JONAS EZIEKE, Abuja
An Ad-hoc Committee on the Implementation and Oversight of the Naira-for-Crude-Oil Policy in the House of Representatives has demanded that the Economic and Financial Crimes Commission EFCC urgently provide comprehensive details on crude oil seizures, sales, and disposal under its operations
Chairman of the House Ad-hoc Committee, Hon. Boniface Emerengwa, gave the directive during the rescheduled investigative hearing on the Naira-for-Crude-Oil policy with stakeholders in Abuja on Wednesday.
The Naira-for-Crude policy, launched in 2024, aims to stabilize the naira, support local refineries, and reduce pressure on foreign currency reserves.
In a presentation at the hearing, Special Adviser to the EFCC Chairman on Regulatory Compliance, Mr Francis Usani, explained that the Commission’s submissions to the committee were limited to information on referrals made to it from 2003 to date, including crude oil seizures handled by the EFCC.
He admitted that no direct investigations had been conducted by the anti-graft agency 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 obstructions or infractions under that particular initiative.
“But because we also received information on referrals made to the Economic and Financial Crimes Commission, we had tabulated some transactions that the EFCC 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”
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Nonetheless, the House Committee members challenged the EFCC on the completeness of its submissions.
A member of the probe panel Hon. Muhammed Bello Shehu noted that tabular documents provided by the Commission 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 meant to ease pressure on local refineries and the naira.
The lawmaker 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 that the commission’s submission also raised bigger concerns.
“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, however, 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 continue on December 4, 2025.
Earlier, the House Ad-hoc Committee Chairman reaffirmed lawmakers’ role in ensuring transparency and accountability in the implementation of the Naira-for-Crude initiative.”
He said the investigation 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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