NCDMB bemoans low compliance of indigenous firms to AGICD Act to Nigeria’s economy

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB) Simbi Wabote has bemoaned the low compliance level of indigenous oil and gas companies to the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, describing it as an irony in the industry.

According to him, in terms of measure of compliance between International Oil Companies (IOCs) and  local oil companies  who have benefited from the Act, a higher tendency to circumvent the provision of the act are exhibited by indigenous players in the industry.

Wabote, at a media briefing on the forthcoming Nigerian Oil and Gas Opportunity Fair (NOGOF 2019) in Lagos, said that in terms of compliance, IOCs are on top of compliance because their corporate governance structure is strict as they go through international scrutiny.

“If there are people who flout the Act, they are the indigenous players (oil firms) who have benefited from the Act. When you put the measure of compliance between the IOCs and the indigenous operators, I see the clear tendency by the indigenous operators to want to circumvent the provisions of the Act,” he added.

Describing the strategy used by the board in terms of compliance, he said pragmatic approaches are adopted to ensure implementation while checking existing capabilities and capacities available at the moment to address particular challenges.

The NCDMB boss remarked that the forth coming NOGOF set to hold in between 4th to 5th April in Bayelsa State is a platform with which players share potential opportunities in the oil and gas sector to arm investors, service providers, contractors with recent happenings and plans in the industry for the next five years.

“It is a very distinct platform to be used to manage various stakeholders’ goals as technologies keeps evolving”, he added.
Another objective he said was to bring together governments, national oil companies, investors, corporate players and independents to a unique space within the country’s oil and gas sector.

SOURCE: guardian.ng