EFCC recovers N115bn for NDDC, clears 19 oil firms

You know how much Nigeria depends on its oil. Well, the Economic and Financial Crimes Commission (EFCC) has been looking into who owes what to the Niger Delta Development Commission (NDDC). They found out that 24 oil companies owed N76.883 billion in outstanding statutory levies. The EFCC recovered this money and gave 19 oil companies a clean bill of health.

The investigation started with 43 oil companies. After looking into who owed who what, the EFCC found out that the 24 companies owed the NDDC the huge amount of N76.883 billion. They also found out that the oil companies owed $81.076 million. The remaining 19 companies were cleared after the investigation.

Francis Oka-Phillips Usani, the EFCC representative, told the Senate Committee on Public Accounts that some of the companies paid their outstanding liabilities directly to the NDDC. He said they paid a total of N6.709 billion and $16.994 million. Out of the recovered funds, the EFCC released N73.373 billion and $67.070 million to the commission. The remaining N3.510 billion and $14.005 million are still in the EFCC's recovery account.

The EFCC focused primarily on the unpaid three per cent statutory levies due to the NDDC as identified in the Nigeria Extractive Industries Transparency Initiative (NEITI) report. However, the commission said they were aware that there could be other unpaid statutory obligations and taxes due to the Federal Government.

The Senate Committee on Public Accounts is not done yet. They rejected an attempt by TotalEnergies EP Nigeria Limited to respond to queries raised against the company in the audit report. The committee directed the Managing Director of TotalEnergies to appear in person at a date to be fixed next week. They also gave the managing directors of other oil companies a final opportunity to appear before the committee.

'At the commencement of investigation, EFCC invited 43 oil companies, out of which 24 operating within the Niger Delta were found to have outstanding liabilities in the sums of N76,883,705,907.17 and $81,076,655, while the remaining 19 other oil companies were given clean bill of health,' Francis Oka-Phillips Usani said.

Francis Oka-Phillips Usani is the EFCC representative who made this statement. He represents the commission in various Senate committees.

The Niger Delta Development Commission is a government agency responsible for developing the Niger Delta region. The commission focuses on projects like road construction, healthcare, education, and environmental protection.

Oil companies pay three per cent of their revenues to the NDDC to support the commission's projects in the region.

The recovery of N115 billion by the EFCC is a significant boost for the NDDC. The funds will be used to implement projects in the Niger Delta region.

The EFCC will continue to work with the NDDC to ensure that oil companies pay their outstanding liabilities. They will also work with the Senate Committee on Public Accounts to ensure that all stakeholders are held accountable.