The House of Representatives has launched an investigation into the alleged non-repatriation of Nigeria?s crude oil export proceeds estimated at over $850 billion between 1996 and 2014 ? a situation lawmakers described as a major revenue leakage undermining the nation?s economic stability.

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 on Wednesday during the committee?s inaugural press briefing at the National Assembly, Abuja.

Sowunmi said recent findings suggest a significant breakdown in compliance with the Pre-Shipment Inspection of Exports Act, as operators in the oil and gas sector allegedly failed to repatriate between 40 and 45 per cent of Nigeria?s crude oil export proceeds ? contrary to the law mandating full repatriation within 90 days for oil exports and 180 days for non-oil exports.

He also expressed concern over ?worrisome disparities? in export-earnings data among government agencies such as 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 Nigerian and international data sources like OPEC.

According to him, non-oil exports?particularly in the solid minerals sector?have also shown ?high levels of non-compliance? with repatriation laws.

Sowunmi recalled that 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 the country?s foreign exchange earnings. Before the Act?s enactment in 1996, he noted, Nigeria had suffered from ?endemic leakages through under-valuation, delayed invoicing, price manipulation, illegal swaps, and deliberate overloading.?

He said the committee would investigate the exact volume and value of unrepatriated export proceeds from oil, gas, and non-oil sectors since 1996; determine the causes of conflicting data from government agencies; and engage experts for forensic reconciliation of export-proceeds accounts. It will also probe the management and utilization of NESS funds.

?This Committee will be guided strictly by evidence, not speculation. Our work will be document-based, data-driven, transparent, and verifiable,? Sowunmi assured. ?Our aim is simple ? Nigeria must receive, in full and promptly, every dollar legally due from its exports.?

He emphasized that the House, 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.

Sowunmi further revealed that the committee would leverage whistleblowing channels, guaranteeing confidentiality and possible financial rewards for individuals providing credible information.

He urged all stakeholders?oil operators, regulators, financial institutions, and exporters?to cooperate fully with the investigation, describing it as a ?whole-of-system exercise.?

?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.

Sowunmi stressed that the committee?s work is non-partisan, focused solely on safeguarding the nation?s economic integrity.

?Our measure of success is not publicity, but verifiable financial recovery to the Federation Account,? he said.

He also acknowledged the role of the media in ensuring transparency, urging journalists to rely on verified data and avoid speculative reporting.

?The success of this Committee depends on our collective support, for the benefit of our great nation,? he concluded. (Vanguard)

? Hon. Seyi Sowunmi, Chairman, House Ad-Hoc Committee on Pre-Shipment Inspection of Exports and Non-Repatriation of Crude Oil Proceeds

Update news