EFCC Recovers N115bn NDDC Levies From Defaulting Oil Firms

By Adedapo Adesanya

The Economic and Financial Crimes Commission (EFCC) has recovered more than N115 billion in statutory levies owed to the Niger Delta Development Commission (NDDC) by defaulting oil companies between 2021 and 2023.

The recovery comprises N76.883 billion and $81.076 million, according to an EFCC representative, Mr Francis Oka-Phillips Usani, who disclosed the figures before the Senate Committee on Public Accounts on Wednesday.

Mr Usani spoke while the committee was investigating the 2021–2023 Oil and Gas Sector Audit Report of the Nigeria Extractive Industries Transparency Initiative (NEITI).

He said the EFCC investigated 43 oil companies over outstanding three per cent statutory levies payable to the NDDC.

According to him, 24 of the companies operating in the Niger Delta were found to have outstanding liabilities of N76,883,705,907.17 and $81,076,655, while the remaining 19 companies were cleared of any outstanding liability.

“At the commencement of the 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 a clean bill of health,” Mr Usani said.

The agent explained that following the investigation and pressure mounted by the commission, some of the affected companies paid their outstanding liabilities directly to the NDDC.

He said the direct payments amounted to N6.709 billion and $16.994 million.

Mr Usani further disclosed that of the funds recovered by the EFCC on behalf of the NDDC, N73.373 billion and $67.070 million had so far been released to the commission, noting that the balance of N3.510 billion and $14.005 million remained in the EFCC’s recovery account.

He, however, stated that the commission was also mindful of other possible outstanding statutory obligations and taxes payable to the federal government.