The Federal Government of Nigeria has announced its review of loans and projects totaling $500 million executed by the Nigerian Content Development and Monitoring Board (NCDMB).
Minister of State for Petroleum Resources, Heineken Lokpobiri, revealed this at a dinner in Lagos hosted by The Petroleum Club. Lokpobiri accused the past NCDMB executive of misusing approximately $500 million on questionable projects and loans.
Lokpobiri cited examples of alleged mismanagement, including $35 million paid for the Brass modular refinery in Bayelsa State and $20 million for a fertilizer factory, both of which have yet to materialize.
He commended investments in Waltersmith but criticized other projects, stating that loans given out by NCDMB were mostly non-performing, resulting in over half a billion dollars wasted.
Reacting to the allegations, former NCDMB Executive Secretary Simbi Wabote denied the claims, asserting the success of the Nigerian Content Intervention Fund and the positive returns from investments, such as dividends from NedoGas and profits from Waltersmith’s modular refinery.
Wabote clarified that while some projects faced challenges, others, like the Duport Refinery in Edo State, have been completed. He defended NCDMB’s track record, highlighting achievements like the construction of the NCDMB Towers and the development of industrial parks.
The review of NCDMB loans and projects signals a commitment by the government to ensure accountability and efficient use of resources in advancing Nigeria’s economic development.
