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NDDC’s New Debt Recovery Exercise
The recent initiative of the Nige Delta Development Commission (NDDC) to engage debt collectors for the purpose of recovering debts owed it and which is reported to be as high as N1.2 trillion,is a development of interest, with a promise to change the narrative of the commission. That is if such is executed effectively without any tinge of politicisation of the process from sundry external influences, as well as the ever present possibility of sabotage from in-house, insidious power-play schemes across its rank and file. Recently, the commission appointed a debt collector – Paris Trust Limited (PTL) to tackle its debtors who are in the main oil and gas companies, operating in the Niger Delta region. The debt collector has reportedly swung into action by sending demand notices to the defaulting companies conveying a seven-day ultimatum on the latter, to address their respective cases of indebtedness.
This is a positive development by the commission pursuant to repositioning itself for more predictable business activities in respect of its statutory obligation of driving development in the Niger Delta. Created in 2000 as an interventionist agency by the Federal Government under President Olusegun Obasanjo, the NDDC had its operational mandate clearly identifying the oil and gas companies operating in the Niger Delta region as statutory contributors to its war chest. In the 2000 Act establishing the commission, the designated oil and gas companies were assigned the responsibility of contributing just 3% of their annual operating budgets to the purse of the commission. Other sources of funding for the NDDC include 15% of the monthly statutory allocation to member states from the Federation Account and 50% of the Ecological Fund. The foregoing funding sources are to be augmented with other options such as business profits, loan and gifts, to name a few.
The initiative of recovering debts from defaulting oil and gas companies is therefore a legitimate exercise that is backed by law and contemporary best fit business practice. The denial of the commission of its due revenue by the offending debtors translates into its compromised capacity to deliver on its commitments to the host states. This, however, is not to state that the failure of the debtors to oblige it has been the only problem of the commission with respect to delivering on its mandate to member states. Beyond the indebtedness of the oil and gas companies lies the bigger debt by the Federal Government itself, which the commission has demonstrated incapacity or otherwise to recover. Meanwhile, efforts to exploit other sources of funding which are market based, like returns on investible funds are yet to feature on the commission’s portfolio.
In this state of financial miasma plays out the proclivities of some potentates since 2015, to make Rivers State the ‘whipping boy’ of the commission’s operational incontinences. While the commission had since its inception battled with issues around both the operation of the funding set up as well as the process of accounting for whatever funds that accessed its coffers, the period from 2015 to date has been a season of concern with respect to its relationship with the state. The coincidence of the low points of this period with the control of the Federal Government by the APC and associated animosity towards the PDP government in the state was not difficult for any observer to associate with the victimisation of the state.
The plight of the Rivers State in this unsavoury situation has been highlighted in several instances. A typical case is the running matter of tax evasion by the NDDC in respect of which the Rivers State Internal Revenue Service (RIRS) sealed off in April this year, the commission’s corporate headquarters in Port Harcourt over an outstanding tax sum of N50 billion through a court order. While the commission protested against the action, its case was weakened as it was acting on a compromised financial operational template that provided scant transparency even with respect to its founding NDDC Act 2000. While the Act under consideration provides that the commission produces an audited report of its operations not later than six months after the end of each year, such a report from the NDDC has remained largely in the terrain of the voodoo, as far as the public is concerned.
It is therefore for good measure that Governor Nyesom Wike conveyed the pain of the State from its unfair treatment by the commission, to its Managing Director, Professor Nelson Brambaifa during the latter’s visit to mend fences. Wike had raised the issue of the commission’s slips as including the failure to pay up on its counterpart funding obligations, in respect of the Mother and Child Hospital project in the state after the government had delivered on its end.
It is hoped that dividends from the current debt recovery exercise will benefit Rivers State in addressing some of the debts owed it by the NDDC.
Rivers State Governor, Sir Siminalayi Fubara, has said that peace has prevailed because he draws strength from God to resist insults and tantrums thrown at him while frustrating attempts by some disgruntled persons who wanted to plunge the State into unending crisis.
The Governor also said that because he has anchored his Government on promoting peace, the enabling atmosphere has been provided for investments and sustainable development to flourish.
Governor Fubara made the assertion when he received a delegation of members of the Bishops and Gospel Ministers’ Association International Incorporated, Rivers State Chapter, at Government House in Port Harcourt, yesterday.
Represented by the Head of Rivers State Civil Service, Dr George Nwaeke, Governor Fubara said while most people took his meekness for weakness, his stance on peace has unarguably enhanced harmonious atmosphere of concord as residents sleep with their two eyes closed, and investors and shareholders are happy with the returns on investment.
