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NDDC threatens banks over late release of funds

31 July 2012, 13:20

Rivers - The Niger Delta Development Commission (NDDC) says it will cancel its partnership with any bank that delays early release of funds to contractors for project execution.

Christian Oboh, the Managing Director of the commission, gave the warning when officials of Keystone Bank visited him in Port Harcourt on Monday.

Oboh said the late release of funds to contractors by some banks had delayed completion of projects in the Niger Delta.

He said the commission would meet with chief executive officers of the affected banks to strengthen their operations.  

``We have situations where banks refuse to pay money to contractors by giving excuses that they have closed their books either for the month or quarter.

``We have also received complaints from our contractors of banks requesting for additional conditions outside the ones they gave received before money will be released.

``This action is very unfriendly to our desire to leave enduring legacies,” he stated.

Oboh said the commission would henceforth partner organisations which shared the same vision with the NDDC toward fast-tracking development in the Niger Delta.

Mr Oti Ikomi, Managing Director of Keystone Bank, said the bank was ready to strengthen and expand its relationship with the commission.


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