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 a recent disclosure to the Senate Public Accounts Committee. The EFCC's investigation, which focused primarily on the unpaid three percent statutory levy identified in the 2021-2023 Nigeria Extractive Industries Transparency Initiative Oil and Gas Industry Audit Report, examined 43 oil companies operating in the oil-rich Niger Delta.

Of these, 24 were found to have outstanding liabilities amounting to N76.88 billion and $81.08 million, while 19 were cleared after the investigation. Of the recovered funds, N73.37 billion and $67.07 million have been released to the NDDC, with the remaining N3.51 billion and $14.01 million held in the EFCC's recovery account.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.