Senate Investigation Exposes Questionable Handling Of $400 Million By NCDMB Management

Senate Investigation Exposes Questionable Handling Of $400 Million By NCDMB Management....KINDLY READ THE FULL STORY HERE▶

The Senate Committee on Local Content recently uncovered a $400 million intervention fund held in various financial institutions for an extended period by the Nigerian Content Development and Monitoring Board (NCDMB). Senator Natasha Akpoti-Uduaghan, the committee’s chairperson, made this revelation during an interactive session with the NCDMB management………CONTINUE READING

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According to Senator Akpoti-Uduaghan, the discovered funds include $50 million earmarked for capacity building in the oil and gas sector, with $30 million allocated for oil and gas capacity development and $20 million for supporting women in oil and gas businesses. Additionally, another $50 million intended for Research and Development in the oil and gas industries was identified and is currently housed in the Central Bank of Nigeria (CBN).

She emphasized that these funds could attract oil and gas equipment manufacturers to the National Oil and Gas Park (NOGaPS) facilities, facilitating increased access to affordable finance for manufacturing entities. The committee urged the NCDMB to provide clear information on how interested parties can access these funds.

Senator Akpoti-Uduaghan expressed concern over Chevron’s activities, stating that, besides crude oil exploration in Saudi Arabia, the company manufactures Polypropylene from gas waste, generating $6 billion annually for Saudi Arabia. She attributed the collapse of the Jubilee Syringe Plant in Bayelsa to operational issues within International Oil companies.

As part of its oversight responsibilities, the committee directed the NCDMB management to submit the audited accounts for 2021 to 2022, budgetary performances for 2022 and 2023, and the nominal roll of the board.

The Executive Secretary of NCDMB, Engr Felix Ogbo, revealed that $300 million from the Nigeria Content Intervention Fund is still with the Bank of Industry. He clarified that the entire $300 million has been disbursed, with a total disbursement of $330 million. Ogbo explained that as beneficiaries repay the loans, the funds would be made available to others seeking financial assistance.

The management highlighted the success of the loan disbursement, noting that five out of the seventy companies that accessed the fund have fully repaid their loans. Ogbo acknowledged challenges during the global economic shutdown caused by COVID-19, leading to discussions with the Bank of Industry to grant a two-year moratorium as a pandemic-related palliative. Regular monitoring mechanisms, including quarterly checks and joint annual project monitoring with the Bank of Industry, are in place to ensure proper fund utilization by the beneficiary companies.

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Source: Bushradiogist

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