Board Strengthens Indigenous Oil Companies’ Capacity

The minister of state for Petroleum Resources (Oil) and chairman of the Governing Council of the Nigerian Content Development Monitoring Board (NCDMB), Senator Heineken Lokpobiri, has commended the board for empowering local oil and gas operators.

The minister said the NCDMB has become a business enabler to the oil and gas industry, creating optimum conditions for indigenous companies to thrive and thus deepen local content as envisioned by the NOGICD Act.

Lokpobiri, who spoke during a two-day retreat organised by the Agency to deepen understanding of statutory responsibilities, corporate governance principles and strategies for enhanced performance, noted that there was still room for improvement.

While charging the Management to be more forthcoming with information on the activities of the Board as well as challenges whenever they arise, he drew management attention to different sections of the enabling law of the Board, as he reiterated the need for the Council and the Management to always act within their statutory limits to foster understanding and trust, which he said were required for team spirit.

Earlier in a welcome address, the executive secretary of the board, Engr. Felix Omatsola Ogbe, represented by the director, Capacity Building, Engr. Bamidele Abayomi expressed profound appreciation to the Chairman and Co-chairman of the Governing Council and other participants at the Retreat, stating that the event represented “a unique opportunity for mutual interaction, strategic bonding, and a deeper understanding of the operations, challenges, and aspirations of the Board.”

He said the functions of the Council, which revolve around providing policy direction, approving strategic operational plans, and ensuring effective implementation of the Nigerian Content Policy, are outlined in Section 75 of the NOGICD Act, and that the commitment of its Members to the vision and mandate of the Board has been instrumental in sustaining momentum and achieving key milestones.

Engr. Ogbe noted that the Retreat would bring to light challenges faced by the NCDMB and that the invaluable guidance of Council Members on how best to surmount such was required, whether through policy directives, regulatory interventions, or strategic partnership. He said heads of the Directorates of the Board were available to provide detailed insights into their operations, achievements and constraints.

The NCDMB boss cited the establishment of the Nigerian Content Intervention Fund (NCIF), the successful implementation of the 10-Year Strategic Road Map (2017-2027), and commitment to deepening local content (which is currently at 56 per cent, up from five per cent in 2010), as contributory factors in its attainment of significant in-country value retention and attraction of investments to the oil and gas industry.

Other papers and presenters were “The New Tax Laws and Their Implications for NCDMB and the Nigerian Content Development Fund (NCDF)” by the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, “Strategies for Optimising Performance and Deepening Local Content” by Professor Nkem Iheanachor of the Lagos Business School,” and “The Purpose and Status of NCDF Contributions and the Impact of the Nigerian Content Intervention Fund (NCIF).

In her presentation, Dr. Yemi-Esan stated that Council Members need to understand their duties as set out in the enabling Act to provide strategic direction to the Board and oversight while insisting on accountability by Management.