Call for Compliance with Financial Commitments to NDDC
Oil multinationals and relevant stakeholders are being urged to fulfill their mandatory financial obligations towards the Niger Delta Development Commission (NDDC) to support the region’s development goals effectively.
Concerns Over Financial Obligations
The NDDC issued a statement titled “NDDC Contractors Sound Alarm Over Failure to Transfer Statutory Funds to Niger Delta Development Commission,” highlighting that delays or failures in meeting financial commitments by various funding partners are hindering the commission’s operations.
Signatories Highlight Urgent Issues
The statement was endorsed by key representatives including Mr. Joe Adia, Mr. Ogoho Uwede, Prince Victor Fakhar, Mr. Friday Dollar, Board of Trustees member Mr. Janai Obot, General Counsel Mr. Omowoma Obulillie, and Chairperson Mr. Sylvester Iyade. They collectively voiced the pressing issues facing the commission.
Statutory Obligations and Their Implications
The leadership of the Niger Delta Development Commission Contractors Association has called on the Federal Government, regulators, and the public to address the ongoing non-compliance of some oil and gas companies concerning their statutory obligations to the NDDC. These requirements, as stipulated in both the Niger Delta Development Commission Act and the Petroleum Industry Act, are fundamental for the stability and development of oil-producing communities.
Consequences of Non-Compliance
The statement expressed deep concern over the repercussions of continued defaults, including stalled or abandoned critical infrastructure projects, heightened financial pressures on contractors engaged in government-supported initiatives, and growing frustration among host communities. The association emphasizes that ignoring these obligations is unsustainable and detrimental to regional stability.
Call for Regulatory Action
In the interest of maintaining peace and stability, the Builders Association has shown considerable restraint, engaging with relevant stakeholders through constructive channels. However, they stress that persistent neglect of legal obligations must be addressed. They are demanding that the Petroleum Regulatory Commission and the Federal Inland Revenue Service conduct a thorough audit of oil companies’ compliance with their legal responsibilities and enforce adherence without delay.
Commitment to Accountability and Dialogue
The association further urges all oil companies in default to fulfill their legal responsibilities and act with integrity. While maintaining their commitment to dialogue and peaceful resolutions, they warn that, if concerns are not satisfactorily addressed in a timely manner, stakeholders may resort to lawful means to safeguard their interests and demand accountability. The collective development of the Niger Delta, they assert, is a shared responsibility that must not be compromised.
