An ad hoc committee of the Nigerian House of Representatives has pledged to investigate allegations that approximately $850 billion in oil and non-oil export proceeds were not repatriated to Nigeria between 1996 and 2014.
The committee, chaired by Hon. Seyi Sowunmi (LP-Lagos), was inaugurated on Wednesday in Abuja to probe the massive revenue leakage suspected within the country’s export sector.
Sowunmi highlighted concerns over significant non-compliance by stakeholders in the oil and gas industry, where an estimated 40 to 45 percent of crude oil export earnings reportedly remained unrepatriated.
“There are troubling inconsistencies in export earnings data reported by key government agencies such as the Central Bank of Nigeria (CBN), the Department of Petroleum Resources (now NUPRC), the Nigerian National Petroleum Corporation (NNPC), and the National Bureau of Statistics.
“These discrepancies also exist between Nigerian reports and international bodies like OPEC, ” he said.
The committee’s remit also covers the non-oil export sector, particularly solid minerals, where export earnings reports are suspected to be highly non-compliant.
Aligned with President Bola Tinubu’s Renewed Hope Agenda, the committee will hold public investigative hearings, employ forensic experts to reconcile export proceeds accounts, and scrutinise the management of funds under the Nigerian Export Supervision Scheme.
Sowunmi emphasised that the inquiry will rely strictly on verifiable evidence and data, avoiding speculation. “Nigeria must receive in full every dollar legally due from its exports,” he said.
The committee called for full cooperation from operators, regulators, and financial institutions, requiring shipment-to-receipt documentation and account-level proof of repatriation.
Where breaches are found, appropriate civil and criminal sanctions will be applied.
To ensure transparency, Sowunmi promised periodic factual updates and the publication of non-sensitive documents. He also urged the media to focus on verifiable progress and warned against premature reporting of figures.
The committee will encourage whistleblowing from industry insiders, guaranteeing confidentiality and potential rewards for credible information.
Sowunmi stressed that the inquiry is non-partisan and seeks to protect and strengthen Nigeria’s economy, calling on all stakeholders to cooperate fully.
