Senate Investigates IOCs for $71.65m NDDC Contributions

The Senate of Nigeria has initiated an investigation into International Oil Companies (IOCs) regarding their non-remittance of $71.65 million and N30.7 billion in statutory contributions to the Niger Delta Development Commission (NDDC). This inquiry was prompted by a petition from environmental activist Mathew Echo, alleging that Aiteo Exploration and Production Company Limited and other IOCs have failed to comply with the NDDC Act, which mandates a three percent annual contribution from oil-producing companies.

The investigation revealed that these outstanding contributions have severely weakened the NDDC's capacity to fulfill its development mandate, particularly in addressing environmental degradation in the Niger Delta. The NDDC's Managing Director, Dr. Samuel Ogbuku, noted that recovering these statutory remittances remains a significant challenge for the commission.

The Senate committee, chaired by Asuquo Ekpenyong, has called for tougher enforcement measures against defaulting companies and plans to invite Aiteo for further discussions within two weeks.