BY EDMOND ODOK – Over 100 million dollars of undisputed obligations have been recovered by the Nigerian Content Development and Monitoring Board (NCDMB) from forensic audit remittances covering a seven-year period.
Executive Secretary of NCDMB, Mr Simbi Wabote, said the remittances under review were for operations carried out between 2010 and 2017.
Speaking at the Nigerian Oil and Gas (NOG) Conference in Abuja on Monday titled: “Nigerian Content Seminar”, Wabote said; “In respect of the non-remittance of the NCDMB fund, I wish to announce that we have recovered close to 100 million dollars of undisputed obligations from the forensic audit remittances between 2010 and 2017.”
He said given the volume of work so far carried out by the Board, “the disputed obligations are being closed down to bring this exercise” to an end.
According to him, the third-party forensic audit remittances for 2018, 2019, and 2020 would flag-off in the fourth quarter of this year, adding that; “Upon completion, this should bring our books up to date on the backlog of remittances.”
Wabote also explained that about 80 percent of operators and service providers have migrated to the newly inaugurated NCDMB fund remittance platform with the Board expecting the remaining 20 percent to join the train soonest.
The Executive Secretary said the remittance platform was created to drive NCDMB’s resolve at blocking observable loopholes in past remittances by several companies, assuring that adequate measures have been taken and processes strengthened to ensure Nigeria’s economy withstands pressure and enjoys stability in the face of turbulence within the global oil industry.
Noting that local refining of crude oil and domestic manufacturing remains vital in improving Nigeria’s economic indices, the NCDMB boss said; “It is a known fact that oil and gas industry is very dynamic. The oil boom is usually followed by an oil burst with attendant impact on our economy.
“So, refining most of our crude oil locally will create jobs, conserve forex either to use for import or generate forex from the export of petroleum products and derivatives.
“Local manufacturing of goods and services will ensure self-sufficiency from reliance on imported goods. In these two areas, we have relied on section 70 of the NOGIC Act and we will continue to deploy the provisions of the NOGIC Act to fortify the oil and gas industry against attacks.”
Specifically, Wabote said NCDMB is mandated by the Act to assist local contractors and Nigerian companies develop their capabilities and capacities to foster the attainment of the growth of developing the Nigerian content in the Nigerian oil and gas industry.
The National Assembly also got kudos from the NCDMB Executive Secretary for weathering the storm to finally pass the Petroleum Industry Bill (PIB), even as he expressed confidence that the bill would fortify the nation’s oil and gas industry in line with global best practices.
NCDMB has the mandate of branding procedures that will “guide, monitor, coordinate and implement the provisions of the NOGICD Act signed into law on April 22, 2010”.
The Board’s key functions also include: “To review, assess and approve Nigerian Content plans developed by operators”.
The Act establishing the NCDMBdescribed the Nigerian Content as “the quantum of composite value added or created in the Nigerian economy through the utilization of Nigerian human and material resources for the provision of goods and services to the petroleum industry within acceptable quality, health, safety, and environmental standards in order to stimulate the economy.”
