Presidential Panel, NCDMB to go After Economic Saboteurs

September 10, 2018
NCDMB NCI Fund

By Modupe Gbadeyanka

Plans are underway to recover unremitted one percent deductions for the Nigerian Content Development Fund from defaulters.

Chairman of the Special Presidential Investigation Panel (SPIP), Mr Okoi Obono-Obla described non remittance to the NCDF as economic sabotage.

According to Mr Obono-Obla, the recovery would be done in support with the Nigerian Content Development and Monitoring (NCDMB).

The panel chief, during a courtesy visit to the Executive Secretary of NCDMB, Mr Simbi Wabote, at the board’s liaison office in Abuja last Monday, stated that, “We are aware that your board is mandated by law to get one percent from every contract in the oil and gas industry for development of Nigerian content, we are willing to partner with the Board to prosecute companies that default and ensure recovery of the fund to the Board.”

He further said that his panel was empowered to investigate people and organizations whose activities have contributed to the economic adversity of the country.

In his comment, Mr Wabote expressed appreciation with the offer to support the Board in recovery unremitted deductions for the fund.

He intimated the panel Chairman that the board will soon begin forensic audit of companies to ascertain the level of remittance into the Nigerian Content Development Fund. He also informed him that the board has commenced the implementation of its 10 year strategic plan which was put in place as a means of deepening Nigerian content in the oil and gas industry. He added that collaboration and stakeholder engagement is one of the crucial enablers to the board’s 10-year strategic plan.

Mr Wabote reassured the Chairman of the board’s readiness to partner with the Panel in ensuring that those not remitting to the fund are duly sanctioned.

“We will ensure that through this collaboration between the two agencies that we bring some level of discipline among stakeholders that they have obligations to meet and laws to obey,” he reiterated.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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