Nigerian Content Development and Monitoring Board (NCDMB) has come under probe by the House of Representatives over allegations of corruption and mismanagement of public funds put at $300 million.
The probe was part of the ongoing efforts to stamp out corruption in the oil and gas sector.
NCDMB was established by the Nigerian Oil and Gas Industry Content Development Act (NOGICD) of 2010.
The mission of the board is to promote the development and utilization of in-country capacities for the industrialization of Nigeria through the effective implementation of the Nigerian Content Act.
The Board carried out monitoring, compliance and enforcement activities to ensure that stakeholders and their partners carrying out projects and activities in the Upstream, Midstream and Downstream sectors of the Nigerian Oil and Gas industry continue to follow and respect the provisions of the NOGICD Act 2010.
This paper exclusively gathered that at the heart of the scandal involves a dubious $35 million investment in Atlantic International Refinery and Petrochemical Limited (AIRPL), a modular refinery project in Bayelsa.
It was gathered that notwithstanding its establishment in June 2020 and the policy of minimal operational history, the NCDMB secured a 40% stake at a significantly inflated price, raising questions about due diligence and financial oversight.
The investment, purportedly entered into to acquire shares from Admantine Petrochemical and Refinery Ltd instead of issuing new shares, needs more transparency and potential financial impropriety.
Some of the top officials of the Board, it was learnt, are complicit in the illicit deal.
To this end, the House of Representatives has moved to investigate the NCDMB’s budgetary allocations, the commercial ventures, and other activities.
To plug all gaps, the House through its relevant committee is pushing for a forensic audit and thorough investigation to restore integrity and uphold accountability within the Board.
A source from the National Assembly which craved anonymity stated that the House was determined to unearth the clandestine activities of the Board and expose the people behind the shoddy deals in the oil and gas sector of the economy.
It was learnt that the probe which is expected to commence soon has sent jitters down the spine of many officials of the Board even as the source insisted that the parliament was prepared to clean the Augean stable irrespective of the pressure to drop the probe.
