CBN allocates two additional crude oil terminals to inspection firm

Central Bank of Nigeria. Photo: CBN

The Central Bank of Nigeria 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 disclosed 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, the Nigeria Customs Service, key petroleum sector regulators, terminal operators, oil and gas companies, and the general public.

According to the circular, the Federal Government approved the allocation of the Cawthorne Terminal and Okwok Terminal to Swede Control Intertek Limited.

The CBN stated, “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 showed that the company, which serves as a pre-shipment inspection agent, was assigned oversight responsibilities at the two newly allocated terminals.

A table attached to the circular listed “Cawthorne Terminal” and “Okwok Terminal” as the new terminals allocated to Swede Control Intertek Limited.

Pre-shipment inspection agents play a key role in Nigeria’s crude oil export process by independently verifying export volumes and related documentation before shipments leave the country.

Their activities support export proceeds monitoring, revenue assurance and compliance with foreign exchange regulations.

Related News FG to establish GBV safe spaces in 774 LGs

Nigeria’s current account surplus jumps 256% to $4.98bn

FG targets 40 million homes, N600bn with digital TV rollout

The circular was copied to major stakeholders across the oil and gas value chain, including the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Corporation Limited, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, terminal operators and oil companies.

The apex bank directed all stakeholders to comply with the new allocation arrangement.

“Please note and ensure compliance,” the CBN said.

The latest allocation comes amid ongoing efforts 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 and a major contributor to government revenue.

Earlier in March 2026, The PUNCH reported that the House of Representatives Ad-hoc Committee investigating Pre-Shipment Inspection of Exports and the Non-Remittance of Crude Oil Proceeds directed the Nigeria Customs Service, Central Bank of Nigeria, Nigerian Ports Authority and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture to submit comprehensive documentation clarifying their respective roles in pre-shipment processes.

The probe follows a resolution of the House to investigate alleged lapses in the pre-shipment inspection regime and persistent concerns over the non-remittance or under-remittance of crude oil proceeds to the Federation Account.

Lawmakers had expressed worries over revenue leakages in both oil and non-oil exports, prompting the constitution of the ad-hoc panel to determine the roles of relevant agencies and identify accountability gaps in the export value chain.