EFCC Recovers N115bn From Oil Companies

(EFCC. Photo Credit: Nation News)

The Economic and Financial Crimes Commission announced on Wednesday that it has secured recovery of more than N115 billion in outstanding statutory remittances owed to the Niger Delta Development Commission by non-compliant petroleum extraction companies during the 2021-2023 period.

An EFCC representative disclosed during testimony before a Senate investigative committee in the capital that the recovered sum comprised N76.883 billion and $81.076 million in arrears.

The committee's inquiry addresses concerns emanating from an oil and gas sector audit covering the same timeframe.

The commission investigated 43 petroleum operators, identifying 24 entities operating within the Niger Delta region as bearing outstanding three per cent statutory obligations payable to the development commission.

The remaining 19 companies were cleared following determination that no liabilities were outstanding against them.

The outstanding liabilities totalled N76,883,705,907.17 and $81,076,655.00 at the investigation's commencement.

Following investigative proceedings and sustained pressure on affected operators, certain companies remitted their outstanding liabilities directly to the commission, totalling N6.709 billion and $16.994 million.

The EFCC subsequently released N73.373 billion and $67.070 million to the development commission on their behalf, with N3.510 billion and $14.005 million remaining in the commission's recovery account pending disposition.

The investigation focused primarily on unpaid three per cent statutory levies as identified in the sector audit, though the commission remained cognisant that affected operators may carry additional outstanding tax obligations and statutory commitments payable to the Federal Government.

The Senate committee rejected a major petroleum multinational's attempt to address queries raised against it citing inadequate representation, directing the corporation's chief executive to appear in person before the committee at a subsequently designated date.

The committee similarly afforded final opportunities for the managing directors of three additional petroleum operations to present themselves physically.

The investigation continues.