Business
Stakeholders Demand Release Of Forensic Audit Report On NDDC

Following the recent statement made by the Minister of Niger Delta Affairs, Godswill Akpabio, that the forensic audit report on the Niger Delta Development Commission (NDDC) has been released, stakeholders in the region have demanded that the report be made public.
The stakeholders said that the report, which was long awaited, should be made public for people to know what had transpired in the affairs of the commission.
Reacting to the minister’s statement, one of the founding fathers of the commission, Chief Jasper Jumbo, said the report should not be hidden because many things had happened in the NDDC.
Jumbo, who is the head of Jumbo Major House in Grand Bonny, alleged that successive administrators of NDDC had made the commission their cash cow.
“Contracts are being awarded without execution, and the money siphoned from the NDDC coffers, whereas genuine contractors who executed projects are being owned”, he said.
Meanwhile, a civil advocacy group, the Social Action, has also called on the Federal Government to release the forensic audit report of the NDDC without
The group, in a statement, said that the outcome of the forensic audit carried out on the operations of the NDDC should be released to the public.
According to the statement, “the Minister for Niger Delta Affair, Mr Godswill Akpabio, said a week ago that the team of auditors charged with the audit had submitted the report to his office.
“It would be recalled that in October 2020, the media was filled with several reports of unprecedented and monumental corruption manifesting in extensive contract frauds, procurement law infractions, non-budgetary and extra-budgetary spending, audit violations, cronyism, fiscal recklessness and flagrant disregard to procedural rules as well as other financial malpractices levelled against the management of NDDC.
“The commission has failed to meet the needs and aspirations of the people of the Niger Delta. Rather than promoting the region’s development agenda in line with its mandate, the NDDC has become a cesspool of corruption for which many of its past and present leaders have not only been complicit, but have been indicted (in both past and present probes and investigations).”
”These heavily weighted allegations are all in the open before citizens of Nigeria. We, therefore, see no reason why the outcome of the report should be locked in secrecy”, the group insisted.
The group also called on the President Muhammadu Buhari to promptly implement the recommendations of the audit report as well as prosecute anyone found wanting with immediate effect.
It added that the Ministry of the Niger Delta Affairs should also be mandated to make the forensic audit report available to the public as soon as possible.
This, according to the group, would help build trust in the government and restore citizens’ confidence in the governance process.
By: Corlins Walter
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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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