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Senate Probes BoI Over $200m NCIF Fund

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The Senate yesterday revealed that it was investigating the Bank of Industry (BoI) over the handling and investment of $200million Nigeria Content Development Fund (NCIF) domiciled in the bank. The sum, according to declarations by Senate, was meant for the development of local content capacity for Nigerian firms and communities engaged in the oil and gas industry. The Upper Chamber said the agreement over domiciliary of the fund, was entered into between the Nigerian Content Development and Monitoring Board (NCDMB) and BOI but was not properly sealed with legal proofs.

Consequently, Senate requested among other documents, the copy of investment agreement from where BOI made investments, list of companies that benefitted from the invested fund, copy of the BOI Charter together with duly dated and sealed agreement between BOI and NCDMB. This was unraveled at a meeting between the Senate Committee on Local Content with the management of BOI and the Nigerian Content Development and Monitoring Board (NCDMB). It was disclosed that the fund, accrued from a 1% deduction from all oil and gas contracts in Nigeria, based on the provisions of Nigeria Oil and Gas Industry Content Development Act, 2010. Chairman of the committee, Senator Solomon Adeola (APC, Lagos West) said it was a surprise that the agreement over the fund between NCDMB and BOI was only merely signed but undated. He noted that the situation is possible to render any provision in agreement unenforceable. However, the managing director of BOI, Mr. Kayode Pitan insisted that the agreement was signed and sealed with original proofs and that the bank can provide it if need be.



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