$5m Bribe: NCDMB Rubbishes Allegation Against Wabote

Image

By Ahmed Rahma

The Nigerian Content Development and Monitoring Board (NCDMB) has defended its Executive Secretary, Mr Simbi Wabote, saying that the $5 million bribery allegation against him is false.

A few days ago, one Mr Jackson Ude had accused Mr Wabote of receiving $5 million bribe from a German company to violate Nigeria’s local content laws on the Bonny Train 7 contract.

The journalist has said, “Simbi Wabote, the Executive Secretary of the Nigeria Content Development and Monitoring Board, a lackey of Timipre Sylva, actually collected $5 million bribe from Kelvion, German company to violate Nigeria’s local content laws on the Bonny Train 7 contract. Details plenty!”

But responding in a statement signed by General Manager of Corporate Communication/Zonal Coordination, NCDMB, Dr Ginah Ginah, the organisation described this allegation as baseless.

“Our attention has been drawn to a spurious and libellous online publication in Pointblank News of 10th February 2021, in which one Jackson Ude, purported that the Executive Secretary of the NCDMB, Engr. Simbi Wabote, and the Minister of State for Petroleum, Chief Timipre Sylva received bribes to undermine the Nigerian content policy in the award of  Train 7 EPC contract.

“The report epitomizes a futile attempt to soil the image of public officials who have worked hard to develop local content in the Nigerian oil and gas industry.

“It is apparent that the writer does not even understand the role of NCDMB as enshrined in the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010.

“It could have been proper to ignore the fabricated news report, but we have a duty to provide the facts so that unsuspecting members of the public are not misled by blatant disinformation.

“For the avoidance of doubt, the NCDMB is a regulator and does not award contracts in the Nigerian oil and gas industry,” NCDMB explained in the statement.

Explaining further, it stated, “Our involvement in the award process is limited to evaluation of local content requirements in tenders, upon which NCDMB communicates to operators and/or project promoters the outcome of bidders’ compliance or otherwise with the provisions of the NOGICD Act.

“Due consideration and the decision to award a contract to any of the compliant bidders rest with the operator and their partners/ project promoters.

“The process of scaling through local content requirements in a project development is based on the provisions of the Nigerian Content Act and not on a subjective checklist that can be changed at the whims of any individual.”

It revealed that, “Circumventing the rules/requirements attracts stiff sanctions. Therefore, it would have been impossible for the Executive Secretary and the Minister or any other official for that matter to be induced to contravene the provisions of the law they are meant to enforce.

“It would have also been impossible for any official to dictate to the operators or project promoters on their choice of contractors without due regard for the commercial aspects and project economics.

“This fake news by Jackson Ude is a disingenuous attempt to diminish the hard work that engendered the Final Investment Decision (FID) for NLNG Train 7 project even at the peak of the COVID-19 pandemic last year.

“The allegations are not only reckless but also calls to question the motive of Mr. Ude and his cohorts as the country strives to attract investors and create job opportunities for Nigerians.

“Just to call a spade a spade: the report by Jackson Ude is completely FALSE and makes no sense; it is mere FAKE news that satisfies only the author’s mischief and the selfish interests of his sponsors.

“It is on record that the outcome of the Train-7 Project tenders provided very significant financial savings for the NLNG and the country at large.

“We will therefore not succumb to any mudslinging or blackmail from Jackson Ude or his cohorts, including those business promoters who did not win the NLNG Train-7 contracts but have decided to vent their spleen through channels of disinformation such as the online Pointblank News

“Since creation in 2010, the NCDMB has worked to achieve quantum growth in the Nigerian oil and gas industry from less than 5% to over 35%.

“The in-country capacities and capabilities developed over the years are evident and we will not be distracted from our focus and plan to increase this to 70 percent by 2027 in line with our extant 10-year Strategic Roadmap.”

Share
Related Stories
Image
19-February-2024

Tinubu Lacks Capacity to Lead Nigeria—PDP

By Aduragbemi Omiyale The country’s main opposition party, the Peoples Democratic Party (PDP), has asked maintained that President Bola Tinubu is overwhelmed and lacks the capacity to lead Nigeria to the Promised Land. In a statement issued on Monday by its National Publicity Secretary, Mr Debo Ologunagba, the party said the call made by the PDP Governors Forum to Mr Tinubu to resign as a result of the ecominic hardship in the country was on point. The PDP praised its Governors for displaying the courage to leave the kitchen if the heat was becoming unbearable to him, saying the government

Image
21-February-2024

Oyo Reopens Shri-Balaji After Closure Over Pollution

By Aduragbemi Omiyale The industrial company sealed earlier this month nonconformity and adherence to environmental laws of Oyo State, Shri-Balaji Industries Limited, has been reopened. The facility was unsealed on Wednesday on the directive of the Commissioner for Environment and Natural Resource, Mr Abdulmojeed Mogbonjubola. The company, which engages in the recycling of waste tyres to produce Pyrolysis oil and carbon black and steel wire as by-products, was closed by the state government to protect the lives of residents of the area. A statement made available to Business Post disclosed that for it to be reopened, Shri-Balaji paid a fine

