Sunday, October 2, 2022

Board recovers $100m from forensic audit remittances

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The Nigerian Content Development and Monitoring Board, NCDMB, has recovered about 100 million dollars of undisputed obligations from forensic audit remittances between 2010 and 2017.

Simbi Wabote, Executive Secretary, NCDMB, made this known this while declaring open the “Nigerian Content Seminar”, at the Nigerian Oil and Gas, NOG Conference in Abuja on Monday.

“In respect of the non-remittance of the NCDMB fund, I wish to announce that we have recovered close to 100million dollars of undisputed obligations from forensic audit remittances between 2010 and 2017.

“The disputed obligations are being closed down to bring this exercise to a close.

“Let me use this opportunity to announce that the third party forensic audit remittances for the year 2018, 2019 and 2020 are scheduled to begin fourth quarter of this year.

“Upon completion, this should bring our books up to date on backlog of remittances,” Mr Wabote said.

According to him, 80 percent of operators and service providers have migrated to the newly inaugurated NCDMB fund remittance platform and expects the remaining 20 per cent to follow suit.

Mr Wabote said the inauguration of the remittance platform was part of NCDMB’s strategies to block the loopholes noticed in the past during remittances by various companies.

The NCDMB boss noted that efforts have been intensified to also ensure that Nigeria’s economy remained stable even when the variance of the oil industry come knocking.

He listed domestic refining of crude oil and local manufacturing as the key variables that would improve the country’s economic indices.

“Second aspect of the NOG Conference theme is “economic stability”. It is a known fact that oil and gas industry is very dynamic. Oil boom is usually followed by 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 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.

“This Act mandates the board to assist local contractors and Nigerian companies to develop their capabilities and capacities to foster the attainment of the growth of developing the Nigerian content in the Nigerian oil and gas industry,” Mr Wabote added.

He commended the National Assembly for the passage of the Petroleum Industry Bill, PIB, noting that the bill would fortify the oil and gas industry.


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