An ad-hoc committee of the House of Representatives investigating the misuse of $30 billion (N10.8 trillion) by the Niger Delta Power Holding Company (NDPHC), has mandated the company to release details of 1.9 billion shareholding of the company.
Chairman of the committee, Hon Darlington Nwokocha, who issued the directive at the investment hearing yesterday in Abuja, noted that details of the company’s shareholding had not reflected in its annual financial reports since 2005.
The committee had discovered that about 2billion shareholding is listed on the company, while only one million shares consistently reflects on the company’s annual financial reports.
According to Nwokocha, only details of one million is reflected in the company’s balance sheet from its inception. The committee however expressed concern over the non-disclosure of 1.9 billion equity of the company.
“How come what has been showing in your annual returns had remained constant since 2005 showing only one million shares while your other documents with us are showing 2billion shareholding,” he queried.
The committee also observed that litigation issues could arise. Chief accounting officer of the company, Mr. Chiedu Ugbo, assured the committee that all the grey areas will be sorted out with the regulatory agency saddled with company registration in Nigeria, within one week. “We will 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,” he said.
Meanwhile, executive director of the company, Babayo Shehu while speaking on the accounts being operated by the company, argued that the company has one major account domiciled with the Central Bank of Nigeria (CBN) with two other domiciliary accounts.
“The company operated 40 bank accounts but we closed almost all of them because of Treasury Single Account (TSA) as ordered by government. We have one account in CBN but they split it into two, and domiciliary accounts at Access Bank and JP Morgan. We have only three accounts 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,” Shehu stated.
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