Lawmakers Challenge EFCC Over Incomplete Oil Seizure Records
The House of Representatives has intensified pressure on Nigeria's anti-corruption agency, demanding comprehensive accountability for all crude oil seizures and sales conducted under its supervision. During a resumed investigative hearing in Abuja, the Ad hoc Committee on the Implementation and Oversight of the Naira-for-Crude-Oil Policy directed the Economic and Financial Crimes Commission (EFCC) to provide complete documentation.
Policy Objectives and Commission's Response
The Naira-for-Crude-Oil Policy, launched in 2024 with implementation beginning this year, represents a strategic government initiative designed to stabilize the national currency, support domestic refining capacity, and alleviate pressure on foreign exchange reserves. Committee Chairman Emerengwa Boniface Sunday issued the directive for full disclosure during proceedings with stakeholders.
Representing the EFCC, Special Adviser on Regulatory Compliance Francis Usani presented the commission's position, revealing significant gaps in their oversight. "We have not had any direct investigation or issue involving specifically the Naira-for-Crude-Oil Policy or obstructions or infractions under that particular initiative," Usani acknowledged. The commission's submissions primarily consisted of referral information dating back to 2003, rather than proactive investigations under the current policy framework.
Critical Questions and Documentation Gaps
Committee member Muhammed Bello Shehu highlighted concerning deficiencies in the EFCC's documentation, noting that tabular documents contained blank entries for crucial data including volume and grade specifications of seized crude. Shehu expressed astonishment at the commission's apparent lack of investigative action regarding the significant national policy.
"I find it surprising that up till now, the national watchdog has neither investigated nor even attempted to investigate the issues surrounding the naira-for-crude policy," Shehu stated. "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 to the committee's challenges, the EFCC representative clarified that the commission's mandate focuses specifically on crude oil seizures rather than refined petroleum products. Usani committed to revisiting the commission's submissions to provide comprehensive details including quantities of crude seized, disposal rates, end-user information, and transaction currencies (whether conducted in naira or dollars).
The investigative hearing has been adjourned until December 4, 2025, when the EFCC is expected to return with the requested complete documentation regarding crude oil seizures and sales under the Naira-for-Crude-Oil Policy.
