The House of Representatives Advert-Hoc Committee on Implementation and Oversight of the Naira-for-Crude Oil Coverage has issued a seven-day ultimatum to all ministries, departments, businesses (MDAs), and private-sector stakeholders invited for its ongoing investigation, directing them to submit the requested paperwork on or earlier than 27 November.
It warned that entities failing to conform would face decisive parliamentary sanctions, together with arrests, the place essential.
The committee’s Chairperson, Boniface Emerengwa, gave this warning on Thursday on the Nationwide Meeting after the investigative listening to earlier scheduled for the day was stalled by large non-compliance from stakeholders anticipated to supply crucial data on the coverage’s implementation.
Majority of the invited our bodies neither honoured the invitation nor forwarded the requested paperwork.
“The investigative listening to scheduled for at present, twentieth November 2025, has been adjourned as a result of gross negligence and lack of seriousness displayed by related stakeholders,” Mr Emerengwa stated.
Based on him, the stakeholders’ failure to interact with the committee not solely delayed proceedings but additionally hindered the legislature’s means to hold out efficient scrutiny of the Naira-for-Crude Oil Coverage, a strategic programme meant to strengthen Nigeria’s foreign exchange administration, income effectivity, and oil-sector accountability.
“Regardless of ample discover, the vast majority of stakeholders didn’t recognise the function of the legislative arm in working with the Government for the efficient implementation of the coverage, by their failure to submit their required paperwork throughout the stipulated timeframe,” he stated.
He added that the conduct had “undermined the integrity of the committee’s work” and “forged a shadow of unseriousness over a matter of nationwide significance,” noting that the Nigerian individuals deserved transparency concerning a coverage that immediately impacts the nation’s financial sovereignty and income stability.
“Let or not it’s unequivocally said: the committee is deeply disenchanted,” he pressured.
The chairperson defined that, given the gravity of the project and the very important significance of the coverage to the financial system, the committee determined to grant a remaining extension for the submission of paperwork.
He directed all stakeholders to make the most of the brand new deadline of 27 November, warning that no additional extension could be entertained.
He stated, Within the spirit of magnanimity and in recognition of the gravity of this investigation, the committee has resolved to increase the deadline for doc submission to twenty seventh November 2025.”
To accommodate the delays, Mr Emerengwa additionally introduced that the investigative listening to had been rescheduled to 2 December at 12:00 a.m. in Convention Room 440 of the Nationwide Meeting. He emphasised that the date was “remaining and non-negotiable.”
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He cautioned that defaulting organisations and people risked the committee’s full legislative powers, together with summons, subpoenas, public naming and shaming of non-compliant entities, suggestions for sanctions to regulatory and government our bodies, and escalation to plenary for additional disciplinary measures.
“This committee won’t be made to look unserious or ineffective as a result of indifference of stakeholders. We’re decided to hold out our oversight mandate diligently, transparently, and consistent with the expectations of the Nigerian individuals. The time for excuses is over. The time for accountability is now,” Mr Emerengwa stated.
He urged all invited businesses and stakeholders to deal with the matter with the seriousness it deserves, reminding them that the Naira-for-Crude Oil Coverage carries far-reaching implications for Nigeria’s financial system, fiscal self-discipline, and the credibility of presidency reforms.
Stakeholders are actually anticipated to submit their paperwork earlier than the brand new deadline and seem earlier than the committee on the rescheduled listening to.
