CBN allocates two additional crude oil terminals to inspection firm

In a recent development, the Central Bank of Nigeria (CBN) has allocated two additional crude oil export terminals to Swede Control Intertek Limited, a pre-shipment inspection agency playing a crucial role in Nigeria's oil export monitoring system. This decision was communicated via a circular dated June 15, 2026, authored by Aderinola Shonekan, the Director of the CBN’s Trade and Exchange Department. The circular was sent to a wide range of stakeholders, including authorized dealer banks, the Nigeria Customs Service, and several key petroleum sector regulators such as the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Corporation Limited, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority. Additionally, the notice was shared with terminal operators, oil and gas companies, and the general public.

The newly allocated terminals are the Cawthorne Terminal and the Okwok Terminal. These additions expand Swede Control Intertek Limited's responsibilities in overseeing the pre-shipment inspection process for crude oil exports. As a pre-shipment inspection agent, Swede Control Intertek plays a vital role in verifying the volume of exported crude oil and ensuring the accuracy of associated documentation prior to shipment. This verification process supports the monitoring of export proceeds, assures revenue collection, and ensures compliance with foreign exchange regulations.

The circular explicitly states that the Federal Government has approved this allocation, emphasizing the importance of transparency and accountability in Nigeria's crude oil export operations. Given that crude oil remains the primary source of foreign exchange earnings and a significant contributor to national revenue, the government continues to focus on strengthening these systems to prevent revenue leakage and enhance operational efficiency.

This allocation follows a broader initiative by the Federal Government and its regulatory bodies to address concerns about lapses in the pre-shipment inspection regime and the non-remittance or under-remittance of crude oil proceeds to the Federation Account. Earlier in March 2026, the House of Representatives established an ad-hoc committee to investigate these issues. The committee requested detailed documentation from the Nigeria Customs Service, CBN, Nigerian Ports Authority, and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture to clarify their roles in the pre-shipment processes. This investigation was prompted by growing concerns over potential revenue leaks in both oil and non-oil exports.

The CBN's decision to allocate the Cawthorne and Okwok terminals to Swede Control Intertek Limited is part of a larger restructuring effort initiated in April 2025. At that time, the CBN reorganized terminal allocations among various pre-shipment inspection agents in the crude oil and gas sector. The goal of this restructuring was to enhance operational efficiency and increase transparency in Nigeria's crude oil export procedures. Prior to this change, Swede Control Intertek Limited was responsible for inspecting crude oil at the Ima (Otakikpo), ERHA, and Aarca terminals. Other inspection agencies were also reassigned specific terminals, including Neroh Technologies Limited, which took charge of the Nembe Terminal, and Holborn Oil and Gas International Limited, which was assigned the Isan, Enna, and Yoho terminals.

With the addition of the Cawthorne and Okwok terminals, Swede Control Intertek Limited now oversees more locations in Nigeria's crude oil export infrastructure. This expansion underscores the increasing reliance on pre-shipment inspection agencies to maintain the integrity of the export process and ensure that all financial transactions align with national economic policies and international standards. The CBN has emphasized the need for all stakeholders to comply with the new allocation arrangements, reinforcing the commitment to a transparent and accountable system for managing Nigeria's valuable oil resources.

Looking ahead, the impact of this allocation will likely be felt across the entire oil and gas supply chain. Stakeholders have been urged to adapt to the changes and ensure seamless cooperation to uphold the effectiveness of the pre-shipment inspection regime. As the government continues to monitor and refine its approach to managing crude oil exports, the role of entities like Swede Control Intertek Limited will become even more critical in maintaining the stability and reliability of Nigeria's energy sector.