The House of Representatives on Wednesday expressed grave concern over the failure of the Economic and Financial Crimes Commission (EFCC) to launch an investigation into the implementation of the naira for crude policy despite the controversies trailing the policy.

The lawmakers expressed their displeasure in Abuja during the investigative hearing held at the instance of the Ad-hoc Committee, chaired by Hon. Emerengwa Boniface Sunday.

Mr Francis Usani, who spoke on behalf of the Economic and Financial Crimes Commission, disclosed that the Agency has not conducted any direct investigation into Naira for Crude Policy or obstructions or infractions.

While confirming receipt of the Ad-hoc Committee’s letter regarding stolen crude oil that has been handed over to the Commission for investigation and prosecution, with specific reference to specific seized vessels, which were Vinalaris, I-101, MT-Tura, MT-Tecane III and MT-Sweet Mary.

According to him, the letter “was to the effect that we should provide information between 2003 till date. So, our response is limited to that scope of a period of time as requested. 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 I think 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 you also requested information on referrers made to the Economic and Financial Crimes Commission, we had tabulated some transactions which the EFCC had done, which is contained in the document forwarded to you and which you are about to look at,at your convenience.

“We did a kind of holistic submission, not necessarily restricting ourselves to transactions, which I had said earlier, we have not had any on Naira for Crude Policy. But what we have submitted to you had to do with other AGOs and crude transactions that the Commission had had over time.

“So that’s where we are at the moment, except unless you look at that document and you feel there are some other questions, I mean, we need to answer, we are very much available to answer them, sir.”

Unsatisfied with the EFCC presentation, Hon. Muhammad Shehu requested the evidence of payment of the crude oil sold; details of how the prices were determined and whether it was sold in naira or dollars.

He specifically expressed concern about why the Commission indicated ‘nil’ in the above provided volume of crude that was seized, the grade

“In the tabular form here, in the particular column that reads the volume of crude that was seized, the grade of the crude you indicated nil nil there. And I think there’s a particular area that would tell us the value of whatever it is that was seized.

“So, I think you need to go back and really look at that and see how so that the document, even if you are not around, can speak for itself; what you have as a monetary value.”

Hon. Shehu who expressed reservation over the presentation of the EFCC’s representative, said: “From your submission, I actually wonder how up till now the national watchdog have never investigated or have reason to smell the shit that is behind this issue of naira for crude issue because it’s a very sweet policy that the Federal Government introduced to ease certain things for local refineries; to ease things on the pressure on the dollar and naira itself.

“While behind the door because the question I want to ask was, have you ever investigated or have cause or reason to investigate for example the major body that is involved in this particular issue i believe is the FIRS which unfortunately they are not here you know that transaction of naira for the crude, how has it been documented how has it been carried out so far is it a success is it a failure why are Nigerians not feeling the impact of the naira for crude exchange?

“Another big body that I think that unfortunately we don’t have a record from, maybe one day if I ask for, Mr. chairman, is Dangote, who is almost the major beneficiary of this issue of naira for crude. So, I think the EFCC really need to, like he sai,d they have so far not delve their nose or hands into the issue of nara for crude.

“I think it’s high time because part of the process of the law that enacted you (EFCC) has empowered you to investigate things that even if a complaint is not laid before you, since the execution of government policies.”

Speaking earlier, Chairman, Ad-hoc Committee on implementation and oversight of Naira-for-Crude-Oil policy, Hon. Emerengwa Boniface Sunday explained that the Committee was set up with the clear mandate: to scrutinize the implementation of this policy and ensure accountability at all levels.

While acknowledging that the Naira-for-Crude-Oil policy is a critical economic intervention intended to stabilize our currency, safeguard national revenue, and promote transparency in crude oil transactions, he explained that the onus is on the House “to ascertain how this policy has been executed, whether it aligns with its objectives, and where necessary, recommend corrective measures.

“Let it be clear: this investigation is not targeted at any individual or institution. It is a constitutional oversight exercise aimed at strengthening our economic systems. We expect full cooperation from all stakeholders. Your honesty and clarity will help us deliver a report that is factual, objective, and in the best interest of Nigeria.

“This Committee will conduct its work with firmness, fairness, and unwavering commitment to the truth. We will not hesitate to expose lapses, highlight inefficiencies, or call out violations of due process. The Nigerian people are watching, and we will not betray the trust reposed in us.”

In his presentation, Chevron representative at the hearing, Mr. Olayiwola Adenui, who noted that the Organisation cannot meet the initial deadline given by the Ad-hoc Committee, disclosed that the Company is “appearing in multiple investigations.”

He said: “We know the seriousness and the quantum of documents we need to put together. We know that it will be difficult for us to meet the deadline and immediately we did send a letter to the Secretariat asking for time extension to submit our documents.

“So, we got the letter from the Honourable Committee on the 14th. And because of the quantum of information required, we knew that meeting the 21st of November deadline for submission of those documents would be a coherent task.

“So we did write a letter to the Secretariat asking for a time extension. But I’m out of respect for the committee and I will tell the clerk this. We decided to make a formal appearance today. If it’s good, at least you are here to explain why we can’t proceed with you for that.

To this end, the Ad-hoc Committee adjourned the investigative hearing to 4th December, 2025.

Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).