ABUJA – The House of Representatives has demanded complete records of all crude oil seizures and sales from the Economic and Financial Crimes Commission (EFCC), expressing concern over the anti-graft agency’s failure to conduct specific investigations into the government’s Naira-for-Crude-Oil policy.
During a resumed investigative hearing on Wednesday, the Ad-hoc Committee on the Implementation and Oversight of the Naira-for-Crude-Oil Policy challenged the EFCC’s incomplete documentation, which contained empty fields for crucial details like volume and grade of seized crude oil.
Committee Chairman Emerengwa Boniface Sunday directed the Commission to provide comprehensive data on all crude oil seizures under its supervision, including disposal rates, end users, and transaction currencies.
“The documents you submitted, including payment evidence, need more clarity on how the remitted amounts to the EFCC were calculated,” said Rep. Muhammed Bello Shehu, highlighting significant gaps in the agency’s submission. “In the same tables, the columns for crude volume and grade show ‘nil, nil,’ yet there should be a section indicating the value of what was seized.”
EFCC Special Adviser on Regulatory Compliance, Francis Usani, acknowledged that the agency had not conducted any direct investigations specifically under the Naira-for-Crude initiative, despite the policy being launched in 2024 to stabilize the naira and support domestic refineries.
“It is surprising that the national anti-graft agency has not investigated the Naira-for-Crude policy, which is a major government initiative aimed at easing operations for domestic refineries and reducing pressure on the naira and dollar,” Rep. Shehu stated. “Nigerians deserve transparency on this.”
The EFCC representative committed to revising the submission to include full details, clarifying that the agency primarily handles crude oil seizures rather than refined products.
The hearing was adjourned to December 4, 2025, with Chairman Sunday emphasizing that the probe represents constitutional oversight to strengthen Nigeria’s economic framework, not target any individual or institution.
Follow NewsFocus for continuing coverage of legislative investigations and economic policy oversight.
