CBN Allocates New Oil Terminals to Intertek for Inspection

On June 15, 2026, the Central Bank of Nigeria (CBN) announced the allocation of two additional crude oil export terminals, Cawthorn Terminal and Okwok Terminal, to Intertek, a Swedish control and inspection firm. This allocation is part of a framework to monitor Nigeria's crude oil exports and ensure compliance with foreign exchange regulations.

Aderinola Shonekan, the director of CBN's Trade Exchange Department, issued a circular detailing this decision, which involves the Nigerian Customs Service and authorized dealer banks. The allocation aims to enhance transparency and accountability in Nigeria's oil sector, which is a significant source of foreign exchange earnings and government revenue.

The decision comes amid ongoing efforts by the federal government and regulatory agencies to address concerns regarding revenue leakage from crude oil exports. Earlier, in March 2026, a House of Representatives ad hoc committee investigated issues related to pre-shipment inspections and non-remittance of crude oil proceeds.