Image
16-February-2024

Shell Deepens Nigerian Investments in Deepwater, Gas, Renewables

By Adedapo Adesanya As it moves away from its onshore assets, Shell is working to extend the life of the Bonga Floating, Production, Storage, Offloading (FPSO) vessel for another 15 years to handle more production from Nigeria’s first deep-water development. The deep-water project came on stream in November 2005 and the extension project is coming at a time when the company is exploring opportunities in deep-water, gas, and renewables in Nigeria where it pioneered oil and gas production more than 60 years ago. Speaking at a panel discussion at the ongoing 8th Sub-Saharan Africa International Petroleum, Exhibition and Conference (SAIPEC)

More Stories
Image
14-June-2021

Zenith Bank, Sterling Bank, Fidelity Bank Drive Weekly Equity Turnover

By Dipo Olowookere Last week, trading in Zenith Bank, Sterling Bank and Fidelity Bank accounted for 261.3 million shares worth N2.7 billion traded in 2,862 deals, contributing 24.70 per cent and 21.13 per cent to the total weekly equity turnover volume and value respectively. These equities were among the 714.7 million units of financial stocks worth N6.0 billion traded in the week in 9,718 deals on the floor of the Nigerian Exchange (NGX) Limited, which led the activity chart by contributing 67.53 per cent and 46.38 per cent to the total equity turnover volume and value respectively. Consumer goods shares

Image
03-October-2017

TP-Link Appoints Assr Al Jawal as Mobile Distributor for UAE

By Dipo Olowookere Assr Al Jawal has been appointed as the TP-Link Technologies distributor for the Neffos smartphone portfolio in the United Arab Emirates (UAE). TP-Link is a global provider of SOHO, SMB networking products, wireless LAN solutions and mobile devices. According to the vendor, which manufactures a broad range of products to the consumer, SOHO and SMB markets, including Wireless Solutions, ADSL, Routers, Switches, IP Cameras, Powerline Adapters, Print Servers, Media Converters, Network Adapters and Smartphones, the appointment of Assr Al Jawal as its distribution partner paves the way for the company to further develop its business with independent

Image
01-June-2017

Nnorom Becomes Heirs Holdings Group CEO

By Modupe Gbadeyanka Mr Emmanuel Nnorom has been appointed as the Group Chief Executive Officer (CEO) of Heirs Holdings. Mr Nnorom’s appointment was approved by the board of the firm and takes effect on Thursday, June 1, 2017. Before now, Mr Nnorom was the Chief Executive Officer of an affiliate of Heirs Holdings, Transnational Corporation of Nigeria Plc. He will join the Heirs Holdings’ board, reporting directly to the Group Chairman, Mr Tony Elumelu and would be expected to provide the day-to-day leadership at Heirs Holdings and be responsible for execution of group strategy for the proprietary investment firm, whose

Image
25-November-2022

Gospel Singer Sammie Okposo Slumps, Dies

By Modupe Gbadeyanka Reports just filtering in indicate that a popular gospel artist in Nigeria, Sammie Okposo, has passed on. Details of this unfortunate incident are still sketchy, but it was gathered that he passed away on Friday at the age of 51 after he slumped. Recall that some months ago, Sammie Okposo was in the news over issues concerning his marriage. The Wellu Wellu crooner later apologised to his fans and others for betraying their trust, promising to be a better person. Three years ago, the Delta State-born music star had a close encounter with death after the propeller

Image
29-September-2023

Demand And Supply Zone Trading: A Comprehensive Overview From Experts

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

Image
01-January-2019

Lagos Speaker Begs Nigerians to Pray for Successful 2019 Elections

Speaker of the Lagos State House of Assembly, Mr Mudashiru Obasa, has called on Nigerians to continue to pray for peaceful and successful general elections in the country this year. In his New Year message to Nigerians, Mr Obasa urged Nigerians not to relent in praying for the government to conduct a free and fair poll. In a statement signed on Monday by his Chief Press Secretary, Mr Musbau Rasak, the Lagos Speaker saluted Nigerians for their resourcefulness, courage, prayers and support, which he said have been vital to the successes so far recorded by the All Progressives Congress (APC)

Image
10-October-2017

Q3 2017 Earnings: Zenith Bank Board Meets October 25

By Modupe Gbadeyanka One of the top lenders in Nigeria, Zenith Bank Plc, has announced a meeting of its board of directors slated for slated Wednesday, October 25, 2017. A statement signed by the Company Secretary, Mr Michael Otu, disclosed that the board would be meeting to discuss the financial institution’s third quarter earnings. “In line with post-listing requirements of the Nigerian Stock Exchange (NSE) for quoted companies, Zenith Bank Plc hereby informs you that the Board of Directors is scheduled to meet on Wednesday, October 25, 2017, to consider the Group’s unaudited financial statements for the third quarter ended

