Naira-for-Crude EFCC probe intensifies as lawmakers demand a complete account of crude sales, seizures and transactions linked to the policy

The Naira-for-Crude EFCC probe intensified on Wednesday as the House of Representatives’ Ad-hoc Committee on the Implementation and Oversight of the naira-for-crude-oil policy directed the Economic and Financial Crimes Commission to submit a complete account of all crude oil sales and seizures handled by the agency.

Also read: Naira-for-Crude policy faces uncertainty as Nigeria’s Dangote Refinery stops naira transactions

Committee chairman Emerengwa Sunday issued the directive during a resumed investigative hearing with key stakeholders in Abuja.

The lawmakers stressed that transparency and accuracy were critical to evaluating the performance of the policy, which was launched in 2024 as a bold attempt to stabilise the naira and strengthen domestic refining.

Introduced to reduce Nigeria’s reliance on foreign exchange for crude transactions, the naira-for-crude initiative requires local refiners to pay for crude allocations in naira rather than dollars.

Supporters of the policy argue that the measure should ease pressure on foreign reserves while helping the local currency regain stability.

During the session, the EFCC’s Special Adviser on Regulatory Compliance, Francis Usani, informed lawmakers that the commission’s submissions only reflected referrals it had received since 2003, including crude oil seizure cases.

He explained that the EFCC had not conducted any direct investigation linked specifically to the naira-for-crude policy.

His remarks drew immediate criticism. Committee members insisted that the EFCC should have conducted a targeted probe into the policy’s implementation.

They argued that its silence on such a major government initiative was concerning.

Representative Muhammed Shehu highlighted irregularities in the documents submitted. He questioned why entries relating to the volume and grade of seized crude oil were marked as “nil” and why the EFCC had failed to clarify how remitted sums were calculated.

He expressed frustration that the commission had not investigated transactions under the policy, stating that Nigerians deserved transparency, especially since the initiative was designed to ease pressures on refineries and strengthen the local currency.

Responding to the concerns raised, Usani explained that the EFCC’s operations focus primarily on crude oil seizures rather than refined products.

He assured lawmakers that the commission would revisit its submissions to include full details on seized quantities, disposal processes, recipients and whether transactions were denominated in naira or dollars.

The committee adjourned the hearing to 4 December 2025, insisting that the EFCC’s revised submissions must be comprehensive and self-explanatory.

Also read: Nigeria crude oil exports decline despite higher production

Earlier in the session, chairman Emerengwa Sunday reaffirmed Parliament’s commitment to ensuring full accountability in the implementation of the naira-for-crude policy, describing transparency as essential to restoring public confidence.