The Special Presidential Investigation Panel (SPIP) for recovery of public assets has pledged to support the Nigerian Content Development and Monitoring (NCDMB) in the recovery of unremitted one percent deductions for the Nigerian Content Development Fund from defaulters.
The Chairman of the Panel, Barr. Okoi Obono-Obla made this promise when he paid a courtesy visit to the Executive Secretary, NCDMB, Engr. Simbi Wabote at the Board’s liaison office in Abuja on Monday. “We are aware that your Board is mandated by law to get one percent from every contract in the oil and gas industry for development of Nigerian Content, we are willing to partner with the Board to prosecute companies that default and ensure recovery of the fund to the Board.” , he declared.
Okoi went further to explain that his Panel is empowered to investigate people and organizations whose activities have contributed to the economic adversity of the country. He asserted that non-remittance to the NCDF is economic sabotage.
In his comment, the Executive Secretary, NCDMB, Engr. Simbi Wabote expressed appreciation with the offer to support the Board in recovery unremitted deductions for the Fund. He intimated the Panel Chairman that the Board will soon begin forensic audit of companies to ascertain the level of remittance into the Nigerian Content Development Fund. He also informed the Chairman that the Board has commenced the implementation of its 10 year strategic plan which was put in place as a means of deepening Nigerian Content in the oil and gas industry. He added that Collaboration and Stakeholder engagement is one of the crucial enablers to the Board’s Ten Year Strategic Plan.
Wabote reassured the Chairman of the Board’s readiness to partner with the Panel in ensuring that those not remitting to the fund are duly sanctioned. “We will ensure that through this collaboration between the two agencies that we bring some level of discipline among stakeholders that they have obligations to meet and laws to obey”, he reiterated.