EFCC Recovers Over N115bn for NDDC from Oil Firms

The Economic and Financial Crimes Commission (EFCC), represented by Mr. Francis Oka-Phillips Usani, reported to the Senate Committee on Public Accounts that it recovered over N115 billion in debts owed to the Niger Delta Development Commission (NDDC) from 43 oil companies.

The recovery included N76.883 billion and $81.076 million, with 24 companies identified as having outstanding liabilities. As a result of the investigation, some firms paid a total of N6.709 billion and $16.994 million directly to the NDDC.

The EFCC has remitted N73.373 billion and $67.070 million to the NDDC, leaving a balance of N3.510 billion and $14.005 million in the EFCC recovery account. The investigation focused on the 3% statutory levy shortfall highlighted in the Nigeria Extractive Industries Transparency Initiative (NEITI) report.

Following the EFCC's presentation, the committee rejected Total Energies EP Nigeria Limited's defense of audit queries due to inadequate representation and mandated its Managing Director to appear in person.