Abuja — The Nigerian Content Development and Monitoring Board says it has recovered about $100million of undisputed obligations of remittances accruable to the Board between the year 2010 and 2017.
Executive Secretary of NCDMB, Engr Simbi Wabote, at the 20th Nigeria Oil and Gas Conference in Abuja, NOG 2021, said the recoveries were made through third-party forensic audit.
Wabote speaking on the theme; Fortifying the Nigerian Oil and Gas Industry for Economic Stability and Growth, said the Board would soon begin the forensic audit of remittances of 2018 to 2020 before the end of 2021.
He commended oil operators and service companies who make their remittances accurately without any compulsion from the Board.
“In respect of the non-remittance of the Nigerian Content Development Fund, we have recovered close to $100 million of undisputed obligations from the third-party forensic audit of remittances between years 2010 to 2017. The disputed obligations are being closed out to bring the exercise to a close.
“Let me use this opportunity to announce that the Third-Party Forensic Audit of remittances for the years 2018, 2019, and 2020 are scheduled to begin by the fourth quarter of this year. Upon completion, this will bring our books to date on backlog of remittances.
“As part of measures to plug loopholes and also make it easy for those that genuinely want to remit, we launched the NCDF Remittance Portal last year hosted on the NOGIC JQS and more than 80% of operators and service providers have migrated to the platform.
“Once again, let me commend those operators and service companies who diligently make their remittances accurately without any compulsion from the Board. It is my expectation that others will follow your good example.”
The NCDMB boss also said Local Content must not be seen as a cost center but part of the business with several benefits all nations, businesses, and investors involved in the practice.
He emphasised that aa a regulator, the Board desires is not to block or delay the implementation of any project.
“Compliance with the Act is the cornerstone of the success or otherwise of the local content practice. I make bold to say that some of delegates in the room today are beneficiaries of the NOGICD Act and it is quite uncharitable to turn around to sabotage efforts to broaden the envelope of domestication and domiciliation.
“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.
“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.
“In fact, we are always concerned whenever there is slow down of activities in the industry because if there is no project, there is no local content.
“The only thing we resist is any attempt to drag us back to the old days of rabid importation and near-zero in-country value addition using all manner of excuses.
“I am sure that we can all agree to the fact that the Nigerian Content journey is here to stay and it is forward ever; and backward never.”