Local Oil & Gas Firms Access $160m NCDMB Intervention Fund

Barely one and half years after the Nigerian Content Intervention Fund (NCIF) was launched by the Nigerian Content Development and Monitoring Board (NCDMB), provided financial assistance to indigenous firms operating in the oil and gas industry, it has offered a total of $160 million to qualified companies leaving $40 million out of the $200 million initial Fund.

Speaking at the ongoing Nigerian Oil and Gas Conference and Exhibition in Abuja, executive secretary of the NCDMB, Engr. Simbi Wabote, said the NCDF had been very useful in the setting up of the $200 million.

He however expressed disappointment at oil and gas companies operating in the country who are defaulting in the remittance of the one per cent to the Fund stating that the board would start a clampdown on then from September, 2019.

The NCIF is a pool of funds made available by the NCDMB and managed by the Bank of Industry (BOI) to meet the funding needs of indigenous manufacturers, service providers and other key players in the Nigerian Oil and gas Industry.

The Fund was launched in August 2017 in accordance with section 104 of the Nigerian Oil and Gas Content Development Act (NOGICD) Act.

According to the NCDMB boss, the board would hand over the defaulting firms to the Economic and Financial Crimes Commission, EFCC, for investigation and prosecution.

He disclosed that this becomes necessary following the importance of the Fund and its benefits to growing indigenous content in the Nigerian oil and gas industry.

Speaking on what the board has achieved in recent time, said the NCDMB exited appropriation of the Federal Government on 2018 and had been able to drive its activities of promoting local content, the building of its headquarters complex in Bayelsa and the construction of an industrial park through the effective utilisation of the fund.

According to him, 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.

Furthermore, the NCDMB boss stated that the board was partnering with an indigenous firm, Waltersmith Petroman in the construction of a modular refinery, while he declared that the refinery is scheduled to come on stream, May 2020.

Source: Leadership