Reps Launch Investigation Into $850bn Unrepariated Crude Oil Export Proceeds

The House of Representatives, connected Wednesday, began probe into alleged non-repatriation of Nigeria’s crude lipid export proceeds estimated astatine implicit $850 cardinal betwixt 1996 and 2014.

Chairman of the House Ad-hoc Committee connected Pre-Shipment Inspection of Exports and Non-Repatriation of Crude Oil Proceeds, Hon. Seyi Sowunmi, said during the panel’s inaugural gathering astatine the National Assembly, Abuja.

He said caller allegations suggested a important breakdown successful compliance with the pre-shipment inspection of Exports Act with operators successful the lipid and state assemblage reportedly failing to repatriate betwixt 40 and 45 per cent of Nigeria’s crude lipid export proceeds.

The lawmaker said this is contrary to the instrumentality which mandates afloat repatriation of export net wrong 90 days for lipid exports and 180 days for non-oil exports.

Sowunmi besides expressed interest implicit the “worrisome disparity” successful export-earnings information reported by authorities agencies specified arsenic the Central Bank of Nigeria (CBN), Department of Petroleum Resources (now NUPRC), Nigerian National Petroleum Company (NNPC), and the National Bureau of Statistics (NBS), arsenic good arsenic inconsistencies betwixt Nigerian information and that of planetary bodies similar OPEC.

The president added that non-oil exports, particularly those involving coagulated minerals and different commodities, person besides been marked by “high non-compliant export net reports.”

He assured that the House of Representatives, nether the enactment of Speaker, Rt. Hon. Tajudeen Abbas, was afloat committed to supporting President Bola Tinubu’s Renewed Hope Agenda by plugging gross leakages and recovering mislaid funds for the Federation Account.

Sowunmi further announced that the committee volition actively utilise existing whistleblowing channels, promising confidentiality and imaginable fiscal rewards for individuals who supply credible information.

“The Committee volition actively utilise existing whistleblowing channels, guaranteeing confidentiality and imaginable rewards for credible accusation from manufacture staff, inspection agents, bankers, and acrophobic citizens,” helium stated, adding that this measurement was important to promote transparency and exposure fraudulent practices wrong the export worth chain.

He called for the practice of each stakeholders—including lipid operators, regulators, fiscal institutions, and exporters, emphasizsng that the probe was a “whole-of-system exercise.”

“Operators indispensable proviso shipment-to-receipt trails; regulators indispensable reconcile production, certification, and FX returns; and fiscal institutions indispensable supply account-level grounds of repatriation wrong time. Where breaches are discovered, due civilian and transgression sanctions shall beryllium applied,” helium warned.