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CONTENT FUND: NCDMB to prosecute defaulting oil and gas firms September

CONTENT FUND: NCDMB to prosecute defaulting oil and gas firms September

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, that 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.

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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.

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.

Ripples Nigeria

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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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