laws of the Federation of Nigeria, 2004) created the Nigerian Export Supervision Scheme (NESS) to tackle capital flight, guarantee accurate valuation of exports, and protect Nigeria\u2019s foreign exchange inflows. He said before the scheme was introduced, the country lost huge revenues through under-invoicing, price manipulation, overloading, and other fraudulent practices.<\/p>\n
Sowunmi explained that the Committee\u2019s assignment includes a forensic audit to determine the precise value of export proceeds yet to be remitted since 1996, identify reasons for data inconsistencies among government agencies, and review how funds under the NESS have been managed over time.<\/p>\n
“Our investigation will be strictly fact-based and transparent,\u201d Sowunmi said. \u201cThe Committee will rely on verifiable evidence and data-driven analysis to ensure that every dollar earned from Nigeria\u2019s exports is accounted for and returned to the Federation Account.\u201d<\/p>\n
He assured that the House of Representatives, under the leadership of Speaker Rt. Hon. Tajudeen Abbas, remains committed to supporting President Bola Tinubu\u2019s Renewed Hope Agenda, especially efforts aimed at plugging revenue leakages and strengthening the country\u2019s financial base.<\/p>\n
Sowunmi disclosed that the Committee would employ existing whistleblowing mechanisms to gather intelligence, offering confidentiality and possible financial incentives to individuals who provide credible information.<\/p>\n
“We are activating whistleblowing channels to promote accountability,\u201d he stated. \u201cWe guarantee protection and potential rewards for anyone, be it industry insiders, regulators, or financial operatives, who provides verifiable intelligence on export revenue abuses.\u201d<\/p>\n
He appealed to all stakeholders, including oil firms, regulators, and banks, to fully cooperate with the probe, emphasizing that the investigation would cut across all segments of the export system.<\/p>\n
“Every operator must present shipment-to-receipt documentation; regulators must reconcile production, certification, and forex inflows; and banks are required to provide transaction-level details of remittances within the stipulated time. Violations will attract civil and criminal consequences,\u201d he warned.<\/p>\n
The lawmaker stressed that the Committee\u2019s work is non-partisan and purely in the national interest, adding that its focus is on recovering lost revenue and reinforcing Nigeria\u2019s economic sovereignty.<\/p>\n
“This is not a political exercise,\u201d he clarified. \u201cIt is about financial accountability and recovery. Our benchmark for success is not publicity, but the tangible return of funds to the Federation Account.\u201d<\/p>\n
Sowunmi commended the media for their role in promoting transparency and urged journalists to report responsibly and avoid unverified figures.<\/p>\n
“The media are crucial to the success of this process,\u201d he said. \u201cWe urge evidence-based reportage and promise to release verified updates and non-sensitive documents as the investigation progresses.\u201d<\/p>\n
He concluded by calling on Nigerians to support the Committee\u2019s work, reiterating that transparency, integrity, and national interest would remain at the core of its mission.<\/p>\n
“Our success depends on the collective will of Nigerians,\u201d he said. \u201cTogether, we can ensure accountability and secure the future of our economy.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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