Topic: NDDC Post Graduate Foreign Scholarship Program 2011

NDDC: FG panel demands removal of board, MD ?over illegal $80m transactions


The Presidential Committee on the Niger Delta Development Commission has recommended the dissolution of the NDDC board and the removal of its Managing Director, Mr. Chibuzor Ugwoha, and two executive directors over illegal $80m transactions.


The committee, in its report already submitted but yet to be made public, however, rejected calls for placing the NDDC under the supervision of the Ministry of the Niger Delta.


Our correspondent, who saw the report in Abuja on Tuesday, said it also recommended the overhauling of the commission.


The committee, headed by a former Head of Service of the Federation, Mr. Stephen Oronsaye, was set up by President Goodluck Jonathan on July 27, 2011, to look into the problems of the NDDC from 2007 to 2011.


The committee observed that the NDDC failed to perform the task of bringing development to the Niger Delta because of deep-rooted hatred among its members of staff and the management.


It also noted that the relationship between the managing director of the commission, and the board, headed by Air Vice Mashal Larry Koinyan, was not cordial.


The committee said it discovered that the MD opened a new account with First Bank of Nigeria Plc, United Kingdom, “without approval from the board.”


The MD, according to the committee, explained that his action was necessitated by “evident weakness in the Union Bank at the time and to avoid the loss of funds.”


The committee said the commission lost N1bn in the moribund Societe Generale Bank of Nigeria.


The committee also said the MD’s defence would not suffice as a reason to exonerate him, adding that he had enough time to get the approval of the board before the decision to open the controversial account.


The committee observed further that the MD ignored the disapproval of the board on the issue of the account and transferred $37m from the commission’s account in Union Bank, United Kingdom into the new account.


Also, an additional sum of $40m was transferred from the commission’s offshore account in Union Bank, UK to two commercial banks in Nigeria. It was also gathered that $20m each was deposited in UBA and UBN Nigeria in August 2009.


The committee also faulted the pattern for budgeting in the commission, which it said was flawed and could be exploited to violate standard procedure for contract award

What's our fate now? Is dis d end of our journey,I'm kinda confused here,wat's going on house,We need some clarifications here.... Oh NDDC,wat a shame...smh

Really shameful stuff happening. I knew 4rm the beginning that something fishy was going on. It's only god that can help us now. We put our hope and trust in him.

is this rock bottom?what's the implication of this?

Guys, i think nddc is sending secret text to ppl,some went to nddc on tues as requested by nddc in the text thy recieved

G.O.C are you serious about your statement? Do you know anyone who has received such text message? if actually it is real, i wont be surprised...

Hmmmmm, I comment my reserve! Una Good morning o!

My brothers and sisters, those who wait on the lord shall renew their strength, all we should do now is pray, cause after a few experience I had in this country, I began to hate my country, if u depend on mans / nddc report, u ll be dissappointed.
Is it a scholarship/ money or Nndc scholarship u want? If the first is the case just tell it to God, and at the rigth time, money will show up.
I encourage everyone to relax and pray not rely on NDDC.

Tat not withstanding,they r still pple doin interview..ma friend whose name wasn't on d list jst had his own interview 3days ago,same venue..infact he had to fly into ph from lag for dis reason..they'll surely bring out d list..tis jst d timing tat may b a problem..

What is this whole mess about now? Someone just doing his interview when all interviews have been concluded over six weeks ago. Does it mean that they didn't find any suitable candidate among those that were interviewed then and they're just interviewing new set of people or is it the normal man-know-man thing that happens in Nigeria? Or does it mean that they are conducting interviews for these new set of people to fulfill all righteousness, knowing that their names have been included in the final list and NDDC needs to have documentation for this in case of future probes? HMMMMM...... I rest my case

Originally Posted by alphamale

is this rock bottom?what's the implication of this?

@emykom i read d same story in d punch, d source claimed anonymity so d story is likely to be true but we cant say its true cos it has not been made public however i think we should be optimistic. ideally even if they dissolve d board or sack d Md it shouldnt stall d already existing process for the current awardees cos money has be allocated or budgeted for dis. where did d 10k given to scholars for transport come from? i believe it was gotten from the budget for d scholarship, maybe, maybe not whatever it is lets remain positive! i believe we are still on course we just have to pray, hope and don't worry, dis will pass!