EFCC Recovers N115bn, $84m in NDDC Levies from Oil Firms

Nigeria's Economic and Financial Crimes Commission (EFCC) has successfully recovered substantial funds, totaling over N115 billion and $84 million, representing outstanding statutory levies owed to the Niger Delta Development Commission (NDDC) by oil companies. This significant recovery comes as the Senate intensifies its investigation into the findings of the 2021–2023 Nigeria Extractive Industries Transparency Initiative (NEITI) Oil and Gas Sector Audit Report.

During a Senate Committee on Public Accounts hearing, EFCC representative Mr. Francis Oka-Phillips Usani revealed that an investigation into 43 oil companies identified 24 operating in the Niger Delta as having outstanding liabilities. These companies collectively owed N76.883 billion and $81.077 million in statutory levies to the NDDC. The remaining 19 companies investigated were cleared.

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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 $81,076,655.00, while the remaining 19 other oil companies were given clean bill of health.

Following the EFCC's investigation and pressure, some of the indebted companies made direct payments to the NDDC, amounting to N6.709 billion and $16.994 million. The EFCC itself has released N73.373 billion and $67.070 million to the NDDC from its recoveries, with N3.510 billion and $14.005 million remaining in the EFCC's recovery account.

This development marks a crucial step in the Senate's scrutiny of financial obligations within the extractive sector, particularly the levies intended to fund development projects in the oil-producing Niger Delta region. The EFCC's investigation primarily focused on the unpaid three percent statutory levy due to the NDDC, as highlighted in the NEITI audit report.

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Out of the sums so far recovered by the commission on behalf of NDDC, total sums of N73.373 billion and $67.070 million have been released to NDDC, leaving the balance of N3.510 billion and $14.005 million in the EFCC recovery account.