Reps probe $850 billion missing crude oil export proceeds
The House of Representatives has launched an investigation into the alleged failure to repatriate Nigeria’s crude oil export proceeds, estimated at over $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, Hon. Seyi Sowunmi, disclosed this at a press briefing on Wednesday in Abuja.
He said preliminary findings show that many operators in the oil and gas sector violated the Pre-Shipment Inspection of Exports Act by failing to repatriate up to 45 percent of Nigeria’s crude export earnings. The law requires full repatriation within 90 days for oil exports and 180 days for non-oil exports.
Sowunmi also noted inconsistencies in export earnings data among government agencies such as the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company (NNPC), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the National Bureau of Statistics (NBS), as well as discrepancies with international sources like OPEC.
He said the committee would determine the exact volume and value of unrepatriated export proceeds, reconcile conflicting data, and conduct a forensic audit of funds.
It will also review the management of the Nigerian Export Supervision Scheme (NESS), which was established to curb capital flight and ensure accurate export valuation.
“This committee will work strictly with evidence,” Sowunmi said. “Our goal is to recover every dollar due to Nigeria.”
He added that the investigation aligns with President Bola Tinubu’s Renewed Hope Agenda to block revenue leakages and recover lost funds.
The committee will also use whistleblowing channels to gather credible information, promising confidentiality and possible rewards for informants. Sowunmi warned that banks, regulators, and operators must provide verifiable proof of repatriation or face sanctions.
He assured that the probe would be non-partisan and focused on financial recovery, not publicity, and urged journalists to support the process through accurate reporting.
