logo #PNCNigeria 23–26 November 2020

FG to begin clampdown on defaulting oil firms over NCDF remittances

Posted on 1st July

Written by: Michael Eboh 

Source: Vanguard

The Nigerian Content Development and Monitoring Board, NCDMB, Monday, disclosed that from September, it would begin the clampdown of oil and gas companies operating in the country, who are defaulting in the remittance of the one per cent Nigerian Content Development Fund, NCDF.

Speaking at the ongoing Nigerian Oil and Gas Conference and Exhibition in Abuja, Executive Secretary of the NCDMB, Engr. Simbi Wabote, said the defaulting firms would be handed over to the Economic and Financial Crimes Commission, EFCC, for investigation and prosecution. Wabote disclosed that this becomes necessary following the importance of the Fund and its benefits to growing indigenous content in the Nigerian oil and gas industry. According to him, the NCDF had been very useful in the setting up of the $200 million Nigerian Content Intervention Fund, NCIF, whereby indigenous firms had accessed up to $160 million, leaving $40 million.

He added that the NCDMB exited appropriation of the Federal Government on 2018 and had been able to drive its activities of promoting local content, the building of its headquarters complex in Bayelsa and the construction of an industrial park through the effective utilisation of the fund. Wabote noted that the NCDMB had engaged third party monitors and would be conducting a forensic audit to identify companies not making the mandatory remittances to the NCDF. Furthermore, the NCDMB boss stated that the board was partnering with an indigenous firm, Waltersmith Petroman in the construction of a modular refinery, while he declared that the refinery is scheduled to come on stream, May 2020.

He also stated that the NCDMB was considering refining options in the gas sector among numerous other opportunities in the sector. Wabote added that the NCDMB is partnering with Agip Nigeria to set up a 25 megawatts power plant, to provide electricity to the industrial parks on completion and its headquarters complex, all on Bayelsa State.

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