In a significant development aimed at bolstering oversight in Nigeria’s oil and gas export sector, the Central Bank of Nigeria (CBN) has appointed pre-shipment monitoring and evaluation agents across the country.

According to a circular, TED/FEM/PUB/FPC/OO1/014, dated May 13, 2024, issued by Dr. Hassan Mahmud, Director of the Trade and Exchange Department at the CBN, the appointments take immediate effect.

The circular, obtained by Channels Television, outlined the appointment of both pre-shipment inspection agents and monitoring and evaluation agents, without specifying the exact numbers.

The appointed pre-shipment inspection agents will operate in various regions, including Qua Iboe, Forcados, Bonny, Usman, Egina, Yoho, Ima (Otakikpo), Erha, Ajapa, Tulja, Antan, Odudu, Agbami, Bonga, Okoro, Akpo, Ebok, Oyo, Peninton, E.A, Okwori, Escravos, Brass, Anyyala-Madu, Okono, Ugo-Cha, Abo, Aje, LNG, Escravos, and Bonny River Terminal (BRT).

Similarly, monitoring and evaluation agents have been appointed to oversee the operations of pre-shipment inspection agents across various locations.

The CBN emphasized that this directive has been communicated to authorized dealers, including the Nigerian Customs Services, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian National Petroleum Company Limited (NNPCL), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), all terminal operators, and all oil and gas companies.

This move by the CBN underscores its commitment to ensuring transparency and efficiency in Nigeria’s oil and gas export processes, aiming to enhance investor confidence and regulatory adherence within the sector.