Nigerian Content Fund: NCDMB recovers $150m from errant firms
…Begins processing release of $40m to women in oil, gas
By Uthman Salami
The Nigerian Content Development and Monitoring Board (NCDMB) has recovered $150 million far more than the $100 million from errant firms through a forensic audit that the Board undertook.
The Executive Secretary, Engineer Simbi Kesiye Wabote stated this during a press conference held on the sideline of the Nigerian Women In Oil and Gas Conference 2022, themed; “Leveraging Opportunities for Women in the Oil & Gas Industry.”
While speaking with the press, Wabote revealed that the Board has “recovered almost 150 million dollars beyond the 100 million dollars that you heard through the forensic audit that we undertook.
“And I think NCDMB is one of those organisations that we have. If you ask how much money we have, we can always tell you. Thank God TSA, our money is in the central bank. It is not anywhere else, not in any commercial bank that people can easily access.”
He further explained that the “compliance level has improved to a large extent because people saw that we were serious and we were prepared to take action. So I guess we will continue to support all the schemes that we belong to.”
Explaining the accessibility to the $40 million fund for women in energy, the Executive Secretary of NCDMB said “We are almost at the verge of disbursing to those who have met the criteria for that fund.”
He said he had seen a lot documentation and processing ongoing with regards to the processing of the fund, while assuring that the disbursement would soon begin in earnest.
“Recall when we started the fund with the Bank of Industry (BOI), it took almost a year plus for people to start benefiting from it because initially, when the fund was launched, people thought it was free money and as such, they would walk in to apply for it. But we made sure that everything is put in place for it not to be seen as government largesse and for people to access.
“Today, I tell you after one and half years of putting things together, that fund is almost 98 per cent in the hands of Nigerians. And I made bold to say, it is one of the most successful funding schemes that I can imagine. Being an ex banker myself, sometimes in my career. The pay back rate is quite transparent and everybody is meeting it so that others can benefit from it,” Wabote assured.
He also added that the Board has reduced the level of personal interface So as to make accessibility to the fund less cumbersome, saying “Only two weeks ago we launched an online platform for the ladies fund in NEXIM bank so that we will limit the level of personal interface with people if you want to apply.
“About two weeks ago, we launched that online platform and everybody is aware of it. I’m sure if not disbursed already, within the next couple of weeks it will be disbursed.
“But we make sure that everything is put in place so that people don’t think that it is free money. You have to access; you have to pay back so that others will benefit from it and we continue to grow the fund in that respect.”
