NDDC contractors surrender N827.6m to EFCC

Matthew Edevbie: one of the NDDC. contractors
Matthew Edevbie, one of NDDC contractors

The Economic and Financial Crimes Commission, EFCC has secured the final forfeiture of N827.7 million from two contractors of the Niger Delta Development Commission, NDDC.

The contractors are Flank Power Resources Limited and GMFD Ventures Limited. Matthew Edevbie is the CEO of Flank Power.

The forfeiture followed the order of Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi, Lagos.

This followed an affidavit by an EFCC investigator, in which the Commission prayed the court for the forfeiture of the sum to the federal government of Nigeria, being proceeds of unlawful activity.

The money was traced to the contractors’ accounts with Zenith Bank.

A breakdown of the recovery shows that N616.7m was recovered from Flank Power Resources Limited, while N211million was recovered from GMFD Ventures Limited.

It was discovered that between 2018 and 2019, Flank Power Resources Limited received the funds from the NDDC, through its account number:1015642852 , while GMFD received through account number: 1014657819 both of which are domiciled in Zenith Bank Plc.

The payments were for desilting of some areas of Niger Delta. The jobs were not done.

Besides the contract values were inflated.

The sum of N616, 679, 098.32 recovered from Flank Power Resources Limited was facilitated through 62 Zenith Bank drafts in favour of the EFCC Recovered Funds Account with the Central Bank of Nigeria, CBN, while the N211million from GMFD came through 22 Zenith Bank drafts in favour of the same account.

The EFCC secured the interim forfeiture of the money on June 8, 2020 and its final forfeiture was granted by the court on June 29, 2020.


  1. Dear Adewale, you have spoken well. May the good God continue to provide you with more eloquence. I have read and researched all I can about Nigeria and. I can tell you that the country as it composed and structured will never make it. Let us be honest and call it what it is, it is a failed experiment. We need the union broken up and maybe reconstituted with a different constitution. Anything short of that is like the chances of a snowball in hell. Be well Mr. Ade.

  2. Contracts! – These are the bane of the Nigerian economy. There seems to be a select few who have learned the ropes of gaming the system to line their pockets. Perhaps all contracts awarded to every known contractor all the way from 1966 to date need to be probed by a functional EFCC.

    Typical is the need to know who is making a serious profit from contracts to supply the NYSC with a variety of goods on an annual basis. Information of this nature should be in the public domain so that Nigerians know who is benefiting from what, and why. Another example is what happened to the Ajaokuta steel mill and why was the NRC gauge project which started in the early eighties just being completed by the Chinese.

    The reason corruption is so rampant in our society is because there are certain untouchables in positions of power who have set themselves up for a life of good living at the expense of tax payers and exploitation of the nation’s natural resources.

    It is possible that a former head of state, Muritala Mohammed knew who these people were and was determined to stop them which is why they made him pay with his life.

    These same people must have given rise to extremist organisations in the North, Delta and western Nigeria. The extremists in the North do not seem to be relenting in their pursuit of their share of the national cake through their incessant terrorising of the commoners, killing innocent people with careless abandon while the government does very little to protect the people. There has to be something these people know that emboldens their actions that the rest of the population is not aware of.

    This is why everyone that has been a leader in Nigeria or held any position of power since 1966 need to voluntary give a detailed account of their stewardship, including how most of them became wealthy. These country needs a new sense of direction and only those in the know can set things straight.

Comments are closed.