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Reps give MDAs seven-day ultimatum over naira-for-crude probe - PUNCH
The House of Representatives Ad Hoc Committee on the Implementation and Oversight of the Naira-for-Crude Oil Policy has issued a seven-day ultimatum to ministries, departments and agencies to submit all documents required for its ongoing investigation or face sanctions.
The committee chairman, Boniface Emerengwa, gave the warning in Abuja on Thursday after several invited agencies failed to appear with the necessary records.
Emerengwa said the investigative hearing scheduled for November 20, 2025, was postponed “due to the gross negligence and lack of seriousness displayed by relevant stakeholders.”
“Despite ample notice, the majority of stakeholders failed to recognise the role of the legislative arm in working with the executive for the effective implementation of the policy, by their failure to submit their required documents within the stipulated timeframe,” he said.
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“This dereliction of duty has not only undermined the integrity of the committee’s work but has also cast a shadow of unseriousness over a matter of national importance. The committee views this conduct as a blatant disregard for the legislative process and a disrespect to the Nigerian people whose interests we are mandated to protect.”
He said the delays had impeded the committee’s ability to scrutinise the policy’s implementation.
“The failure to submit documents on time has impeded our ability to conduct proper vetting and due diligence, thereby frustrating the investigative process,” he added. “This committee was constituted to ensure transparency, accountability and effective oversight of the naira-for-crude oil policy, a policy with far-reaching implications for our economy and national development.”
To keep the probe on track, the committee extended the submission deadline to November 27, 2025.
“This extension is a final opportunity for stakeholders to demonstrate their commitment to transparency and cooperation,” Emerengwa said, warning that any attempt to frustrate the process “will be met with firm legislative consequences.”
The investigative hearing has now been rescheduled for December 2, 2025, at 12 p.m. in Conference Room 440—a date Emerengwa described as “final and non-negotiable.”
He cautioned that the House would not hesitate to invoke its full authority against defaulters.
“Failure to comply with this extended deadline will attract severe sanctions,” he said. “The committee will not hesitate to issue summons and subpoenas, publicly name and shame non-compliant entities, recommend sanctions to relevant regulatory and executive bodies, or escalate matters to plenary for further disciplinary action.”
He urged all invited agencies to treat the matter with utmost seriousness.
“The naira-for-crude oil policy is not a peripheral issue. It is central to our economic sovereignty and fiscal accountability. The Nigerian people are watching, and history will judge our actions,” he said.
The committee directed all stakeholders to submit outstanding documents before the new hearing date and prepare to appear before the panel.
“The time for excuses is over. The time for accountability is now,” Emerengwa stressed.
The naira-for-crude oil policy was introduced to stabilise the foreign exchange market by redirecting crude oil proceeds into naira-denominated transactions, thereby reducing pressure on external reserves and curbing speculative demand for dollars.
Implemented through the Nigerian National Petroleum Company Limited and key financial institutions, the policy sought to keep crude-related earnings within domestic financial systems and support the recovery of the naira.
However, the arrangement drew concerns over transparency, pricing, compliance by crude lifters, and the handling of revenue by participating institutions. Questions also emerged over whether the government received full value for crude volumes allocated under the scheme.
These issues prompted the House to set up its ad-hoc committee to examine implementation gaps, fund flows, institutional roles and the policy’s overall economic impact. The investigation aims to determine whether the initiative achieved its objectives or was undermined by mismanagement, weak coordination or possible diversion of funds.
