Lawmakers demand complete records from the EFCC on crude oil seizures, sales, disposal methods and naira-for-crude oversight as concerns grow over transparency.
The House of Representatives has directed the Economic and Financial Crimes Commission (EFCC) to provide a full breakdown of all crude oil seizures, sales, and disposal activities carried out under its authority, as lawmakers intensify scrutiny of the Naira-for-Crude-Oil Policy.
The directive was issued on Tuesday November 25, 2025, in Abuja during the continuation of an investigative hearing by the House Ad Hoc Committee overseeing the policy. The chairman of the committee, Emerengwa Boniface Sunday, said the EFCC must supply a comprehensive account detailing volumes, grades, disposal procedures, end-users and transaction currencies.
The Naira-for-Crude-Oil Policy, launched in 2024, was designed to reduce pressure on foreign exchange reserves, stabilize the naira, and supply domestic refineries with crude without dollar-denominated payments.
Officials from the EFCC appeared before the committee but admitted the agency had not carried out any direct investigations related to the policy since its implementation. Francis Usani, Special Adviser on Regulatory Compliance to the EFCC Chairman, told lawmakers that the commission’s submissions were limited to referrals received since 2003, rather than issues arising specifically from the new policy.
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Usani acknowledged the gap, noting that while the EFCC receives reports involving crude-related infractions, it had not opened any inquiries tied to naira-for-crude transactions introduced by the Federal Government. “We have not conducted any direct investigation under the Naira-for-Crude-Oil Policy,” he said. “What we submitted was a holistic compilation of activities based on referrals.”
Lawmakers expressed dissatisfaction with the EFCC’s documentation. Committee member Muhammed Bello Shehu pointed out that several EFCC records contained blank entries for seized crude volume and grade, raising questions about accountability and compliance standards.
Shehu criticized the commission for its lack of proactive oversight, stressing that the policy was central to boosting domestic refining and reducing reliance on hard currency. “It is surprising that the national watchdog has not investigated issues surrounding a major policy meant to support local refineries and stabilize the naira,” he said.
Responding to the concerns, the EFCC representative clarified that the agency focused primarily on crude seizures, not refined products. He assured the committee that the agency would review its submissions and provide complete data, including disposal methods and transaction currencies—whether in naira or dollars.
The committee adjourned the hearing to 4 December 2025 while awaiting the updated disclosures.