Senate Investigates Aiteo for $71.65m NDDC Default

The Nigerian Senate has initiated an investigation into Aiteo Exploration and Production Company Limited for allegedly defaulting on statutory contributions amounting to $71.65 million and N30.7 billion to the Niger Delta Development Commission (NDDC). The Senate committee on NDDC, chaired by Asuquo Ekpenyong, has summoned Aiteo to appear within two weeks.

This probe follows a petition from environmental activist Mathew Echo, who claims that Aiteo has failed to remit the required contributions since 2021, as mandated by Section 2 of the NDDC Act. The committee is seeking a comprehensive list of outstanding statutory remittances from international oil companies.

Despite being invited, Aiteo did not attend the hearing. Ekpenyong stated that the committee aims to ensure fair hearing and will give the company the benefit of the doubt regarding its absence.

The NDDC's Managing Director, Samuel Ogbuku, noted that recovering statutory remittances from oil companies remains a significant challenge.