Senate Investigates $71.65m NDDC Remittance Default

The Nigerian Senate has initiated an investigation into an alleged default of $71.65 million and N30.7 billion in statutory contributions by oil companies to the Niger Delta Development Commission (NDDC). This inquiry was prompted by a petition from environmental activist Mathew Echo, who accused Aiteo Exploration of failing to remit the required contributions as mandated by the NDDC Act.

The Senate committee, chaired by Asuquo Ekpenyong, has summoned the companies to appear within two weeks and requested a comprehensive list of outstanding statutory remittances. The NDDC, under the leadership of Dr. Samuel Ogbuku, has faced challenges in recovering these funds, which are crucial for financing development projects in the Niger Delta.

The committee aims to ensure compliance with statutory obligations, as the continued non-remittance undermines the commission's ability to execute development initiatives and settle contractor obligations.