EFCC recovers N115bn, $84m NDDC levy from oil firms

The Economic and Financial Crimes Commission has recovered more than N115bn and $84m in outstanding statutory levies owed the Niger Delta Development Commission by oil companies, the agency told the Senate on Wednesday.

The disclosure was made before the Senate Public Accounts Committee, chaired by Senator Ibrahim Dankwambo, during the committee’s ongoing investigation into issues raised in the 2021–2023 Nigeria Extractive Industries Transparency Initiative Oil and Gas Industry Audit Report.

Representing the anti-graft agency, Francis Usani said the commission investigated 43 oil companies following queries raised in the NEITI audit, with 24 companies operating in the oil-rich Niger Delta found to have outstanding liabilities arising from the three per cent statutory levy payable to the NDDC.

According to Usani, the 24 companies were initially found to owe N76.88bn and $81.08m, while 19 others were cleared after the investigation.

“At the commencement of the investigation, EFCC invited 43 oil companies, out of which 24 operating within the Niger Delta were found to have outstanding liabilities in the sums of N76,883,705,907.17 and $81,076,655.00, while the remaining 19 other oil companies were given a clean bill of health,” Usani told the Senate Committee.

He said the EFCC’s intervention prompted some of the affected companies to settle their obligations directly with the NDDC. Usani disclosed that the companies had paid N6.71bn and $16.99m directly to the commission.

He further explained that the EFCC had released N73.37bn and $67.07m of the recovered funds to the NDDC, while N3.51bn and $14.01bn remained in the commission’s recovery account.