Unremitted Funds: NCDMB recovers $100m from oil companies – Newstrends
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Unremitted Funds: NCDMB recovers $100m from oil companies

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The Executive Secretary of the Nigerian Content Development and Monitoring Board, NCDMB, Engr. Simbi Wabote has disclosed that the board recovered close to $100 million from oil and services companies in unremitted levy to the Nigerian Content Development Fund in seven years.

Wabote, who disclosed this at the opening of the 2021 Nigerian Oil and Gas conference, NOG, in Abuja on Monday said the money was recovered from the companies in the undisputed obligations from the Third-Party Forensic Audit of remittances between years 2010 to 2017.

He warned companies which are failing to comply with the provisions of the NOGICD Act that the agency was not helpless and would impose necessary sanctions on defaulters.

He stressed that in line with the law, priority would continue to be given to Nigerian companies in granting oil and gas licences, award of oil blocks, and other contracts in the industry.

“We continue to deploy the provisions of the NOGICD Act to fortify the oil and gas industry against these attacks such as Sections 3, 12, and 28 of the NOGICD Act which state that first consideration shall be given to Nigerian operators in the award of blocks and licenses, to Nigerian goods and services in the evaluation of bids, and for the employment and training of Nigerians in any project executed in the Nigerian oil and gas industry.

“Let me emphasize that this is the law of the land and the default mindset for any reputable local or international operator or service provider is to comply”, he added.

Wabote cautioned those companies which consider cost first in determining where projects are manufactured that after exporting jobs, they may return to find the environment less conducive for their operation.

“Great companies self-regulate to do the right thing within the confines of their business environment thus making their interface with agencies of government seamless.”

Local Content must not be seen as a cost centre but part of the business with several benefits to all nations, businesses, and investors involved in the practice.

“Let me highlight that we are not helpless or oblivious of what to do as a regulator when it comes to dealing with recalcitrant defaulters. We are very pragmatic and only resort to the deployment of our powers when all efforts to bring offending parties to compliance fail”.

He praised Total Energies for having faith in Nigeria by executing the bulk of the Egina project in-country thereby boosting Nigeria’s fabricating capacity from 60,000MT to 250,000MT.

He said the board would continue to support local companies despite the attainment of 35 percent local content in the industry.

“Let me also highlight that we have put in place intervention funds to serve as buffer to mitigate the impact of shocks from the oil and gas cycles.

“Section 104 of the Act created the Nigerian Content Development Fund and we have set up a total of 400 million dollars with $300million being managed by BOI and $100 million being managed by NEXIM Bank”.

He urged companies operating in the industry to take full advantage of the commencement of the operational phase of the African Continental Free Trade Agreement (AfCFTA) to export to other African countries.

In his presentation, the Deputy Managing Director, Deep Water, Total E & P Nig. Limited, Mr. Victor Bandele, acknowledged that local content in the 18 oil producing countries in Africa remains very low.

Bandele however pointed out that Total E&P has played major role in growing local content in Nigeria with several high profile projects.

He said: “Despite the challenging environment that we operate in as an industry, TotalEnergies remains committed to investing in the country because we strongly believe in the potential of Nigeria and Nigerians.

“This is why we have been quite active in recent years even in the face of understandable uncertainties. We completed Egina at the end of 2018 and have been progressing well with the development of Ikike project”.

He noted that “there is no debating the fact that oil-rich African countries have not benefited satisfactorily from the exploitation of their hydrocarbons.

“Though they receive significant fiscal benefits from the export of oil and gas, the development linkages to other economic sectors remain marginal in terms of domestic value added and job creation.

“This is why there is a renewed zeal among these countries to try and extract as much value as they can from the Oil and Gas Industry.

“This is also why many of these oil-producing African nations have adopted local content policies as a development strategy aimed at increasing the benefits from the Industry.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Tinubu jets out to France on three-day visit

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Tinubu jets out to France on three-day visit

 

President Bola Tinubu will travel to France today (Wednesday) for a three-day state visit at the instance of the French president.

A statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, confirmed this.

It said, “The Nigerian leader’s three-day visit, which will focus on strengthening political, economic, and cultural relations and establishing more opportunities for partnership, particularly in agriculture, security, education, health, youth engagement and employment, innovation, and energy transition, promises significant benefits for Nigeria.”

Onanuga said Tinubu and Macron would harmonise positions on stimulating more interest in exchange programmes that focus on skill development for youths and improving their competencies in automation, entrepreneurship, innovation, and leadership.

“Both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication,” he added.

“They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development.”

The presidential adviser stated that the Nigerian first lady and her French counterpart would discuss solutions for empowering women, children, and the most vulnerable through the Renewed Hope initiative.

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Yahaya Bello reports to EFCC office with lawyers

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Yahaya Bello reports to EFCC office with lawyers

 

A former Governor of Kogi State, Yahaya Bello, on Tuesday visited the Economic and Financial Crimes Commission (EFCC) to honour another invitation extended to him over alleged misappropriation of funds.

Bello went to the anti-graft office with his lawyers in the morning.

The ex-Kogi governor reportedly drove himself to the EFCC’s office in a black Toyota Hilux van with some lawyers.

He was said to have been taken by some operatives of the agency and are currently being grilled.

This is  coming after the Supreme Court judgment which dismissed a suit brought by some state governments challenging the constitutionality of the agency.

The EFCC at the last hearing on November 14, sought the adjournment till November 27 in the fresh case it instituted against Bello.

It stated that the 30-day window was still running for the summons earlier issued.

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Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct 

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Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct 

 

Ebonyi State Governor Francis Nwifuru has announced the immediate suspension of two commissioners with a permanent secretary among others for gross misconduct.

Those suspended are the Commissioner for Housing and Urban Development Francis Ori, and the Commissioner for Health, Moses Ekuma, with the Permanent Secretary of the Ministry of Health.

The suspension followed an incident on Saturday night, when the governor reportedly visited the Ministry of Health’s premises and was said to have found six officials diverting government materials.

Others suspended for three months are the Executive Secretaries of the State Primary Healthcare Development Agency and the Ebonyi State Health Insurance Agency

The suspension order was announced by the state Commissioner for Information, Jude Okpor, who cited alleged misconduct and dereliction of duties as the reasons for the disciplinary actions.

Okpor made the disclosure on Tuesday during a press briefing on the outcomes of the State Executive Council meeting held on Monday at the New Government House in Abakaliki, the state capital.

“Following cases of gross misconduct and dereliction of duties by some government officials and matters related thereto, the Chairman of Council directed the indefinite suspension of the Honourable Commissioner for Housing and Urban Development and three months suspension of the Honourable Commissioner for Health, respectively

“In view of the development, the Special Assistant to the Governor on Primary Health was directed to take charge of the ministry in the absence of the suspended commissioner.

Governor Nwifuru directed the suspended government officials to hand over all government properties in their possession including vehicles to the Secretary to the State Government.

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