Efcc recovers billions in nddc levies from oil companies
The Economic and Financial Crimes Commission (EFCC) has recovered over N115bn and $84m in unpaid statutory levies owed to the Niger Delta Development Commission (NDDC) by oil companies. The agency revealed this during a Senate investigation into unresolved liabilities flagged in audit reports. Francis Usani represented the EFCC and detailed the recovery process and ongoing efforts. The Senate committee is pushing for direct accountability from oil company executives over these financial obligations.
TLDR
- The EFCC investigated 43 oil companies after queries in the NEITI audit, finding 24 with outstanding liabilities to the NDDC.
- N76.88bn and $81.08m were initially owed, with some companies settling directly with the NDDC after EFCC intervention.
- The EFCC has released N73.37bn and $67.07m to the NDDC, with N3.51bn and $14.01m still in its recovery account.
- The Senate committee is compelling managing directors of major oil companies to personally answer queries about unpaid levies.
- The investigation is part of a broader review of NEITI Oil and Gas Industry Audit Reports, aiming to ensure compliance and recover outstanding government revenues.
