The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Ogbe, has dismissed allegations of mismanagement of funds and unprofitable investments. In a recent statement, he highlighted the board’s rigorous investment evaluation process and showcased successful projects that have generated substantial returns.
Ogbe’s remarks come in response to earlier accusations by the Minister of State for Petroleum (Oil), Heineken Lokpobiri, who had criticized the NCDMB’s investment decisions.
Providing a detailed account of the board’s investment approach, Ogbe emphasized the comprehensive analysis and risk assessment conducted before any investment is made. He pointed to recent dividend payments received from Waltersmith Refinery and Petrochemical Company Limited and Nedogas Development Company Limited as evidence of the NCDMB’s successful investment strategy.
Furthermore, Ogbe reiterated the NCDMB’s commitment to supporting the government’s job creation mandate, maximizing value from natural resources, and achieving Nigeria’s flare-out targets. He affirmed the board’s intention to continue investing in promising oil and gas ventures through the Nigerian Content Intervention Fund.
The successful completion of projects like the Nedogas Plant and Kwale Gas Gathering Facility, Ogbe noted, further demonstrates the NCDMB’s dedication to sustainable and profitable investments in the oil and gas sector.
This statement from the NCDMB Executive Secretary serves to clarify the board’s investment practices and dispel any concerns about mismanagement of funds. It also highlights the positive impact of the NCDMB’s investments on the Nigerian economy and its commitment to continued growth and development in the oil and gas sector.
