The Executive Secretary of the Nigerian Content Development and Monitoring Board has said investments in businesses so far have been profitable.
Speaking recently at the launch of the 300 million standard cubic feet-capacity Kwale Gas Gathering facility and Nedogas plant in Delta State, Ogbe emphasised that different investments of the board had recorded successes, bringing returns.
The PUNCH recalled that the Minister of State for Petroleum (Oil), Heineken Lokpobiri, had earlier alleged that the NCDMB made some bad investments in the past.
Lokpobiri recently took a swipe at the former Executive Secretary of the NCDMB, Simbi Wabote, accusing him of wasting billions of dollars on bad and unprofitable investments.
Ogbe explained the rigour involved in verifying investments in any oil and gas business, saying the resources were not being frittered away without commensurate returns.
“First, companies with bankable opportunities invite the board to invest in their opportunities by submitting an investment proposal together with the economics and detailed execution plan for the opportunity.
“The NCDMB, using internal and external experts, analyses the opportunities, and if it is a compelling business case, the board vets the profile and pedigree of companies and conducts detailed risk reviews,” he explained.
According to Ogbe, this rigour is reflected in the phenomenal success the board has recorded with several projects.
He disclosed that NCDMB recently received an interim dividend payment of N450m for 2023 from Waltersmith Refinery and Petrochemical Company Limited.
“We equally received $1m from Nedogas Development Company Limited being part of the return on investment from our investment. Of course, all our investments are at various stages of execution and have not fully matured,” he added.
He mentioned that a major objective of the NCDMB investment in third-party companies was to support the Federal Government in achieving its job creation mandate, to create value with natural resources and contribute to achieving Nigeria’s flare-out targets.
“In these projects, we target creating many direct and indirect jobs. Our other investments are also creating jobs and supporting the economy,” he noted.
The NCDMB executive secretary maintained that the local content board would continue to invest in oil and gas businesses with the Nigerian Content Intervention Fund managed by the Bank of Industries.
Ogbe remarked that the successful completion of the Nedogas Plant and the Kwale Gas Gathering Facility was a testament to the hard work, and close collaboration of all stakeholders involved.