BY JOY ODOR
ABUJA: The House of Representatives has opened an investigation into the non-repatriation of crude oil export proceeds estimated at over $850 billion between 1996 and 2014, describing it as one of the largest economic leakages in Nigeria’s history.
Chairman, House Ad-Hoc Committee on Pre-Shipment Inspection of Exports and Non-Repatriation of Crude Oil Proceeds, Hon. ‘Seyi Sowunmi, announced the probe at an inaugural press briefing in Abuja, warning that Nigeria could no longer afford to overlook decades of lost oil revenue.
“This is not about politics; it is about national survival,” he declared.
“Every dollar due to Nigeria from exports must be fully and promptly repatriated.”
Sowunmi said that findings indicated a 40–45 percent shortfall in export proceeds repatriated by operators in the oil and gas sector, a violation of the Pre-Shipment Inspection of Exports Act, which mandates full repatriation within 90 days for oil and 180 days for non-oil exports.
The committee, he noted, was alarmed by inconsistencies in export data supplied by key government agencies, including the Central Bank of Nigeria (CBN), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited, and the National Bureau of Statistics (NBS), compared with OPEC figures.
He disclosed that similar leakages exist in non-oil exports, especially in the solid minerals and agricultural sectors, where weak enforcement has enabled exporters to divert foreign exchange earnings.
“The Act that created the Nigerian Export Supervision Scheme (NESS) was meant to curb capital flight and ensure transparent export valuation,” he said.
“Yet, decades later, billions are still lost to under-valuation, illegal swaps, and price manipulation.”
The committee vowed to conduct a forensic reconciliation of export accounts, determine culpability, and recommend sanctions where necessary.
Sowunmi assured that the investigation would be “data-driven, evidence-based, and transparent,” adding that its measure of success would be financial recovery to the Federation Account, not media attention.
He reaffirmed the House’s commitment, under Speaker Tajudeen Abbas, to align with President Bola Tinubu’s Renewed Hope Agenda by recovering lost revenues and strengthening fiscal discipline in the oil and non-oil sectors.
To promote transparency, he announced whistleblowing channels for industry insiders and regulators, with confidentiality and financial rewards for credible information.
“This investigation is about protecting Nigeria’s economic sovereignty,” he said.
“Our oil wealth must never again vanish into foreign vaults while our people suffer at home.”
