The Acting Managing Director NDDC, Dr. Christy Atako has warned that the Banks Partnering the Commission faced the risk of being blacklisted if they frustrate the efforts of contractors at speedy projects delivery.
Dr. Atako who handed down the warning at a meeting with Representatives of the Banks said it was wrong for some of the Banks to set up different conditions for the contractors outside the guidelines by the Commission for Advanced Payment Guaranty (APG) disbursement.
She explained that once advanced payment is received a minimum of 20% of APG value shall be disbursed within three (3) days after request from contractors, while subsequent disbursement shall be made in accordance with the work plan agreed upon by the Commissions Contractors and Consultants.
Dr. Atako said it was also wrong for Banks to disburse funds without the confirmation of milestones achieved adding “NDDC shall set up an internal mechanism to investigate any bank found wanting and if possible blacklist it”.
The Acting Managing Director described the banking sector as a critical partner in the realization of the Commission’s mandate, adding “we have always considered you as very useful partners, you are a very important stakeholders group we have in NDDC, because we believe that you can help us achieve the mandate of the Commission”.
She therefore enjoined them to keep the partnership alive by contributing their quota to the realization of the Commissions mandate, and the overall development of the Niger Delta Region.
“It is very sad that even people we hold in very high esteem, people that we trust and believe in will occasionally let us down, we have observed that the banks have played very significant role in the failure of some our projects by not releasing money promptly to our contractors. This must end”