EFCC Recovers N115bn, $84m from Oil Firms for NDDC

The Economic and Financial Crimes Commission (EFCC) reported the recovery of more than N115 billion and $84 million in outstanding statutory levies owed to the Niger Delta Development Commission (NDDC) by oil companies. This disclosure was made before the Senate Public Accounts Committee, chaired by Senator Ibrahim Dankwambo, during an investigation into the 2021–2023 Nigeria Extractive Industries Transparency Initiative (NEITI) Oil and Gas Industry Audit Report.

EFCC representative Francis Usani stated that 43 oil companies were investigated, with 24 found to owe N76.88 billion and $81.08 million in unpaid three percent statutory levies. The investigation cleared 19 other companies.

Following the EFCC's intervention, some companies settled their obligations, paying N6.71 billion and $16.99 million directly to the commission. The EFCC has released N73.37 billion and $67.07 million to the NDDC, with N3.51 billion and $14.01 million remaining in its recovery account.

Usani emphasized that the investigation focused on the unpaid levies but acknowledged the potential for other outstanding obligations to the Federal Government.