CBN ASSIGNS TWO ADDITIONAL CRUDE EXPORT TERMINALS TO SWISS FIRM IN OIL EXPORT MONITORING PUSH
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The Central Bank of Nigeria (CBN) has announced the allocation of 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.
The development was contained in a circular dated June 15, 2026, issued by the Director of the CBN’s Trade and Exchange Department, Aderinola Shonekan, and addressed to authorised dealer banks and key stakeholders in the oil and gas industry.
According to the circular, the Federal Government approved the allocation of the Cawthorne Terminal and the Okwok Terminal to the company.
“This is to notify all Authorised Dealer Banks, Nigeria Customs Service, Nigerian Upstream Petroleum Regulatory Commission, Nigerian National Petroleum Corporation Limited, Nigerian Midstream and Downstream Petroleum Regulatory Authority, all Terminal operators, all Oil and Gas Companies and the General Public of the Federal Government’s allocation of additional crude oil terminals to Swede Control Intertek Limited,” the circular stated.
The apex bank explained that the company, which operates as a pre-shipment inspection agent, will now be responsible for monitoring export activities at the newly allocated terminals.
Pre-shipment inspection agents play a key role in verifying crude oil export volumes and documentation before shipments leave Nigeria, supporting revenue assurance and compliance with foreign exchange regulations.
The circular also confirmed that relevant stakeholders across the oil and gas value chain have been directed to comply with the new arrangement.
“Please note and ensure compliance,” the CBN added.
The latest allocation comes amid ongoing efforts by the Federal Government to improve transparency and accountability in crude oil exports, Nigeria’s largest source of foreign exchange earnings.
In March 2026, the House of Representatives had launched an investigation into pre-shipment inspection processes and alleged non-remittance of crude oil proceeds, directing key agencies including the CBN, Nigeria Customs Service and Nigerian Ports Authority to submit relevant documentation.
Lawmakers had expressed concerns over possible revenue leakages in the export value chain, prompting the probe into the roles of regulatory agencies and inspection firms.
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