Connect with us

Featured

NDDC: IMC Discovers N1trn Fraudulent Contracts In Seven Months

Published

on

More revelations have emerged from the Niger Delta Development Commission (NDDC) as the Interim Management Committee (IMC) set up to audit NDDC finances, yesterday, released its latest findings.
The IMC said its findings showed that immediate-past NDDC management awarded 1,921 ‘emergency contracts’ at N1.070trillion in just seven months, against an annual budget of about N400billion.
The NDDC’s Acting Executive Director, Projects, Dr Cairo Ojougboh, disclosed this at a meeting in Port Harcourt, a statement signed by the commission’s Deputy Director, Chijioke Amu-Nnadi stated.
It would be recalled that President Muhammadu Buhari had in 2019 ordered a forensic audit of NDDC, and appointed an IMC, which Ojougboh is a member.
According to Ojougboh, in just seven months of 2019, the commission awarded a total of 1,921 emergency contracts valued at N1.070trillion.
“In 2017, NDDC awarded a total of 201 emergency contracts valued at N100.4billion while in 2018, a total of 1,057 emergency contracts valued at N162.69billion were awarded.
“We are talking about a total of over N1.3trillion in less than three years. The yearly budget of NDDC is hardly above N400billion.
“A situation where contracts that do not qualify for emergencies were fraudulently awarded to over N1trillion in less than one year, this amounts to not only stealing from the pulpit but stealing the entire pulpit,” he said.
Ojougboh, who is the IMC’s chairman, Contract Verification Committee, said the findings have confirmed allegations of high-level corruption in NDDC.
The executive director said that President Buhari was fully committed to saving NDDC from being shut down by activities of corrupt contractors and officials at the commission.
According to him, the commission is sinking and would have been killed and buried due to over trading, bloated contracts and other sharp practices but for Buhari’s intervention.
“At best, NDDC has been a lack-lustre performance, with very little to show for the humongous resources that have accrued to it over the past 19 years.
“Stories of pervasive corruption, flagrant abuse of due process, abandoned projects, poor quality project delivery, among others, at NDDC, have adorned our media space over the years.
“To this end, the contract verification committee will lay a foundation for the forensic audit of the activities of the commission from inception to date,” he assured.
Ojougboh directed all NDDC contractors, consultants, vendors, suppliers and non-governmental organisations or their representatives who have business with the commission to report to the verification committee.
He said that the groups “are expected to come with three photocopies each of their letters of award, contract agreement, and interim payment certificates, where applicable”.
According to him, they are also to present originals for assessment, evaluation and verification to the NDDC office where such business is located.
“They are also to present letters detailing a brief statement of their claims/request on their headed papers with verifiable addresses and certified true copies of their company registration documents.
“The contract verification exercise would among other things establish the true position of the emergency contract regime between 2016 and 2019 in NDDC.
“Some of the contract awards were not only spurious but criminal, as available records showed that most of the awards were not backed by budget, bills of engineering measurement and drawings.
“They were just open cheques for contractors and their collaborators to fill in at the nearest banks,” he alleged.

Featured

Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally

Published

on

President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.

Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.

He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.

“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.

He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.

The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”

Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.

He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.

“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.

The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.

Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.

Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.

Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.

Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.

“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.

He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.

Continue Reading

Featured

RSG Kicks Off Armed Forces Remembrance Day ‘Morrow  …Restates Commitment Towards Veterans’ Welfare

Published

on

The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.

?

?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.

?

?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.

?

?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.

?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph,  Port Harcourt”, he said.

?

?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.

?

Continue Reading

Featured

Fubara Redeploys Green As Commissioner For Justice

Published

on

The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.

Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.

This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.

According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.

The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.

Continue Reading

Trending