NCDMB yet to disburse $100m Nigerian content fund

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Nearly seven years after its establishment, the Nigerian Content Development and Monitoring Board (NCDMB) is yet to commence the disbursement of the about $100 million Nigerian Content Intervention Fund (NCIF) set aside to develop indigenous enterprises, The Sun reports.

But the Executive Secretary of NCDMB, Mr. Simbi Wabote, yesterday, during a visit of the management of NCDMB to ExxonMobil, explained that disbursement to deserving companies was yet to start because the board was working to perfect the governance process. He added that the funds would only be disbursed through a banking process, after proper risk assessments so as to create the needed confidence and trust.

Explaining why the Memorandum of Understanding (MoU) between NCDMB and the Bank of Industry (BoI) for the management of the $100 million NCI Fund was set aside, Wabote had, during his 100 days in office media parley in Yenagoa, Bayelsa State, explained that the board was fine-tuning the modalities contained in the MoU.