By Paul Effiong, Abuja
House of Representatives has launched a sweeping investigation into the alleged non-repatriation of Nigeria’s crude oil export proceeds estimated at over $850b billion from 1996 and 2014.
Chairman of the Ad-hoc Committee on Pre-Shipment Inspection of Exports and Non-Repatriation of Crude Oil Proceeds, Seyi Sowunmi disclosed this during the committee’s inaugural press briefing held yesterday at the National Assembly Complex, Abuja.
Members of the panel described the allegation as one of the largest financial leakages in the nation’s history, emphasising that the hearing is aimed at recovering unremitted proceeds from oil and non-oil exports, as well as identify those responsible for the persistent breaches that have weakened Nigeria’s economic stability for decades.
The chairman said evidence available to the committee suggested that oil sector operators had failed to repatriate between 40 and 45 percent of Nigeria’s export proceeds, contrary to the law mandating full repatriation of such earnings within 90 days for oil exports and 180 days for non-oil exports in the country.
Sowunmi expressed concern over what he referred to as a “disturbing breakdown of compliance” with the Pre-Shipment Inspection of Exports Act and highlighted major discrepancies in export data among government agencies such as the Central Bank of Nigeria, CBN, Nigerian National Petroleum Company Limited, NNPCL, Nigerian Upstream Petroleum Regulatory Commission, NUPRC, and National Bureau of Statistics, NBS.
He equally noted that similar inconsistencies exist between Nigeria’s records and international databases maintained by OPEC and other global bodies.
According to the lawmaker, the Pre-shipment Inspection of Exports Act (CAP P26, LFN 2004) and the Nigerian Export Supervision Scheme, NESS, were established to prevent capital flight, ensure accurate export valuation, and protect Nigeria’s foreign exchange earnings. However, since the scheme’s inception, chronic under-valuation, delayed invoicing, price manipulation, and deliberate overloading of export consignments have led to significant loss of revenue to the federation account.
The maintained that his panel would conduct a forensic audit to establish the exact value and volume of unrepatriated export proceeds across oil, gas, and non-oil sectors since 1996, as well as identify reasons for conflicting data among agencies. It will also investigate how NESS funds have been managed and determine the accountability of institutions tasked with enforcing export regulations. “Our work will be evidence-based, transparent, and verifiable.
He revealed that his committee would use existing whistleblowing channels to encourage the submission of credible information from industry insiders, promising confidentiality and possible financial rewards.
The chairman also warned that the investigation would cover operators, regulators, and financial institutions, insisting that any entity found to have breached the law would face civil or criminal sanctions across the country.
The lawmaker reaffirmed the House’s commitment under Speaker Tajudeen Abbas to ensure that investigation is in alignment with President Bola Tinubu’s Renewed Hope Agenda which he informed prioritises revenue recovery and transparency.
He, therefore, urged for cooperation of all critical stakeholders and the media in order to succeed.
