FG, oil firms yet to remit N1.5tr NDDC fund

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The Managing Director of Niger Delta Development Commission (NDDC) Nsima Ekere said the Federal Government and oil companies are indebted to the commission to the tune of N1.5 trillion.

Ekere disclosed this yesterday while testifying before the Ahmed Chanchangi led House of Representatives ad hoc panel “investigating the total outstanding sum due to the commission between 2000 and 2018.”

He said the 15 per cent of Federal Government’s remission to the NDDC fund between 2000 and January 2018 amount to N1.9tr out of which only N615.086bn had been paid into the fund, with an outstanding balance of N1.3tr.

He said when the outstanding sum is added to the Ecological Fund up to 2015, amounting to N45 billion, the total Federal Government indebtedness to the commission would be N1.4 trillion.

For the oil companies, Ekere said of the total N516bn receivables due to the commission from the oil firms, only N407.9bn has been paid between 2001 and 2018, with an outstanding balance of N108.3bn.

He said the total outstanding sums due to the commission from its establishment in 2000 till date amounts to N1.5 trillion.

Chairman of the panel, Chanchangi said the legislature will no longer allow breach of the NDDC, which was practiced through non remittance of statutory funds to the commission.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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