Wabote says NCDMB will not invest in competitive private businesses

The Nigerian Content Development and Monitoring Board (NCDMB) would only partner with strategic policies and projects that are promoted by the Federal Government and would not invest in private sector oil and gas businesses that are competitive, its Executive Secretary, Simbi Wabote has, said.

Wabote revealed this when he hosted members of the Women in Energy Oil and Gas (WEOG) Nigeria, led by the President, Dr. Oladunni Owo, at the Board’s liaison office in Abuja.

He clarified that the Board would not invest in competitive businesses because such investments would compromise its position as a regulatory agency.

“Our role is to act as a catalyst of strategic government policies and programmes.
We exit once those businesses become successful,” he noted.

He also stated that NCDMB is a regulatory agency and not an interventionist organisation and would not get involved in programmes outside its mandate.

In line with the Board’s vision to catalyse the development of the Nigerian oil and gas industry and its linkage sectors, it has partnered investors in modular refineries, LPG cylinder manufacturing, LPG depots, gas processing facilities, lube oil production plant and methanol plants.

Wabote listed some policies introduced by the Board to support women in the oil and gas industry to include the inauguration of the Diversity Sectoral Working Group in the Nigerian Content Consultative Forum (NCCF) and the creation of the Women in Oil and Gas Product in the Nigerian Content Intervention Fund (NCI Fund).

He explained that the Bank of Industry (BoI) is responsible for managing the NCI Fund, assessing applications and disbursing loans to approved companies, adding: “The NCI Fund is one of the most successful loan schemes. About 98 per cent of the borrowers are paying back because we go through a rigorous process.”

The Executive Secretary explained that the Project 100 Initiative of the Board was designed to nurture 100 wholly-owned oil and gas service providers through targeted interventions into larger-scale players that create high impacts.

He confirmed that some Project 100 companies are owned and managed by women and that the participants were selected through a transparent process without a recommendation from any quarters.

The NCDMB boss commended women for creating a platform to advance their cause in the oil and gas industry and advised them against operating in splinter groups, stressing: “Do not see yourselves as rivalries because there are not even many women in the sector.”

While calling for the inclusion of more women in decision-making positions, Wabote stated that the Board’s Governing Council and the top management committee had implemented a policy of having at least one lady to ensure gender balance and provide unique perspectives in decision making.

Earlier in her remarks, President of WEOG, Dr. Oladunni Owo, said the group visited the Board in furtherance of International Women Day and to appreciate it for the laudable policies to support women in the oil and gas.