Headlines

NCDMB to hand over defaulters of Nigerian Content intervention loans to EFCC

Eyewitness reporter

The Nigerian Content Development and Monitoring Board (NCDMB) has concluded plans to hand over the defaulters of the beneficiaries of the $160m loans disbursed under the Nigerian Content intervention funds.

The Executive Secretary of NCDMB, Mr. Simbi Wabote, who disclosed this in Abuja on Monday, said the defaulters will be guests of the anti-graft agency in the next one or two months in a bid to recover the loans.

Mr Wabote, who was speaking at a seminar on Nigerian Content at the ongoing Nigeria Oil and Gas conference in Abuja, revealed that the beneficiaries of the funds who are the beneficiaries of the loans are doing businesses in the oil and gas industry, including IOCs, indigenous companies, contractors and operators, but failed in the repayment terms.

“We cannot believe that some companies are not paying but they are doing business in the oil and gas sector. These include IOCs, indigenous companies, contractors, and operators.

” We are getting close to where we will hand them over to the authorities.

“We are almost there where when we compile how much they are supposed to have paid and how much they owe, we will give them to the Economic and Financial Crimes Commission (EFCC) because they are the agency responsible to recover such funds. That will happen in the next one or two months,”

Wabote however disclosed that the sum of $160m had so far disbursed out of the $200m earmarked under the funds.

He chided the international oil firms operating in the country for not appreciating the in-country capacities that had been developed over the years in the country’s oil and gas sector and urged the IOCs to take time and evaluate the capacities in Nigeria.

Wabote said that since he assumed office, he was always faced with the challenges of how much was in the coffers of the NCDMB for local content development in Nigeria.

According to him; “when they (journalists) ask, I give them the exact figure, and these days I don’t face that question anymore.

“But then people also started asking, ‘what did you do with this fund?’ One, I am happy to tell you that the $200 million capacity development with the Bank of Industry has actually been very successful.

“Today we probably have about $40 million left because $160 million has been accessed by Nigerian companies to build capacity.

” So I don’t worry about people asking me what are you doing with the fund”.

He lamented that a lot of firms that benefitted from the fund were defaulting in terms of paying back what they got or collected.

The Nigerian Content Intervention Fund is a loan to oil companies for the development of modular refineries, and capacity building, amongst others.

Customs

Group confers “continental” award on Adeniyi over customs’ phenomenal revenue record

Adeniyi, CGC

Funso OLOJO

The Comptroller General of the Nigeria Customs Service, C.G.C Adewale Bashir Adeniyi, has been nominated and approved to be honoured with “The Continent Man of The Year 2024” Award by Board of Editors and Publishers of Continent magazine.

This resolution was announced by the spokesman of the group, Mr David Oladimeji, at the end of group’s meeting held on Friday, September 13th, 2024 in Abuja.

The meeting was organized by” The Continent “Magazine to deliberate on a personality and organisation deserving of the Award.

The Board’s attention was drawn to the statement made recently by former governor of the Central Bank of Nigeria (C.B.N) and sitting Governor of Anambra state, Prof Chukwuma Soludo,who told his constituents in Awka that the Customs and F.I.R.S have sustained the nation’s economy from collapse since February this year, when the NNPCL stopped remittance of statutory revenue to the Federation Account for onward disbursements to the three tiers of governments.

Oladimeji said “the Board noted that this is not an easy task to be achieved under the astute and dedicated leadership of C.G.C Adeniyi, considering the fact that the Customs and it’s officers have been perceived by the public as corrupt and fraudulent”

” In a bid to commend and encourage leaders of the customs and F.I.R.S as well as their lieutenants not to rest on their oars, the Board resolved to honour the C.G.C, his Command Controllers and Revenue Collectors who had made significant sacrifices and excelled in their national anti-smuggling, revenue collection assignments with “The Continent Man of The Year” and “Pillars of Nigerian Economy 2024″ Awards”

As plans are geared towards the celebration of the international and national icons at a date to be announced soon, “The Continent” special edition will publish the profile and achievements of the deserving recipients that earned them recognition and honour.

Headlines

NIMASA secures support of Bank of Industry for enhanced capacity building in maritime industry

Funso OLOJO

The Nigerian Maritime Administration and Safety Agency (NIMASA) has broker a partnership with the Bank of Industry (BOI) to enhance its capacity building effort in the maritime industry.

The Director General of NIMASA, Dr. Dayo Mobereola, represented by the Executive Director of Maritime Labour and Cabotage Services, Mr. Jibril Abba, made this disclosure during a visit by the Management of the Bank of Industry, led by Executive Director of Large Enterprises, Mrs. Ifeoma Uz’Okpala.

He stated, “In addition to safety, security, and maritime labor, the Agency’s mandate encompasses capacity development aimed at growing the sector.”

He also reaffirmed the Agency’s commitment to collaboration as a vital tool for achieving its mandate.

“The aim is to actualize the vision of the Federal Government to reposition the maritime sector, especially with the creation of the Ministry of Marine and Blue Economy”, he said.

On her part, the Executive Director of Large Enterprises at BOI, Mrs. Uz’Okpala, affirmed the Bank’s readiness to support NIMASA.

She also emphasized the importance of collaboration in implementing a robust capacity-building initiative that will contribute to economic growth in Nigeria.

Bank of Industry Limited is Nigeria’s oldest and largest Development Finance Institution (DFI) currently in operation.

It is owned by the Ministry of Finance Incorporated (MOFI) Nigeria (94.80%), the Central Bank of Nigeria (CBN) (5.19%) and private shareholders (0.01%)

Headlines

NIMASA secures support of Bank of Industry for enhanced capacity building in maritime industry

Funso OLOJO

The Nigerian Maritime Administration and Safety Agency (NIMASA) has broker a partnership with the Bank of Industry (BOI) to enhance its capacity building effort in the maritime industry.

He stated, “In addition to safety, security, and maritime labor, the Agency’s mandate encompasses capacity development aimed at growing the sector.”

He also reaffirmed the Agency’s commitment to collaboration as a vital tool for achieving its mandate.

“The aim is to actualize the vision of the Federal Government to reposition the maritime sector, especially with the creation of the Ministry of Marine and Blue Economy”, he said.

On her part, the Executive Director of Large Enterprises at BOI, Mrs. Uz’Okpala, affirmed the Bank’s readiness to support NIMASA.

She also emphasized the importance of collaboration in implementing a robust capacity-building initiative that will contribute to economic growth in Nigeria.

Bank of Industry Limited is Nigeria’s oldest and largest Development Finance Institution (DFI) currently in operation.

It is owned by the Ministry of Finance Incorporated (MOFI) Nigeria (94.80%), the Central Bank of Nigeria (CBN) (5.19%) and private shareholders (0.01%).