The Economic and Financial Crimes Commission (EFCC) has recovered more than ₦115 billion and $84 million in unpaid statutory levies owed by oil companies operating in the Niger Delta.
The recovered funds are meant to support development projects in the Niger Delta, a region that has faced significant environmental and social challenges arising from decades of oil and gas production.
The recovery was disclosed on Wednesday during a meeting with the Senate Public Accounts Committee, which is investigating financial discrepancies identified in recent industry audit reports.
The investigation followed an audit that revealed that 24 out of 43 oil companies examined had failed to pay the mandatory three per cent levy required to fund the activities of the Niger Delta Development Commission (NDDC).
According to the EFCC, the 24 companies had outstanding liabilities amounting to ₦76.88 billion and $81.08 million when investigations began, while the remaining 19 companies were found to have met their obligations.
Following the EFCC’s intervention, several of the affected companies began settling their outstanding payments. Some paid the NDDC directly, while others made payments through the EFCC.
So far, ₦73.37 billion and $67.07 million, valued at more than $117 million in total, have been released to the NDDC for development interventions in the region.
The three per cent levy forms part of the statutory funding framework of the NDDC and is intended to finance development initiatives in oil-producing communities.
Beyond recovering the outstanding funds, the Senate Public Accounts Committee has also intensified efforts to hold oil company executives accountable for the unpaid levies.
The committee, led by Senator Ibrahim Dankwambo, has demanded that chief executives of some of the affected companies appear personally to explain their financial records and clarify why the statutory payments were not made.
The committee recently rejected a representative sent by TotalEnergies, insisting that the company’s Managing Director appear before it to answer questions.
Other companies, including Oando Oil, Famfa Oil and South Atlantic Petroleum, have also been given a final opportunity to send their top executives before the committee.
Lawmakers said sending lower-level representatives may not provide sufficient explanations regarding the outstanding payments.
The Senate has warned that executives who fail to appear could be compelled to do so in line with its constitutional powers.
The ongoing investigation is aimed at strengthening transparency in Nigeria’s oil industry and ensuring that all statutory funds owed to the government and the Niger Delta are properly accounted for and deployed for the benefit of the people.
