Reps ask EFCC to provide full account of crude oil seizures, sales

By Gift ChapiOdekina, Abuja

The House of Representatives’ Ad-hoc Committee on the Implementation and Oversight of the Naira-for-Crude-Oil Policy has demanded that the Economic and Financial Crimes Commission (EFCC) provide comprehensive details on crude oil seizures, sales, and disposal under its supervision.

Chairman of the committee, Rep. Emerengwa Sunday, issued the directive during the resumption of investigative hearings on the Naira-for-Crude-Oil policy with stakeholders in Abuja on Wednesday.

Launched in 2024, the Naira-for-Crude policy aims to stabilise the naira, support local refineries, and reduce pressure on foreign currency reserves.

During the hearing, the Special Adviser to the EFCC Chairman on Regulatory Compliance, Francis Usani, explained that the Commission’s submissions were limited to information on referrals received from 2003 to date, including crude oil seizures handled by the EFCC. He admitted that no direct investigations had been conducted specifically under the Naira-for-Crude policy.

He said: “The objective or the main crux of this invitation was investigations 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 Naira-for-Crude policy or infractions under that initiative. But because we also received information on referrals made to the EFCC, we tabulated some transactions and contained them in the document forwarded to you. We did a kind of holistic submission, not necessarily restricting ourselves to transactions which I had said earlier.”

Committee members, however, challenged the EFCC on the completeness of its submissions.

Rep. Muhammed Bello Shehu noted that the tabular documents provided contained blank entries for the volume and grade of crude seized. He also questioned why the EFCC had not proactively investigated the Naira-for-Crude transactions, stressing that the policy was intended to ease pressure on local refineries and the naira.

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, 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.”

He added: “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.”

In response, the EFCC representative clarified that the Commission focuses on crude oil seizures, not refined products. He assured lawmakers that the Commission would revisit the submissions to provide full details, including the quantum of crude seized, disposal rates, end users, and whether transactions were conducted in naira or dollars.

The hearing was subsequently adjourned to December 4, 2025.

Earlier, the committee chairman reaffirmed lawmakers’ role in ensuring transparency and accountability in the implementation of the Naira-for-Crude initiative. He said the probe was not targeted at any individual or institution, adding that it is a constitutional oversight exercise aimed at strengthening Nigeria’s economic systems.

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