Sunday, February 26, 2012

NDDC Threatens Banks Over Contractors’ Funds

25 February 2012

The Niger Delta Development Commission (NDDC) has said it will review its relationship with financial institutions that make the process of accessing funds for project execution by contractors of the commission difficult.

NDDC managing director, Dr. Christian Oboh disclosed this yesterday when the managing director of Fidelity Bank, Mr. Reginald Ihejiehi paid him a visit at the commission’s corporate headquarters in Port Harcourt.

Oboh said the planned review was necessitated by complaints from the contractors following difficulties encountered in the quest for funds to execute the commission’s projects.

He said, “We are going to review relationship with banks that insist on getting approvals from their headquarters in Lagos before funds deposited by the NDDC are released to our contractors. We will not accept that again; give your branches authority to release funds to our contractors.”

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