He said, “Before, what they hear of Rivers State is that they are fighting, and some genuine investors will not come. Some people even ask you: How are you coping in Rivers State?
“But now”, he asserted: “The Governor has brought about a lot of changes in the State. One of the most important things is that he has changed the negative narrative. It is no longer Rivers of blood. It is now Rivers of peace.
“We are enjoying our lives here. Why? Because there is a change in the narrative. We have peace. The Governor is, as much as possible, absorbing any level of insult at him only for one purpose: that Rivers State may have peace; that we may grow; that this state will experience genuine development.”
Governor Fubara urged them, as members of the Christian family in the State, to continue to pray for the State and the Government so that the enemies of the State will be put to greater shame.
“This peace is what I want you to embrace. Go and continue to pray, because when the sower of the seed went and sowed, the enemy went in the night and sowed tares inside there. But the Governor is sowing peace.
“When I listened to the leader of the team, His Grace Eddy Ogbonda, he said you came all the way from Eleme Junction, and stopped at major junctions, and you uttered prayers for the peace of Rivers State.”
He also said: “I, hereby want to thank you for identifying with the Governor at a time like this. At a time when it looks as if someone wants the Governor’s peace posture misunderstood as weakness.
“When someone has the strength to fight back, but refuses to fight back. That is a bigger strength; that power of restrain does not just come, it can only come from God.
“You cannot give peace, if you do not have peace within you. The Governor is not interested in any form of trouble or violence. What he is interested in is known, and it is: let there be peace in Rivers State,” he said.
In his address, leader of the group, Archbishop Eddy Ogbonda, said they had observed a week-long intensive prayers that culminated into a peace rally, which brought them to Government House, and assured the Governor that God will continue to give him victory over his adversaries while preserving Rivers State.
“It is Rivers State Prophetic Prayer Convocation and Rally 2024 with the theme: ‘Peace be still’. Of a truth, everyone of us understands that we live in a time when we need peace much more than any other thing.
“Rivers State needs peace. Everyone as individuals need peace. The country needs peace, and the world at large needs peace. So, we are here to do a peace march. We pray that God will command His peace to reign in Rivers State,” he said.
The Economic and Financial Crimes Commission (EFCC) has stated that hotels, schools, and other establishments that accept payments in dollars from their customers are at risk of facing arrest.
The Chairman of EFCC, Ola Olukoyede, said this in the agency’s publication called EFCC Alert on Monday, adding that action would be taken against individuals involved in the dollarisation of the economy.
According to him, the exception is if foreigners come in to transact business and the only means of transacting is their credit card and dollar but to charge local customers in dollars or other foreign currencies would no longer be allowed.
He said charging local activities and customers in dollars is against Nigeria’s constitution.
The EFCC chairman said, “Schools that charge Nigerians in dollar, supermarkets that trade in dollar, estate developers that sell their property in dollar, hotels that are invoicing in dollar, we are coming after you and we have made arrests in that area.
“Yes, if foreigners are coming in and the only means of transacting is their credit card, and dollar, why not? You will get that.
“But document it properly as against selling things within the system, local economy and you will be using dollar as the medium of exchange, it is illegal.
“Our law does not allow for that. And we have also affected some arrests.”
Rivers State Governor, Sir Siminalayi Fubara, has enjoined Muslim faithful to remain steadfast to the lessons learnt during the holy month of Ramadan.
Governor Fubara stated this in his message of felicitations to Muslims as they celebrate the 2024 Eid-el-Fitr Sallah, which marks the end of the one-month Ramadan fasting.
The Governor emphasised the importance for Muslims to also uphold the tenets of Islam by exhibiting the fear of God and showing piety in their daily work.
Governor Fubara said, “We must all continue in the good attributes imbibed during the holy month of Ramadan as directed by God through His Prophet, so as to ensure peace, unity and harmony in the society for a better future.”
While praying that the essence of the festival offers them happiness, peace and prosperity in all aspects of life, Governor Fubara said he recognises and appreciates the critical role that the Muslim community continues to play in the development of Rivers State, and indeed, Nigeria at large.
Governor Fubara charged them to remain unwavering and steadfast in their commitment and positive contributions to advance the development of the State and the country.
“I enjoin you all in the State to remain calm, be patient and continue to do what is right,” the Governor added.
He wished the Muslim faithful in the State and across the country a happy Eid-el-Fitr celebration.
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