By By Elizabeth Ugbo
The Central Bank of Nigeria (CBN) has allocated two additional crude oil export terminals to Swede Control Intertek Limited. The allocation, announced in a June 15, 2026 circular, aims to strengthen export monitoring, improve transparency and boost accountability in Nigeria’s crude oil export value chain. The directive applies to authorised dealer banks, petroleum regulators, terminal operators, oil companies and other stakeholders nationwide.
CBN Assigns Two New Export Terminals
The circular, signed by the Director of the CBN Trade and Exchange Department, Aderinola Shonekan, confirmed that the Federal Government approved the allocation.
According to the apex bank, Swede Control Intertek Limited will oversee pre-shipment inspection activities at the Cawthorne Terminal and Okwok Terminal.
The circular 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.”
A schedule attached to the circular listed Cawthorne Terminal and Okwok Terminal as the facilities assigned to the company.
Role of Pre-Shipment Inspection Agents
Pre-shipment inspection agents verify crude oil export volumes and related shipping documents before cargo leaves Nigerian terminals.
Their work supports export proceeds monitoring, revenue assurance and compliance with foreign exchange regulations. Consequently, the government relies on these inspections to improve transparency across the oil export sector.
CBN Directs Stakeholders to Comply
The circular was copied to major stakeholders in the petroleum industry. These include the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Company Limited, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, terminal operators and oil companies.
The CBN instructed all affected organisations to comply with the revised allocation.
“Please note and ensure compliance,” the circular stated.
Government Intensifies Revenue Monitoring
The latest allocation aligns with the Federal Government’s efforts to strengthen transparency and accountability in crude oil exports. Oil exports remain Nigeria’s largest source of foreign exchange earnings and a major contributor to public revenue.
Earlier in March 2026, 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, the Central Bank of Nigeria, the Nigerian Ports Authority and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture to submit documents explaining their responsibilities in the pre-shipment inspection process.
Lawmakers launched the investigation after raising concerns over revenue leakages in oil and non-oil exports. They also sought to identify accountability gaps and clarify the responsibilities of agencies involved in Nigeria’s export value chain.
The committee’s probe followed allegations of lapses in the pre-shipment inspection system and concerns over the non-remittance or under-remittance of crude oil export proceeds into the Federation Account.
