Reps Probe $850b Missing Crude, Non-Oil Export Proceeds

The House of Representatives has launched a probe into the alleged non-repatriation of Nigeria’s crude oil and non-oil export proceeds, estimated at more than $850 billion between 1996 and 2014.

Chairman of the House Ad Hoc Committee on Pre-Shipment Inspection of Exports and Non-Repatriation of Crude Oil Proceeds, Mr Seyi Sowunmi, disclosed this during the committee’s inaugural press briefing in Abuja.

Mr Sowunmi said recent findings suggest that about 40 to 45 percent of Nigeria’s crude oil export earnings during the period were never returned to the country, in clear violation of laws mandating that oil export proceeds be repatriated within 90 days of shipment.

“Nigeria must receive, in full and promptly, every dollar legally due from its exports,” he said.

The lawmaker said the House was concerned about “significant disparities” in export-earnings data among key government agencies, including the Central Bank of Nigeria, the Nigerian Upstream Petroleum Regulatory Commission (formerly DPR), the Nigerian National Petroleum Company Limited, and the National Bureau of Statistics.

He said the investigation will cover both oil and non-oil exports, including solid minerals, amid growing reports of non-compliance and poor foreign exchange returns.

The committee, he added, will hold public hearings, engage forensic experts, and demand full documentation from operators, regulators, and financial institutions.

“This Committee will be guided strictly by evidence, not speculation. Our work will be document-based, data-driven, transparent, and verifiable,” Sowunmi said.

He assured that where breaches are confirmed, both civil and criminal sanctions would follow.

Sowunmi urged the media and public to support the committee’s work, pledging periodic factual updates and the use of whistleblowing channels for credible information.

The probe, he noted, aligns with the leadership of Speaker Rt. Hon. Tajudeen Abbas and President Bola Tinubu’s Renewed Hope Agenda, aimed at plugging revenue leakages and strengthening Nigeria’s economy.

Oduyemi Odumade, Edited By Grace Namiji