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Reps panel probes $1.9bn ‘missing’ shares at NDPHC

Reps panel probes $1.9bn ‘missing’ shares at NDPHC
July 24
06:44 2018
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A house of representatives ad hoc committee says it has uncovered $1.9 billion shares unaccounted for at the Niger Delta Power Holding Company (NDPHC).

The committee, led by Darlington Nwokocha, was set up to investigate alleged constitutional breaches and financial infractions at the NDPHC totalling $30 billion.

At its continued hearing on Monday, the lawmakers expressed disappointment that the key management staff of NDPHC could not provide detailed annual returns of the company since 2005.

The committee asked Chiedu Ugbo, managing director of NDPHC, to furnish it with all the details of 1.9 billion shares of the company as available documents from the Corporate Affairs Commission (CAC) shows there is a gap in the company’s holdings.

Nwokocha had asked: “How come what has been showing in your annual returns has remained constant since 2005, showing only one million shares while your other documents with us are showing two billion shareholding?.”

Ugbo responded by informing the lawmakers that the management will work towards “reconciling the missing links with the CAC and get back to the committee within the week with a certified copy of the documentation”.

Nwokocha warned the NDPHC management of the legal implications of not complying with the committee’s directive.

“For annual returns, you also include the status of the company, even the assets, profits and dividends. Many things come with the annual returns; the ones that fall within your regime and before your regime because the company has been doing businesses,” he added.

Speaking on the accounts being operated by the company, Babayo Shehu, executive director, finance, said the company had been operating over 40 accounts before the current management came on board.

“Currently, we have one account at the Central Bank of Nigeria (CBN), and two domiciliary accounts at Access Bank and JP Morgan which we don’t have control over,” he said.

“The other 40 accounts have all been closed. I believe they have been closed but I have never done any transaction in those accounts. The management team then made it clear to us that they have all been closed.”

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