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

The Economic and Financial Crimes Commission (EFCC) has recovered over N115 billion and $84 million in outstanding statutory levies owed to the Niger Delta Development Commission (NDDC) by oil companies, according to the agency's representative, Francis Usani, who testified before the Senate Public Accounts Committee. The investigation, conducted following queries raised in the 2021-2023 Nigeria Extractive Industries Transparency Initiative (NEITI) Oil and Gas Industry Audit Report, targeted 43 oil companies, with 24 located in the oil-rich Niger Delta found to have outstanding liabilities from the three percent statutory levy payable to NDDC.

Initially, 24 companies were found to owe N76.88 billion and $81.08 million, while 19 others were cleared after the investigation. The EFCC's intervention prompted some of the affected companies to settle their obligations directly with NDDC, with 19 companies paying N6.71 billion and $16.99 million directly to the commission. Out of the recovered funds, N73.37 billion and $67.07 million have been released to NDDC, leaving a balance of N3.51 billion and $14.01 million in the EFCC's recovery account.

The Senate investigation is examining the extent to which oil companies have complied with their financial obligations in the oil-producing region, where the three percent levy is intended to support development interventions.