The Central Bank of Nigeria has allocated two additional crude oil export terminals to Swede Control Intertek Limited, a pre-shipment inspection agent involved in Nigeria’s crude oil export monitoring framework, in a move tied to wider efforts to tighten oversight of the country’s oil revenue.
The development was disclosed in a circular dated 15 June 2026, issued by the CBN’s Director of Trade and Exchange, Aderinola Shonekan, and addressed to authorised dealer banks, the Nigeria Customs Service, key petroleum sector regulators, terminal operators, oil and gas companies, and the general public. The circular confirmed that the Federal Government had approved the allocation of the Cawthorne Terminal and the Okwok Terminal to Swede Control Intertek Limited, assigning the firm oversight responsibilities at both sites.
Pre-shipment inspection agents play a critical role in Nigeria’s crude oil export process, independently verifying export volumes and related documentation before shipments leave the country. Their work underpins export proceeds monitoring, revenue assurance, and compliance with foreign exchange regulations — areas that have drawn intense regulatory scrutiny in recent months.
The allocation comes amid an ongoing push by the Federal Government and regulatory agencies to strengthen transparency and accountability in crude oil exports, which remain Nigeria’s largest source of foreign exchange earnings. Earlier in March 2026, the House of Representatives Ad-hoc Committee investigating pre-shipment inspection of exports and non-remittance of crude oil proceeds had directed the Nigeria Customs Service, the CBN, the Nigerian Ports Authority, and industry chambers to submit comprehensive documentation clarifying their roles in the pre-shipment process, following concerns over alleged lapses and under-remittance of crude proceeds to the Federation Account.
The CBN has directed all stakeholders, including terminal operators and oil companies, to note and ensure compliance with the new allocation arrangement.
Source: punchng.com