Friday, 20 August 2021 05:58

Oil companies owe NDDC $4bn, minister says

Rate this item
(0 votes)

International oil companies operating in Nigeria owe $4 billion to an agency responsible for fostering development in the Niger Delta, the impoverished wetlands region where much of the industry is located, a minister said on Thursday.

Tayo Alasoadura, minister of state for Niger Delta Affairs, said the debt to the Niger Delta Development Commission (NDDC) had been accumulating over a long period of time, but did not name specific companies.

“International oil companies are expected to pay 3% of their annual budget to NDDC as their major income but they have been defaulting for a long period of time,” Alasoadura told reporters.

“Efforts are being made to get the outstanding payments which is up to $4 billion from them. All of them are owing,” he said.

It was not clear what potential enforcement mechanisms might be available to the NDDC or the government.

Asked to respond to Alasoadura’s remarks, a spokesman for U.S. major ExxonMobil said: “ExxonMobil complies with all governmental laws, rules and regulations applicable to its operations within and outside the United States.”

Spokespersons for Anglo-Dutch firm Shell and for Italy’s Eni said they would send responses later, while Chevron did not immediately respond to a Reuters request for comment.

 

Reuters

November 27, 2024

CBN increases Interest Rate yet again

The Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR) from 27.25%…
November 26, 2024

Tinubu’s nepotism worse than Buhari’s, Senator says

Enyinnaya Abaribe, senator representing Abia South, has stated that Nigeria would have been in a…
November 24, 2024

Older adults opened up about things they ‘took for granted’ in their 20s and 30s

Last month, we wrote a post where older adults from the BuzzFeed Community shared things…
November 16, 2024

Influencer eats pig feed in extreme attempt to save money

Popular Douyin streamer Kong Yufeng recently sparked controversy in China by eating pig feed on…
November 26, 2024

Fighter jet brought to combat bandits who invaded Benue communities, killed 30, official says

At least 30 people have been killed in several communities across two Local Government Areas…
November 27, 2024

Here’s the latest as Israel-Hamas war enters Day 418

Israel-Hezbollah ceasefire, brokered by US and France, aims for permanent peace A ceasefire between Israel…
November 26, 2024

WhatsApp just introduced major new upgrade that overhauls messaging

I love WhatsApp but I’ve never been fond of voice messages, leaving them or retrieving…
Nothing to show. You must configure the data source of the widget.
October 27, 2024

Nigeria awarded 3-0 win over Libya after airport fiasco

Nigeria have been awarded a 3-0 victory over Libya, and three vital points, from their…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.