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NDDC IN A MULTIBILLION NAIRA CONTRACT SCAM. + ALL THE DOCUMENTS THAT EXPOSED THEM
The Niger Delta Development Commission, NDDC, is reeking of a multibillion naira scam involving the board and top management of the agency.
Documents obtained by PREMIUM TIMES show that the board and management of the commission violated a directive by former President Goodluck Jonathan on probity and accountable handling of funds.
Mr. Jonathan had on December 16, 2013, while inaugurating the Bassey Ewa Henshaw-led board at the Aso Rock Villa, cautioned against the award of fresh contracts until all ongoing ones are completed.
“A body like NDDC should not just go into a voyage of contracts procurement but ongoing projects must be completed for people to benefit before new ones are awarded,” Mr. Jonathan had said.
“There are just too many ongoing projects and we believe that you don’t even have enough manpower to manage the ongoing projects.”
The president also hinted at financial impropriety by previous managements of the NDDC, saying, “If you aggregate the total amount of money the Federal Government has spent on this agency, (it) is enormous. And I don’t believe on ground that we have something to show.”
“The former board at a time had to be dissolved because instead of the board to work with the management to make sure that people from the area benefit from the NDDC, they were busy quarrelling over money.”
But this newspaper can authoritatively report that the commission not only jettisoned Mr. Jonathan’s directive, but it brazenly abused the nation’s procurement law.
Two weeks after it was inaugurated, the commission awarded a curious contract for what it called intelligence gathering, management and mitigation in all the senatorial districts in the nine states within the region.
To circumvent the Public Procurement Act 2007, the commission was said to have split the job into 30 lots and awarded to political gladiators and cronies of board members and top management staff.
A total of N2.7billion was doled out to 30 companies for the contracts, described as spurious by some insiders.
There are claims that some of the firms that benefited from the contracts are not registered with the Corporate Affairs Commission as prescribed by the Nigerian Companies and Allied Matters Act. But that could not be independently verified by PREMIUM TIMES Friday.
In each of the nine catchment states, a total N299.2million was spent on the contract with each contractor in a senatorial district getting N99.7million.
In the execution of the jobs, contractors served as both consultants and executors of the contract.
The jobs emanated from the office of the head of the security department through the Executive Director, Projects, Tuoyo Omatsuli, to the Executive Director, Finance and Administration, Henry Ogiri.
Approval for the payment of the contractors was conveyed via an internal memo, dated December 15, 2014.
Some of the companies that benefited included Osmoserve Global Limited, Merryl Finch Limited, Viva Guarantees Limited, Actinum Limited, Virgin Logistics Limited, Wright Integrated services Limited, among others.
Again on February 25, 2014, the Managing Director, Dan Abia, awarded a N882million contract, above his statutory approval limit of N2.5million, for the purchase of 40 luxury vehicles.
The contract was awarded to Automatt Global Services, located at 167 Aba Road, Port Harcourt, Rivers State, with a Local Purchase Order, LPO, no: 15301.
The order included 18 Toyota Hilux 4×4 pickup vans, two armoured LX570 Lexus jeeps, two regular LX570 Lexus SUVs, two armoured Toyota V8 Land Cruiser SUVs and 16 regular Toyota V8 Land Cruiser SUVs.
The Toyota Hilux van, which was bought by the commission at N156.5 million, with each costing N8.7million is sold for N6.5million at Carmudi, an online car shop.
Equally, a regular Toyota V8 Land Cruiser SUV, which was supplied to the commission at N27.9 million each, sells for N18.5million at Carmudi while a regular Lexus LX570 SUV which it got for N32.4million is sold for N22.5 million at Carmudi.
PREMIUM TIMES could not get the exact prices of the armoured vehicles but dealers, who spoke on the issue, insisted that the NDDC quotes were outrageous.
The vehicles where bought even when the commission has surplus in its garages and even gives away to top politicians across the country.
The commission also awarded contracts for the purchase of vehicles for the police commands in the catchment area at N12.5 billion.
Police commands in Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo and Delta states benefited from the security vehicle contract.
However, instead of routing the contract through the Bureau of Public Procurement and the Federal Executive Council as mandated by the procurement law, the commission was said to have split the job into 12 slots and awarded each at the cost of N985 million.
A source in the commission, who asked not to be named because he is not empowered to speak on the matter, confided in this newspaper how a contract for the acquisition of waste disposal trucks worth over N1.6 billion was awarded against the provisions of the procurement law.
“The contract was split among 85 companies and each got close to one hundred million,” said the source.
“You can see from the local purchase order for the purchase of the 40 luxury vehicles that was awarded to a Port Harcourt-based automobile firm that the NDDC does not obey relevant laws of the land.”
Attempts to speak with the commission’s managing director, Dan Abia, failed as he would neither answer calls nor respond to a text message sent to him.
However, when contacted on the telephone, the commission’s spokesperson, Ibitoye Abosede, said, “I am not aware of all these things. Is the NDDC the only place you are supposed to report? I am not aware of these things you are talking about. Thank you.”
Here are the documents below:
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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