NASS reads riot act to oil companies over funding of NDDC
• Agip pays $5m to commission
The National Assembly yesterday, read the riot act to no fewer than 20 oil and gas firms for failing to live up to their responsibilities in contributing to the funding of the Niger Delta Development Commission (NDDC).
At an interactive session between the joint committees of the Senate and House of Representatives with heads of various oil and gas firms operating in the country, the lawmakers did not mince words while reminding them that their continued violation of the law would no longer be condoned.
Section 14 (2)(b) of the NDDC establishment Act specifically stipulates that three percent of the total yearly budget of any oil producing company operating onshore and offshore in the Niger Delta area, shall be paid into the funds of the Niger Delta Development Commission (NDDC).
The joint committee led by Senator Peter Nwaboshi (Delta: PDP) directed the oil firms that are in default of their contributions to the NDDC to pay up within one week or face the wrath of the law.
He stressed the need for the oil firms to respect the laws of the land by ensuring that they pay the accurate funds due to the commission in order to solve the environmental and social crisis affecting the people of the region.
Chairman and Chief Executive Officer of one of the firms, Brittania-U Nigeria Ltd , Mrs Uju Ifejika who pledged to pay monies owed NDDC on pro-rata basis explained that but for the ineffectiveness in the utilisation of contributions to the NDDC, her firm would have lived up to its responsibilities.
No Comments yet