₦57bn of NCDMB was disbursed to Nigerian oil & gas companies


Posted by: Oluwaseun Solomon

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Did you know that the NCDMB’s secretary recently said that Nigerian oil and gas companies have accessed ₦57bn of the local content fund? Read the story here!

New updates reaching us here at Naijauto from the Nigerian oil sector indicates that out of the $200m (₦72bn) Local content fund, $160m (₦57bn) has been accessed already by the indigenous oil & gas companies according to the NCDMB (Nigerian Content Development & Monitoring Board).

Mr Simbi Wabote, the executive secretary of NCDMB had made this known on Monday 1st July 2019, at the recently held Nigeria Oil & Gas Conference and Exhibition for this year.

While giving a speech as the guest speaker during the event, Mr Wabote said;

“Out of the 200 million dollars Nigeria local content intervention fund, 160 million dollars has been accessed by indigenous oil and gas companies in building capacity and other relevant projects in the sector.

“We have 40 million dollars left. “

He mentioned that the fund itself has been kept with the Nigerian Bank of Industry which as a result has so far helped the country to boost its local content drive.

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NCDMB claims that only a few oil & gas companies have remitted 1% back

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Mr. Wabote also mentioned how unfortunate it has been that some indigenous oil companies have not remitted 1% of all their so-called project money till now. He went further to reveal that the board is making an effort to get capable forensic auditors in order to properly address this issue and discipline the culprits. He also said;

“This will happen in the next one to two months, we will hand them over to the EFCC because they are the ones that have the right to collect such money,”

He also discussed a bit about how Nigerian oil companies should not only focus on their businesses but also contribute to the growth and development of the country as well.

Mr Wabote really stressed on how the Nigeria oil & gas sector has truly benefited positively from the local content drive.

>>> To read lattest news in the automotive sector, navigate -> automotive industry updates!

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Oluwaseun Solomon

Oluwaseun Solomon

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Oluwaseun Solomon is a prolific and diligent automobile writer at Naijauto.com. He's also an experienced digital marketer and a creative multimedia developer that specializes in video editing. He currently contributes informative and easy to read articles on topics covering transportation, traffic updates, auto industry updates, and different car reviews.
When Solomon is not writing, you will either find him composing music, editing videos or simply enjoying YouTube "TEDx Talk" videos with a chilled drink :)

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