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
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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