Lawmakers have opened an inquiry into over $850 billion in unrepatriated crude oil export proceeds between 1996 and 2014. The House described it as one of Nigeria’s biggest financial leakages.
The House of Representatives has launched an investigation into the alleged non-repatriation of over $850 billion in crude oil export proceeds between 1996 and 2014.
Chairman of the House Ad-Hoc Committee on Pre-Shipment Inspection of Exports and Non-Repatriation of Crude Oil Proceeds, Seyi Sowunmi, announced the probe during a briefing in Abuja, describing the shortfall as “a massive haemorrhage of national resources.”
He said preliminary findings suggest that operators failed to repatriate up to 45 percent of export proceeds in violation of the Pre-Shipment Inspection of Exports Act.
“This situation represents a massive haemorrhage of national resources that should have strengthened our foreign reserves and supported economic growth,” Sowunmi said.
The committee will verify the actual value of unrepatriated funds, reconcile conflicting data from agencies, and ensure accountability. Sowunmi stressed that the exercise is “document-based, data-driven, transparent, and verifiable,” aimed at recovering funds due to the Federation Account.