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Published On: Tue, Jul 24th, 2018

Reps want N/Delta power coy MD to account for N1.9bn shareholding

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By Christiana Ekpa Abuja

The House of Representatives adhoc Committee investigating $30billion Financial Infractions by the Niger Delta Power Holding Company (NDPHC) yesterday asked the Managing Director, Chiedu Ugbo to give account of 1.9 billion Naira outstanding share holding of the company which was not reflected in any of its annual returns.
The committee also expressed disappointment for the fact that, the key management staff of the company could not provide a detailed annual returns of NDPHC since 2005.
The committee led by Darlington Nwokocha ordered the MD to get all the details of 1.9bn shareholding of the company as only one million has been showing since the company came into existence.
The committee members had asked the MD” how come what has been showing in your annual returns had remained constant since 2005 showing only 1m shares while your other documents with us are showing 2bn shareholding.
Responding, the MD, Chiedu Ugbo told the lawmakers” we’ll try to reconcile the missing links with the CAC and get back to the committee within the week with a certified copy of the documentation.
The committee chairman, Rep Nwokocha reminded the MD that”you know very well that if you don’t do this reconciliation soon it could lead to serious litigation issues please get us all the necessary details.
Asked about the charges the company is currently faced with, Ugbo said he has no knowledge of any of such charges, “To the best of my knowledge, I have not seen any charges from the records and none has been presented to me,” he told the lawmakers.
Speaking on the accounts being operated by the company, Babayo Shehu, executive director, finance, said the company has one major account at the Central Bank of Nigeria (CBN) with two other domiciliary accounts.
He said prior to now, “the company operated 40 bank accounts but we closed almost because of Treasury Single Account (TSA) as ordered by government.
According to him, we have one account in CBN but they split it into two, and domiciliary accounts at Access Bank and JP Morgan. The only three accounts we have now.
“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. That was what we were told.”

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