The House of Representatives ad hoc panel “investigating all outstanding sums due to the Niger Delta Development Commission (NDDC) since 2000” yesterday mandated defaulting oil firms to remit their indebtedness to the Commission before end of July 2018 or “face the wrath of the law.”
Chairman of the panel, Ahmed Chachangi, gave the directive during a public hearing, which had some of the affected oil firms in attendance.
The affected oil firms include Nigerian Petroleum Development Company (NPDC) and Midwestern Oil & Gas Company Limited.
The Managing Director of NDDC, Mr. Nsima Ekere, said the affected oil firms are yet to remit the statutorily stipulated 3% of their annual budget.
Managing Director of Nigerian Petroleum Development Company (NPDC), who was represented by Manager Tax, Mr. Abubakar Suleiman, admitted that the company’s total indebtedness to NDDC to date stand at N54.9 billion.