Nigeria, Oct. 23 -- The House of Representatives has begun an extensive investigation into the alleged non-repatriation of Nigeria's oil and non-oil export proceeds estimated at over $850 billion between 1996 and 2014.

The Chairperson of the House Ad-Hoc Committee on Pre-Shipment Inspection of Exports and Non-Repatriation of Crude Oil Proceeds, 'Seyi Sowunmi, announced this on Wednesday during the committee's inaugural meeting at the National Assembly, Abuja.

Mr Sowunmi said preliminary findings suggest that several operators in the oil and gas sector failed to repatriate between 40 and 45 per cent of Nigeria's export earnings, in violation of the Pre-shipment Inspection of Exports Act, which mandates the full repatriation of export pro...