Reps C’ttee begins Probe of Alleged Non-repatriation Of $850Bn Crude Oil Export Proceeds

By Alkassim Bala Tsakuwa, Abuja

The House of Representatives Ad-hoc Committee has commenced investigations into alleged non-repatriation of Nigeria’s crude oil export proceeds estimated at over $850 billion between 1996 and 2014.

The Ad-Hoc Committee on Pre-Shipment Inspection of Exports and Non-Repatriation of Crude Oil Proceeds, held its inaugural meeting on Wednesday.

In his address, Chairman of the Committee, Hon. ‘Seyi Sowunmi said, recent allegations suggest a significant breakdown in compliance with the Pre-shipment Inspection of Exports Act.

He said that, operators in the oil and gas sector are reportedly failing to repatriate between 40 and 45 per cent of Nigeria’s crude oil export proceeds, contrary to the law which mandates full repatriation of export earnings within 90 days for oil exports and 180 days for non-oil exports.

Hon. Sowunmi also expressed concern over the “worrisome disparity” in export-earnings data reported by government agencies such as the Central Bank of Nigeria (CBN), Department of Petroleum Resources (now NUPRC), Nigerian National Petroleum Corporation (NNPC), and the National Bureau of Statistics (NBS), as well as inconsistencies between Nigerian data and that of international bodies like OPEC.

He added that non-oil exports, especially those involving solid minerals and other commodities, have also been marked by “high non-compliant export earnings reports.”

According to him, the Pre-shipment Inspection of Exports Act (CAP P26, Laws of the Federation of Nigeria, 2004) established the Nigerian Export Supervision Scheme (NESS) to prevent capital flight, ensure accurate export valuation, and safeguard Nigeria’s foreign exchange earnings.

He noted that, before the Act was enacted in 1996, the country suffered from “endemic leakages in the form of under-valuation, delayed invoicing, price manipulation, illegal swaps, and deliberate over-loading.”

He informed that, the Committee, will probe the exact volume and value of unrepatriated export proceeds from oil, gas, and non-oil sectors since 1996, determine why government agencies produce conflicting export data, and engage experts for a forensic reconciliation of export-proceeds accounts and will also investigate the management and utilization of funds under the NESS.

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.”

He assured that the House of Representatives, under the leadership of Speaker Rt. Hon. Tajudeen Abbas is fully committed to supporting President Bola Tinubu’s Renewed Hope Agenda by plugging revenue leakages and recovering lost funds for the Federation Account.

He further announced that the Committee will actively utilize existing whistleblowing channels, promising confidentiality and possible financial rewards for individuals who provide credible information.

“The The committee Chairman said, they will actively utilize existing whistleblowing channels, guaranteeing confidentiality and possible rewards for credible information from industry staff, inspection agents, bankers, and concerned citizens adding that this step was crucial to encourage transparency and expose fraudulent practices within the export value chain.

He called for the cooperation of all stakeholders—including oil operators, regulators, financial institutions, and exporters, emphasizing that the investigation is a “whole-of-system exercise.”

He added, “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”.

Hon. Sowunmi described the Committee’s task as non-partisan, stressing that it is aimed purely at safeguarding the nation’s economic integrity.

He added, “Our measure of success is not publicity, but verifiable financial recovery to the Federation Account. This inquiry is non-partisan; it is about protecting and strengthening our economy in the interest of our great nation, Nigeria.”

He acknowledged the crucial role of the media in the Committee’s work, urging journalists to ensure accurate, evidence-based reporting and to avoid speculation.

He said, the Committee would provide periodic factual updates and publish non-sensitive documents when necessary.

He added, “Members of the press are critical partners in ensuring accurate, evidence-based reporting. We urge the media to focus on verifiable progress and avoid premature figures that could mislead the public”.

Hon. Sowunmi called for collective support from Nigerians, emphasizing that transparency and accountability are central to the Committee’s work.

He added, “The success of this Committee depends on our collective support for the benefit of our great nation”.