NASS Invites Emefiele, Others Over N1.27trn NDDC Debt

Nigeria's National Assembly
  • NASS Invites Emefiele, Others Over N1.27trn NDDC Debt

The Governor of the Central Bank of Nigeria, Godwin Emefiele, the Minister of Finance, Zainab Ahmed and representatives of oil companies will appear before the joint Senate and House of Representatives Committee on Wednesday to explain the reasons for N1.27 trillion and $73 million debt owed to the Niger Delta Development Commission (NDDC).

The Federal Government owed the commission N1.2 trillion while oil companies owed a total of N72 billion and $73 million.

Olubunmi Tunji-Ojo, the Chairman, House Committee on NDDC and Co-Chairman of the joint committee, disclosed this on Monday in Abuja.

He said, “We are expecting the IOCs and other oil companies to come by Wednesday next week to tell Nigerians why they have blatantly refused to abide by the laws of the nation. I can assure, we will recover every dime due to the NDDC.”

Tunji-Ojo said, “These companies we are investigating owe the NDDC huge sums of money, which when remitted, would improve the fortune of the people of the Niger Delta area. By the records we have, a company like Shell Petroleum Development Company owes more than N54.9bn.

“We also have it on good authority that Pan Ocean owes as much as $46.6m, while Allied Energy is indebted to the tune of $43m; and Shebah Express Petroleum owes as much as $23.8m and then, Atlas Petroleum owes $22m.

“The 9th National Assembly cannot afford to sit and watch oil companies deny the NDDC of its statutory revenue from firms operating in the country.”

Some of the companies invited are Shebah Express Petroleum, Atlas Petroleum, Allied Energy, Frontier Oil, Seven Energy Limited, Belma Oil Producing Limited, Aiteo Exploration and Production, Dubri Oil, Conoil Producing, and Continental Oil and Gas.

Also, Accountant-General of the Federation, Ahmed Idris and Auditor-General of the Federation, Anthony Ayine.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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