NCDMB Seeks Extension Of Nigerian Content Act To Power, Telecoms

Nigerian Content Development and Monitoring Board (NCDMB),  said it plans to collaborate with the 9th National Assembly to continue the process for amendment Nigerian Content Act to cover others sectors of the economy.

Engr. Simbi Kesiye Wabote, executive secretary of the NCDMB, at a press briefing in Abuja, 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 include 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 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 templates to suit other sectors. In our view, this is the prudent way to expand and entrench local Content regime in Nigeria” he said.

Engr. Wabote said the forensic audit which the agency started in November 2018 have 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 section 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 have 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 (EFCC) for prosecution.

Our doors are open to companies that want to come up with structured payment plans, but we would not entertain pleas to write off any indebtedness,” he added.

Source: Commweek