Nigerian news All categories All tags
House to investigate alleged misuse of $30b by NDPHC

House to investigate alleged misuse of $30b by NDPHC

- The Niger Delta Power Holding Company is being accused of misusing fund allocated to it

- Yakubu Dogara said the fund were sourced partly from the excess crude oil account

- The speaker said investigation will be duly carried out

The speaker of the House of Representatives, Hon. Yakubu Dogara, has said that the House will investigate the alleged misuse of N10.08 trillion (about $30 billion) by the Niger Delta Power Holding Company (NDPHC).

According to PR Nigeria, Dogara stated this at the opening of a public hearing by an Ad hoc committee of the House, on the alleged Constitutional Breaches, Impunity and other Infractions of the NDPHC), and the Need to Ensure Probity and Statutory Oversight Functions.

He noted that half of the funds were reportedly sourced through the Excess Crude Account, which belong to the nation’s three tiers of government.

READ ALSO: Otedola Bridge fire leaves 9 persons dead, 4 injured, 54 vehicles burnt

He said: “From the information made available to the National Assembly, the NDPHC Ltd. has since 2005 invested over thirty Billion US Dollars (US$30B), over half of which was sourced from the Excess Crude Account belonging to the three tiers of Government, while the balance consists of funds from other investors.

“As a Limited Liability Company, the operations, management and accounting procedures of the Niger Delta Power Holding Company Limited is subject to the overriding provisions of the Laws of the Federal Republic of Nigeria in general, and the Companies and Allied Matters Act, (CAMA), in particular.

“However, the available information is that the Company has failed to comply with very serious and important provisions of the Law, such that the very essence of the company, and by extension the NIPP, is seriously threatened.

“Furthermore, the NDPHC does not submit its annual budget and project plans for appropriation by the National Assembly, while, as alleged, it also generates Internally Generated Revenues (IGR) in trillions of Naira, which cannot be determined because it is neither divulged nor paid into the coffers of the Government, but rather expended by the company without Legislative approval or input from the other tiers of Government.

“Most importantly, information available from the Corporate Affairs Commission (CAC) conveys very disturbing signals that the trillions of Naira purportedly invested into the NIPP by the Federal, the 36 States and the 774 Local Governments have not been securitized as only two billion Naira is said to be registered as shares in the CAC for the three tiers of Government."

Dogara said the House is committed to finding a lasting solution to the challenge in the power sector. He added that lawmakers were concerned about making the NDPHC to work to fulfil its intended objectives as an important agency in the electricity industry.

PAY ATTENTION: Get the Latest Nigerian News Anywhere 24/7. Spend less on the Internet! had reported that Dogara, on Thursday, June 28, advocated for the setting aside of ministers of state positions for Nigerian youth.

Dogara made the call while speaking at the Not-Too-Young-To-Run Conference to celebrate President Muhammadu Buhari’s assent to the bill. He said the history of democracy globally had been about constant struggle between the included and the excluded.

How Nigerian youths protest made the National Assembly pass the 'Not Too Young To Run' bill - On TV


Mailfire view pixel