…Warns Banks On Contractors’ Payment

Irked by perceived inactivity on the part of banks managing its accounts, the Niger Delta Development Commission is to meet with chief executive officers of such banks with a view to reinvigorate operations.

The Managing Director, Dr. Christian Oboh disclosed this when officials of Keystone Bank led by its Managing Director, Mr. Oti Ikomi paid him a courtesy call in his office.

The NDDC boss who identified the banking sector as key in the task of developing the Niger Delta, frowned at banks whose actions, he said had impeded the smooth delivery of projects.

“We have situations where banks refuse to pay money to contractors for mile stone achieved in the name of closing their books either for the month or quarter; this action is very unfriendly to our desire to bequeath enduring legacies”, he emphasised.

“We have also received complaints from our contractors of banks requesting for additional APG’s outside the ones they have received before money will be released”. Dr. Oboh added.

He therefore warned that the NDDC would be forced to review its relationship with banks not willing to release the Commission’s money in their custody to contractors for project implementation.

Dr. Oboh said though the NDDC was ready to collaborate with organizations including banks, it can only do that with those that share the same vision with the Commission and sued for closer ties among development partners towards the growth of the Niger Delta region.

Earlier, the Managing Director, Keystone Bank, Mr. Oti Ikomi said they were at the NDDC to expand and strengthen the long time relationship between the Commission and the bank.