The Nigerian Content Development and Monitoring Board (NCDMB) has disclosed that the $300m intervention fund deposited with the Bank of Industry has yielded a $30m interest from loans given to 70 oil and gas investors.
According to a release from the board on Tuesday, it plans to introduce some changes that will enhance the Nigerian Content Intervention Fund (NCIF) and increase the fund’s impact and efficiency.
The Nigerian Content Intervention Fund is a portion of the Nigerian Content Development Fund (NCDF), which was set up by Section 104 of the Nigerian Oil and Gas Industry Content Development Act.
The NCDF is contributed by a one per cent deduction from every contract awarded in the upstream sector of the Nigerian oil and gas industry.
Recently, the Minister of Petroleum Resources (Oil), Heineken Lopkobiri, said the NCDMB under the watch of its former Executive Secretary, Simbi Wabote, took about $350m to the Bank of Industry to give loans to investors, alleging that the fund was mismanaged with 90 per cent non-performing loans.
