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Explain crude oil sales, seizures, Reps tell EFCC - PUNCH
The House of Representatives’ Ad-hoc Committee on the Implementation and Oversight of the naira-for-crude-oil policy has directed the Economic and Financial Crimes Commission to provide a full account of crude oil sales and seizures handled by the agency.
The directive was issued by the committee chairman, Emerengwa Sunday, at the resumed investigative hearing with stakeholders in Abuja on Wednesday.
The naira-for-crude policy, launched in 2024, was introduced as a strategic measure to stabilise the naira, boost domestic refining, and reduce Nigeria’s reliance on foreign exchange for crude oil transactions.
Under the initiative, crude oil allocations to local refiners are expected to be paid for in naira rather than dollars, thereby easing pressure on the country’s foreign reserves and strengthening the local currency.
During the hearing, the Special Adviser to the EFCC Chairman on Regulatory Compliance, Francis Usani, stated that the Commission’s submissions only covered referrals received from 2003 to date, including crude oil seizures. He explained that the EFCC had not conducted any direct investigation specifically tied to the naira-for-crude framework.
He said, “The objective of this invitation was the investigation done under the naira-for-crude policy of the Federal Republic of Nigeria that took effect, or was initiated sometime in 2024, but took effect this year.
“We have not had any direct investigation or issue involving specifically the naira for crude policy or obstructions or infractions under that particular initiative.
“But because we also received information on referrals made to the EFCC, we had tabulated some transactions which the Commission had done and contained in the document forwarded to you. We did a kind of holistic submission, not necessarily restricting ourselves to transactions which I had said earlier.”
His explanation drew criticism from committee members, who insisted that the EFCC must conduct a more thorough review.
A member of the committee, Muhammed Shehu, pointed out that the documents submitted contained blank entries for the volume and grade of crude oil seized. He also criticised the EFCC for failing to investigate naira-for-crude transactions, noting that the policy was created to ease pressure on refineries and the local currency.
He said, “In the tabular document you submitted, including the evidence of payment attached, we need clarity on how you arrived at the amounts remitted to the EFCC. In the same table, the column for the volume and grade of crude seized shows ‘nil’. Yet there should be a section that states the value of whatever was seized.
“You need to review this thoroughly so that the document can speak for itself, even in your absence. As it is, the presentation is incomplete.”
According to Shehu, the EFCC’s submission left the committee with more questions than answers.
“I find it surprising that up till now, the national watchdog has never investigated nor even attempted to investigate the issues surrounding the naira-for-crude policy. This is a major policy introduced by the Federal Government to ease operations for local refineries and reduce pressure on the naira and dollar. Nigerians deserve to know what is happening behind it.”
Responding, the EFCC representative clarified that the agency focuses on crude oil seizures, not refined products. He assured lawmakers that the commission would revisit its submissions to include details such as the quantity of crude seized, disposal procedures, final recipients and whether transactions were conducted in naira or dollars.
The hearing was adjourned to December 4, 2025.
Earlier, the committee chairman reaffirmed lawmakers’ commitment to ensuring transparency and accountability in the implementation of the policy.
