Nigeria's Apex Bank Assigns Two Fresh Crude Terminals to Inspection Firm

The Central Bank of Nigeria (CBN) has announced the designation of two new crude oil export facilities to Swede Control Intertek Limited. This firm is an accredited pre-shipment inspection agent, crucial for Nigeria's system of monitoring crude oil exports. The details were contained in a circular issued on June 15, 2026, by Aderinola Shonekan, Director of the CBN's Trade and Exchange Department. This directive was sent to authorized dealer banks, the Nigeria Customs Service, key regulatory bodies in the petroleum sector, terminal operators, various oil and gas companies, and the broader public.

The circular confirmed that the Federal Government had given its approval for the allocation of both the Cawthorne Terminal and the Okwok Terminal to Swede Control Intertek Limited. The CBN explicitly 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.”

As a pre-shipment inspection agent, the company has been assigned supervisory duties for the operations at these two recently allocated terminals. An accompanying table within the circular specifically identified “Cawthorne Terminal” and “Okwok Terminal” as the facilities now under Swede Control Intertek Limited's purview. Pre-shipment inspection agents are vital participants in Nigeria's crude oil export regime, as they independently confirm export quantities and associated paperwork before shipments depart the country. Their work is instrumental in tracking export revenues, ensuring revenue collection, and upholding adherence to foreign exchange regulations.

Copies of the circular were distributed to principal stakeholders throughout the oil and gas value chain, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian National Petroleum Corporation (NNPC) Limited, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), alongside various terminal operators and oil companies. The apex bank issued a clear instruction for all parties to observe the new allocation arrangement, stating, “Please note and ensure compliance.”

This latest assignment of terminals is part of broader initiatives by the Federal Government and its regulatory bodies aimed at bolstering transparency and accountability within the nation's crude oil export sector. Crude oil exports remain Nigeria's primary source of foreign exchange earnings and a significant contributor to the country's overall government revenue.

Earlier in March 2026, The PUNCH had reported on a directive issued by the House of Representatives Ad-hoc Committee, which is currently investigating Pre-Shipment Inspection of Exports and the Non-Remittance of Crude Oil Proceeds. The committee had instructed the Nigeria Customs Service, the Central Bank of Nigeria, the Nigerian Ports Authority, and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture to furnish comprehensive documents clarifying their specific functions in pre-shipment procedures.

This parliamentary inquiry stems from a House resolution to investigate purported deficiencies in the pre-shipment inspection framework and ongoing apprehensions regarding the failure to remit or under-remittance of crude oil revenues into the Federation Account. Legislators had voiced profound concerns about revenue leakages impacting both oil and non-oil exports, which subsequently led to the formation of the ad-hoc panel. The panel's mandate is to ascertain the responsibilities of relevant agencies and pinpoint gaps in accountability across the export value chain.