Wabote Advocates Extension of Nigerian Content Act to Critical Sectors
…As he receives Valuechain Star of the Industry Award
-By Gideon Osaka
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr Simbi Kesiye Wabote has disclosed plans to collaborate with the 9th National Assembly to continue the process for amendment of the Nigerian Content Act to cover other sectors of the economy.
The NCDMB boss said the board would sustain continued advocacy for the extension of the Nigerian Content Act to other critical sectors, stressing that the move was initiated by the 8th Assembly which could not conclude on the matter before its expiration. He said the sectors being considered included Power, Construction and Information Communication Technology.
“We have continued our advocacy for the extension of the Nigerian Content Act to other critical sectors of the economy like Power, Construction and Information Communication Technology.
“We plan to collaborate closely with the 9th National Assembly to continue the process for the amendment which was initiated by the 8th Assembly.
“We strongly believe that there is no need to create multiple regulators of Local Content in Nigeria. The Board can modify its template to suit other sectors. In our view, this is the prudent way to expand and entrench local Content regime in Nigeria” he said.
NCDMB is mandated to develop local capacity and monitor the Nigerian oil and gas industry to ensure greater participation of indigenous companies.
Engr. Wabote said the Forensic Audit which the agency started in November 2018 has revealed huge amounts of non-remittances from operating and service companies.
According to him, Nigerian Content Act mandates that one percent of the value of contracts awarded in the upstream sector of the oil and gas industry must be remitted to the NCD Fund.
He stated that while some companies have owned up to their indebtedness few others have remained adamant, adding that plans have been concluded to hand over such companies to Economic and Financial Crimes Commission for prosecution.
“The Forensic Audit started in November 2018 and has revealed huge amounts of non-remittances from operating and service companies. At the moment, some companies have owned up to their indebtedness and have started addressing their infractions. On the other hand, a few companies have remained recalcitrant. We have concluded plans to hand over such companies to the Economic and Financial Crimes Commission for prosecution.
Our doors are open to companies that want to come up with structured payment plans, but we will not entertain pleas to write off any indebtedness” he added.
In another development, the Executive Secretary officially received Valuechain Star of the Industry Award bestowed on him by the editorial board of Valuechain Magazine. You may recall that Engr. Simbi Wabote was among the 12 personalities that were honored with Valuechain Star of the Industry award during the 2nd Valuechain Annual Lecture and Awards organized to commemorate the publication’s One Year Anniversary in Abuja in July.
