Business
NDBDA Crisis: MD Steps Aside, As FG Sets Up Committee …NLC Calls For Truce
Following the ongoing stand-off between the management of the Niger Delta Basin Development Authority (NDBDA) and its workers, the Federal Government has ordered investigation into the crisis.
The Federal Government has also directed the NDBDA Managing Director, Engr. Tonye David-West and his team to step aside with immediate effect.
The order came yesterday after a four-day face-off between workers and management of the Authority.
The Tide reliably learnt that the Federal Government has agreed to set up a committee to investigate all the allegations against the NDBDA management.
Our correspondents report that the protesting workers who had brought the operations at the NDBDA to a standstill since Monday, were accusing the management of the Authority of embezzling N1.5 billion meant for the establishment of Songhai farms across the three River Basin Development Authorities in the Niger Delta.
The Tide, however, gathered that the crisis came to a head when the David-West led management attempted to work its way back to the company after the expiration of the three year tenure of its executive directors.
Although the MD’s four year tenure ends next year, workers claimed that his continued stay in the company would cause several damages and low production due to his highhandedness.
According to them, the management had refused to pay what they called ‘Kilometer and Disengagement allowances’ to workers who had retired since two years ago, as contained in the Federal Government of Nigeria Public Service Rules, Chapter 13, Numbers 130103, 130104 of 2008 and 2009.
They also alleged that the David-West administration had neglected workers welfare in the last three years.
Engr David-West has, however, denied the allegations, saying all the monies released for the Songhai farm project were judiciously utilised.
Meanwhile, the Nigeria Labour Congress has waded into the face-off, appealing to the protesting workers to shield their swords.
Vice chairman, NLC, and chairman of the Joint Public Negotiation Council, Rivers State, Emecheta Chukwu, who addressed newsmen shortly after a closed door meeting with aggrieved workers and management of NDBDA, appealed for truce between the two warring factions.
According to him,’’ we want to use all the instruments of the law with a view to making sure that what is worth doing is worth doing well. I have made an appeal to the protesting workers of the NDBDA and the executive to dismantle every road block they have mounted on the office while we make the necessary documentation with a view to engaging the management and whoever that is responsible’’.
On some of the issues raised by the workers especially the demand that the Managing Director, Tonye David-West be removed, Chukwu said, it was not within the purview of industrial unions.
Chukwu said,’’ retention of the Managing Director has nothing to do with us as a union, it’s always from the Presidency; and I know, having gotten the brief from my members he’s still having one year disengage, but they are saying they’ re not satisfied with his operations’’.
He explained that, there were ordinances of government responsible for addressing matters of misappropriation of public funds, including the EFCC and ICPC and in this case, the supervising Ministry, the Ministry of Water Resources.
Tonye Nria-Dappa & King Onunwor
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
