Central Bank of Nigeria assigns two more oil export facilities to auditing company

The Central Bank of Nigeria has unveiled the allocation of two additional crude oil export terminals to Swede Control Intertek Limited, a key player in the country's crude oil export monitoring framework as a pre-shipment inspection agent.

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This development is outlined in a circular dated June 15, 2026, issued by Aderinola Shonekan, Director of the CBN's Trade and Exchange Department, and addressed to a wide range of stakeholders, including authorised dealer banks and the Nigeria Customs Service.

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The circular reveals that the Federal Government has given its approval for the allocation of the Cawthorne Terminal and Okwok Terminal to Swede Control Intertek Limited, as part of the country's crude oil export monitoring framework.

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According to the CBN, the purpose of the circular is to inform all relevant parties, including the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian National Petroleum Corporation Limited, of the Federal Government's decision to allocate additional crude oil terminals to Swede Control Intertek Limited.

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A table accompanying the circular specifically lists the Cawthorne Terminal and Okwok Terminal as the two new terminals assigned to Swede Control Intertek Limited, which will oversee these terminals as a pre-shipment inspection agent.

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Pre-shipment inspection agents like Swede Control Intertek Limited play a crucial role in verifying export volumes and related documentation before shipments leave the country, thereby supporting export proceeds monitoring, revenue assurance, and compliance with foreign exchange regulations.

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The circular has been distributed to major stakeholders in the oil and gas sector, including terminal operators and oil companies, with the CBN directing all parties to comply with the new allocation arrangement, stating "Please note and ensure compliance".

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The latest allocation is part of ongoing efforts by the Federal Government and regulatory agencies to enhance transparency and accountability in crude oil exports, which are Nigeria's primary source of foreign exchange earnings and a significant contributor to government revenue.

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Earlier, in March 2026, it was reported that the House of Representatives Ad-hoc Committee investigating Pre-Shipment Inspection of Exports and the Non-Remittance of Crude Oil Proceeds had directed several agencies to submit comprehensive documentation clarifying their roles in pre-shipment processes.

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This probe was initiated in response to concerns over alleged lapses in the pre-shipment inspection regime and the non-remittance or under-remittance of crude oil proceeds to the Federation Account, with lawmakers expressing worries over revenue leakages in both oil and non-oil exports.

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The constitution of the ad-hoc panel aimed to determine the roles of relevant agencies and identify accountability gaps in the export value chain, following a resolution by the House to investigate these issues.