Naira-for-Crude Crisis: Seven-Day Deadline for Oil Firms and MDAs

The House of Representatives on Thursday set a seven-day deadline for Chief Executive Officers of oil companies and leaders of Ministries, ...

The House of Representatives on Thursday set a seven-day deadline for Chief Executive Officers of oil companies and leaders of Ministries, Departments, and Agencies (MDAs) who were invited to present during the current inquiry into the execution of the Naira-for-Crude policy launched by the previous government.

The head of the Ad-hoc Committee on Naira-for-Crude, Hon. Boniface Emerengwa, issued a final warning in Abuja after stakeholders declined to provide the necessary documents requested by the committee.

Speaking to the stakeholders present at the planned hearing, Hon. Emerengwa revealed that the investigative session, originally scheduled for November 20th, 2025, has been postponed because of significant carelessness and a lack of commitment shown by the involved parties.

He said:

Although there was sufficient warning, most stakeholders did not understand the function of the legislative branch in collaborating with the Executive to ensure the policy's successful execution, due to their failure to provide the necessary paperwork on time.

This neglect of responsibility has not only damaged the committee's credibility but has also brought a sense of frivolity to an issue of national significance.

The Committee sees this behavior as a clear disregard for the legislative process and a lack of respect for the Nigerian people whose interests we are responsible for safeguarding. It is clearly stated: the committee is very disappointed.

According to the chairman:

The delay in submitting the required documents has hindered our capacity to carry out thorough screening and investigation, thus complicating the inquiry. This Committee was established to promote transparency, responsibility, and efficient monitoring of the Naira-for-Crude Oil Policy, a policy that significantly impacts our economy and national growth.

He, however, warned:

Any effort to hinder this process will result in strong legal repercussions. In a gesture of generosity and acknowledging the seriousness of this inquiry, the Committee has decided to push back the deadline for submitting documents to November 27th, 2025.

This add-on provides a last chance for involved parties to show their dedication to openness and teamwork. Additionally, the inquiry hearing has been moved to December 2nd, 2025, at 12:00 AM, in Conference Room 440. This date is definitive and cannot be changed.

It is hereby made clear to all concerned parties that not adhering to this extended deadline will result in serious consequences. The committee will not shy away from exercising its complete legislative authority, which may include but is not limited to: issuing summonses and subpoenas, publicly identifying and criticizing non-compliant organizations, suggesting penalties to appropriate regulatory and executive agencies, and referring the matter to the full assembly for additional disciplinary measures.

This Committee will not be portrayed as lacking seriousness or effectiveness because of the apathy of those involved. We are committed to fulfilling our responsibilities with dedication, and we anticipate complete support from all concerned parties.

Stakeholders are hereby informed to approach this issue with the appropriate level of seriousness. The Naira-for-Crude Oil Policy is not an insignificant matter; it is crucial to our economic independence and financial responsibility. The Nigerian population is observing, and history will assess our decisions.

We call on all involved parties to submit their paperwork by the updated deadline and get ready to attend the committee on the newly set hearing date. The period for justifications has ended. It's time for responsibility.

NIGERIAN TRIBUNE

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