Reps Probe Alleged Fraud at NCDMB as Tinubu Signs Order to Boost Oil Gas Industry

Reps Probe Alleged Fraud at NCDMB as Tinubu Signs Order to Boost Oil Gas Industry

  • The House Reps Committee has begun a probe into misuse of office by the staff of Nigerian Content Development Commission NCDMB
  • The House began the probe after allegations surfaced of alleged multimillion-dollar deals
  • The development comes as President Tinubu issued a new Executive Order to sanitise the oil and gas industry’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The House Committee on Nigerian Content Development and Monitoring Board (NCDMB) of the 10th National Assembly has initiated a probe into corrupt practices in the oil and gas sector.

The lower House began the move after some media reports revealed that the Nigerian Content Development and Monitoring Board (NCDMB) misused its authority.

House of Reps move to probe fraud at NCDM
House of Reps probe fraud at NCDMB
Source: Facebook

$35 million allegedly paid for loans

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Central to the revelations is the alleged discovery of over $300 million disbursement of public funds to private companies under the guise of asset acquisition loans, loan financing, and several moribund equity financing and investments.

According to the reports, a modular refinery worth $35 million, built in Bayelsa state, was entangled in allegations of financial impropriety.

Founded in June 2020, with a meagre authorised share capital of 10 million units of ordinary shares at N1.00 per share, the company was said to have been quickly earmarked for substantial investment from the Local Content Board just five months post-incorporation.

Reps wade into allegations

Also, the lower echelons of the workforce were said to have made their grievances known, only to be met with threats of termination.

This scandal surfaced just as the House of Representatives investigated the NCDMB’s budgetary allocations for personnel and human resources.

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Premium Times they had earlier reported that the House of Reps has resolved to probe oil companies for non-compliance with the Petroleum Industry Act (PIA).

The House mandated its Committee on Petroleum Resources (downstream) to investigate the issue after a motion was moved by Ahmadu Jaha (APC, Borno).

President Tinubu signs Executive Orders on oil and gas reported that on Wednesday, March 6, President Bola Ahmed Tinubu approved three new directives in the oil and gas sector.

This introduces fiscal incentives for related projects, reduces contracting costs and timelines, and promotes cost efficiency in local content requirements. It further said that in recognition of the urgency to accelerate investments, President Tinubu directed the introduction of fiscal incentives for non-associated gas, midstream and deepwater developments.

The special adviser on media and publicity, Ajuri Ngelale, confirmed the development on Wednesday, via a statement shared on the X account of the @NGRPresident.

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