The House of Representatives has begun an extensive investigation into the alleged non-repatriation of Nigeria’s oil and non-oil export proceeds estimated at over $850 billion between 1996 and 2014.
The Chairperson of the House Ad-Hoc Committee on Pre-Shipment Inspection of Exports and Non-Repatriation of Crude Oil Proceeds, ‘Seyi Sowunmi, announced this on Wednesday during the committee’s inaugural meeting at the National Assembly, Abuja.
|
|
Mr Sowunmi said preliminary findings suggest that several operators in the oil and gas sector failed to repatriate between 40 and 45 per cent of Nigeria’s export earnings, in violation of the Pre-shipment Inspection of Exports Act, which mandates the full repatriation of export proceeds within 90 days for oil exports and 180 days for non-oil exports.
The lawmaker expressed concern over what he called “worrisome disparities” in export data among key government institutions including the Central Bank of Nigeria (CBN), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian National Petroleum Company Limited (NNPCL), and the National Bureau of Statistics (NBS) as well as inconsistencies between Nigeria’s figures and those published by international organisations such as the Organisation of the Petroleum Exporting Countries (OPEC).
|
|
|
|---|
He added that similar irregularities exist in the non-oil export sector, particularly in the solid minerals and commodities trade, where earnings are often under-reported or not repatriated at all.
According to Mr Sowunmi, the Pre-shipment Inspection of Exports Act (CAP P26, LFN 2004) established the Nigerian Export Supervision Scheme (NESS) to prevent capital flight, ensure accurate export valuation, and safeguard foreign exchange inflows.
However, he said these safeguards have been routinely undermined through practices such as under-valuation, delayed invoicing, price manipulation, illegal swaps, and deliberate overloading.
Stay Ahead with Premium Times
Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting.
Add as a preferred source on Google
Scope of investigation
The committee, he explained, will probe the exact volume and value of unrepatriated proceeds from both oil and non-oil exports since 1996, identify the reasons for conflicting data among government agencies, and conduct a forensic reconciliation of export proceeds.
It will also examine how funds under the NESS have been managed and utilised over the years.
He said, “This committee will be guided strictly by evidence, not speculation. Our work will be document-based, data-driven, transparent, and verifiable. Our aim is simple. Nigeria must receive, in full and promptly, every dollar legally due from its exports.”
Mr Sowunmi said the investigation is being undertaken in line with the commitment of the House leadership under Speaker Abbas Tajudeen to support President Bola Tinubu’s Renewed Hope Agenda by blocking revenue leakages and ensuring that all legitimate earnings are returned to the Federation Account.
The lawmaker revealed that the committee would leverage existing whistleblowing mechanisms to uncover hidden transactions, assuring informants of full confidentiality and possible financial rewards for credible information.
Mr Sowunmi urged all stakeholders including oil operators, regulators, exporters, and financial institutions to fully cooperate with the investigation, describing it as a “whole-of-system exercise” aimed at restoring accountability across the export value chain.
“Operators must supply shipment-to-receipt trails; regulators must reconcile production, certification, and FX returns; and financial institutions must provide account-level evidence of repatriation within time. Where breaches are discovered, appropriate civil and criminal sanctions shall be applied,” he warned.
Focus on transparency, not politics
Mr Sowunmi emphasised that the committee’s work is non-partisan and strictly focused on recovering lost revenues for the benefit of Nigerians.
READ ALSO: Reps probe alleged use of harmful chemicals to preserve frozen foods in Nigeria
“Our measure of success is not publicity, but verifiable financial recovery to the Federation Account,” he said. “This inquiry is about protecting and strengthening our economy in the interest of our great nation.”
Concluding, Mr Sowunmi appealed for nationwide support, noting that transparency and accountability would guide the committee’s work from start to finish.
“The success of this investigation depends on collective support. We are determined to recover every kobo owed to Nigeria,” he said.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
