Oluwafunbi Bello 
ABUJA, Nigeria – The House of Representatives has launched a probe into the alleged non-repatriation of $850 billion in oil and non-oil export proceeds between 1996 and 2014, vowing to recover all lost revenues.
Chairman of the Ad Hoc Committee on Pre-Shipment Inspection and Non-Repatriation of Crude Oil Proceeds, Rep. Seyi Sowunmi (LP–Lagos), announced this on Wednesday during the committee’s inauguration in Abuja.
Sowunmi said allegations indicate a “significant breakdown in compliance” among stakeholders in the oil, gas, and solid minerals sectors.
“It is alleged that operators in the oil and gas industry failed to repatriate about 40 to 45 per cent of export proceeds — roughly $850 billion — in clear violation of Nigerian law,” he stated.
He expressed concern over discrepancies in export-earnings data among key institutions including the Central Bank of Nigeria (CBN), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian National Petroleum Company Limited (NNPCL), and National Bureau of Statistics (NBS).
The committee, according to him, will hold public hearings to determine the actual value of unrepatriated export funds and the entities involved.
“Our measure of success is not publicity but verified financial recovery,” Sowunmi said. “Operators must show shipment-to-receipt trails, and where breaches exist, appropriate sanctions will apply.”
He added that the investigation aligns with President Bola Tinubu’s Renewed Hope Agenda, promising a transparent, evidence-based process to safeguard national revenue.
According to him, will hold public hearings to determine the actual value of unrepatriated export funds and the entities involved.
About the Author
Oluwatobi Adu 
Korede Abdullah 