The Senate Committee on Local Content, chaired by Senator Natasha Akpoti-Uduaghan representing Kogi Central, discovered a $400 million intervention fund held in financial institutions by the Nigerian Content Development and Monitoring Board (NCDMB). During an interactive session with NCDMB’s management, it was revealed that $50 million was allocated for capacity building in the oil and gas sector, with $30 million for oil and gas and $20 million for women in related businesses.
Additionally, $50 million was earmarked for Research and Development in the oil and gas industries, held by the Central Bank of Nigeria (CBN). Senator Akpoti-Uduaghan emphasized the need for transparency in accessing these funds, highlighting Chevron’s production of Polypropylene in Saudi Arabia, which generates $6 billion annually, contrasting with the collapsed Jubilee Syringe Plant in Bayelsa due to operational issues with International Oil Companies.
The committee mandated NCDMB to submit audited accounts from 2021 to 2022, budgetary performances for 2022 and 2023, and the nominal roll. NCDMB’s Executive Secretary, Engr Felix Ogbo, disclosed that $300 million of the Nigeria Content Intervention Fund remains with the Bank of Industry, with $330 million disbursed. Five companies have fully repaid loans, and during the COVID-19 pandemic, a two-year moratorium was granted to aid recovery. Quarterly and annual project monitoring is conducted jointly with the Bank of Industry to ensure fund usage compliance.
