CBN Restructures Pre-shipment Inspection Agent Allocations to Improve Efficiency in Oil and Gas Sector

The Central Bank of Nigeria (CBN) has launched a comprehensive restructuring of the allocation of terminals to Pre-Shipment Inspection Agents (PIAs) and their monitoring by designated Monitoring and Evaluation Agents (MEAs) in the crude oil and gas sector. The move, which takes immediate effect, is intended to enhance operational efficiency and increase transparency in the nation’s crude oil export activities.

In a circular issued by the CBN’s Trade and Exchange Department and signed by A.A. Mahdi, the central bank outlined revised terminal assignments for various PIAs, superseding the previous allocation system. The new assignments cover several key terminals across Nigeria’s oil fields, including those at major locations such as Nembe, Isan, Tunu, Usan, and Forcados, among others. Each PIA has been assigned specific terminals to streamline operations and improve monitoring.

To bolster regulatory oversight, the CBN has also designated specific MEAs to supervise the activities of PIAs. Arlington Securitas Nigeria Ltd will oversee JBIS Integrated Resources Ltd, Offshore Bulk Inspection Co. Ltd, and others, while DV Howells Nigeria Ltd will monitor the activities of Felton Energy & Investment Ltd, Swede Control Intertek Ltd, and additional PIAs. This revised structure aims to ensure stricter supervision and more efficient management of Nigeria’s oil and gas exports.

The CBN has directed all relevant stakeholders, including the Nigeria Customs Service, Nigerian National Petroleum Corporation (NNPC), regulatory bodies, and oil and gas companies, to adhere to the new allocation system. This restructuring is expected to foster a more transparent and efficient process in the exportation of crude oil and gas, ultimately benefiting Nigeria’s energy sector.

Source: Leadership