By Our Reporter
The Central Bank of Nigeria (CBN) has overhauled its crude oil and gas export monitoring framework with the appointment of eight pre-shipment inspection agents and two independent monitoring firms to strengthen oversight of petroleum shipments and ensure greater accountability in foreign exchange earnings.
The appointments, which took effect on October 2, 2026, are being implemented under the Nigerian Export Supervision Scheme and involve the reassignment of designated crude oil terminals and gas export facilities to inspection companies.
In a circular signed by the Director of the CBN’s Trade and Exchange Department, Aderinola Shonekan, the apex bank directed authorised dealer banks, the Nigeria Customs Service, petroleum regulatory agencies, terminal operators and oil and gas companies to comply with the revised arrangements.
Under the new allocation, Dakee Engineering and Construction Ltd. will handle inspections at LNG, Escravos (Gas), Bonny River Terminal and EGTL, while Trexem Energy Services Limited has been assigned Egina, Qua-Iboe and Tulja.
Geoscape Limited will oversee Escravos, ERHA, Odudu and FSO Cawthorne, while 617 Limited will be responsible for Bonga, Brass, Usan and Eagle.
Robinson International Energy Ltd. has been allocated Ugo-Cha, Penington, Aje, Ima, Oyo and Nembe. Trobell International Nigeria Limited will cover Forcados, Bonny and Okwori, while Integrated Shipping Services Nigeria Ltd. will handle Akpo, Antan, Okoro, Anyala-Madu and Ebok.
Similarly, Kephren Business Ltd. will oversee Ukpokiti, Utapate, Yoho, Abo, Agbami, Ajapa, Okono and Okwok, as well as additional marginal streams designated by the Nigerian Upstream Petroleum Regulatory Commission.
To strengthen independent supervision, the CBN has also appointed two monitoring firms to oversee the activities of the eight inspection agents.
Q&Q Control Services Ltd. will monitor 617 Limited, Trexem Energy Services, Geoscape Limited and Kephren Business Ltd.
Arlington Securitas Nigeria Limited, on its part, will supervise Dakee Engineering and Construction, Trobell International Nigeria, Robinson International Energy and Integrated Shipping Services Nigeria.
The introduction of separate monitoring firms is designed to provide an additional layer of accountability, ensuring that inspection agents adhere to established procedures in verifying petroleum exports.
The development is significant given the strategic importance of crude oil and gas exports to Nigeria’s foreign exchange earnings. Accurate measurement of cargoes, verification of shipments and proper documentation remain critical to determining the actual volume and value of petroleum exports and ensuring that proceeds are properly accounted for.
The latest appointments represent another major adjustment to Nigeria’s petroleum export supervision framework.
In May 2024, the CBN appointed 11 pre-shipment inspection and monitoring agents under the scheme. The terminal allocations were subsequently reviewed in March 2025, while Candid Oil Services Limited was appointed in July 2026 to inspect exports from the Taurus Oil and Gas Depot.
The October 2026 appointments therefore constitute a further restructuring of the system through which the apex bank monitors the country’s crude oil and gas exports.
The move comes amid renewed efforts to maximise foreign exchange inflows from the petroleum sector. CBN data showed that Nigeria earned $2.53 billion from gas exports in the first quarter of 2026, highlighting the growing contribution of natural gas to the country’s external earnings.
However, improved export earnings may not necessarily translate into maximum foreign exchange benefits without effective cargo measurement, transparent reporting and reliable monitoring mechanisms.
The success of the revised framework will consequently depend on the effectiveness of the appointed inspection agents and monitoring companies, as well as coordination among the CBN, petroleum regulators, financial institutions, customs authorities and industry operators.
Ultimately, the CBN’s latest intervention is expected to strengthen the integrity of Nigeria’s petroleum export records, minimise discrepancies in shipment declarations and improve accountability in the collection of foreign exchange proceeds from crude oil and gas exports.
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