NOGICD Act: NCDMB To Sanction Erring Firms


Companies that contravene the provision of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act will henceforth face legal action from the Nigerian Content Development and Monitoring Board (NCDMB).
The Executive Secretary of NCDMB, Engr. Simbi Wabote, who gave the warning recently in Abuja, during the Oil and Gas summit, revealed that the board had used administrative procedures to enforce the Act in the past eight years, stating that the board would begin to prosecute cases of infringement in line with section 68 of Nigerian Content Act.
According to him, “the next big leap from 28 per cent to 70 per cent in-country value retention will require step change in the enforcement of the law to drive reversal of capital outflow’’.
He solicited the support of the Justices when interpreting the objectives and philosophy of the NOGICD Act, if cases bordering on compliances with the local content Act become subject of litigation.
Investigation by our correspondent revealed that ministerial regulations which will deepen the enforcement of the Nigerian Oil and Gas Industry Content Development are being finalised by NCDMB and will soon be issued to the industry.
The Tide learnt that the documents would be signed by the Minister of State for Petroleum Resources, conferring the force of law on them.
Sources hinted that sections 36, 40, 41,42,47,55 and 101 of the Nigerian Content Act empower the minister of petroleum resources to make regulations that would foster the development of Nigerian content.