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.

Read also: States’ Internally Generated Revenue (IGR) grows to N1.16tn in 2018

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.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now