Image
20-June-2017

United Capital Lists $10m Eurobond, N2b Wealth Fund on NSE

By Dipo Olowookere A financial and investment services power house providing bespoke value-added service to its clients, United Capital Plc has listed its $10 million Eurobond on the Nigerian Stock Exchange (NSE). The listing was performed yesterday on the floor of the NSE and was witnessed by top members of the firm and the stock exchange. Also, United Capital Plc listed its Wealth for Women Fund on the trading platform. The United Capital Plc’s Nigerian Eurobond Fund is an open-ended mutual fund to be invested in Dollar denominated Eurobonds, floated by the Federal Government of Nigeria, Nigerian top tier banks

Ad
Ad
Recent Stories
Image
22-February-2024

Dangote Sugar to Borrow N50bn from Commercial Paper Sales

By Aduragbemi Omiyale The management of Dangote Sugar Refinery Plc is requesting about N50 billion from capital market investors for its short-term working capital and funding requirements. The sugar miller will get the funds from investors through the sale of commercial papers and has promised to repay in about nine months’ time. The CP sales will be conducted under its N150 billion commercial paper issuance programme approved by the regulatory authorities. It is the first series the company is selling this time and it specifically has a tenor of 266 days with a discount rate of 15.92 per cent and

Image
22-February-2024

NASD Unlisted Security Index Depreciates by 0.77%

By Adedapo Adesanya A 0.77 per cent loss was suffered by the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, February 21 following profit-taking in three stocks. Aradel Holdings Plc went down by N49.50 during the session to close at N2,476.50 per share versus the previous day’s N2,526.00 per share, Central Securities Clearing System (CSCS) Plc depreciated by 37 Kobo to end the day at N19.63 per unit compared with Tueday’s closing price of N20.00 per unit, and FrieslandCampina Wamco Nigeria Plc deflated by 7 Kobo to settle at N74.43 per share, in contrast to the N74.50 per share it traded

Image
22-February-2024

Naira Appreciates at Official Market, Falls at Black Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar in the official market and the and the peer-to-peer (P2P) windows of the foreign exchange (FX) market but depreciated in the parallel market on Wednesday, February 21 as several scare tactics to ease the weakening local currency continues. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency gained 0.6 per cent or N8.66 on the greenback to close at N1,542.58/$1 compared with the previous day’s N1,551.24/$1. However, the Naira maintained stability against the Pound Sterling and the Euro in the spot market in the midweek session at

Image
22-February-2024

Crude Oil Jumps as Geopolitical Tensions Persist

By Adedapo Adesanya Crude oil appreciated on Wednesday as geopolitical tensions continued in the Middle East and traders assessed signs of near-term supply tightness. Brent crude was up by 69 cents or 0.8 per cent to $83.03 a barrel while the US West Texas Intermediate (WTI) crude jumped by 87 cents or 1.1 per cent to settle at $77.91 per barrel. Houthi attacks on commercial vessels in the Red Sea and Bab al-Mandab strait have continued to stoke concerns over freight flows through the critical waterway. The Iran-aligned Yemeni Houthis have carried out repeated drone and missile strikes since November in

Image
22-February-2024

Investors Recover N165bn as FBN Holdings, BUA Cement, Others Gain

By Dipo Olowookere The bulls recaptured the Nigerian Exchange (NGX) Limited on Wednesday after the bears dominated for two straight days as a result of panic selling due to the macroeconomic environment, especially with the poor performance of the Naira in the foreign exchange (FX) market. During the midweek session, the local bourse finished higher by 0.30 per cent on renewed bargain-hunting activities by investors. This raised the market capitalisation of the domestic exchange by N165 billion to N55.464 trillion from N55.299 trillion, as the All-Share Index (ASI) grew by 301.71 points to 101,362.38 points from 101,060.67 points. Business Post

Image
21-February-2024

Tinubu Appoints Kemi Nanna Nandap as Comptroller-General of Immigration

By Modupe Gbadeyanka The Deputy Comptroller-General (DCG) of the Nigeria Immigration Service (NIS), Ms Kemi Nanna Nandap, has been elevated to the post of the Comptroller-General of the agency. This followed her appointment by President Bola Tinubu, according to a statement issued by his spokesman, Mr Ajuri Ngelale, on Wednesday. The presidential aide disclosed in the statement today that the appointment of Ms Nandap will take effect from Friday, March 1, 2024. She is taking over from Mrs Caroline Wura-Ola Adepoju, whose term in office expires on February 29, 2024, the disclosure said. “President Bola Tinubu has approved the appointment

Image
21-February-2024

AFC to Pump $40m Into African Medical Centre of Excellence Abuja

By Adedapo Adesanya  African instrumental infrastructure solutions provider, Africa Finance Corporation (AFC), has signed an equity investment term sheet, pledging up to $40 million towards the construction of an Abuja-based hospital, the African Medical Centre of Excellence (AMCE). The quaternary-level multi-specialty medical institution developed by the African Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital, London, aims to revolutionise healthcare in Africa. Hospitals across West Africa struggle with funding, lack of essential resources, and limited access in rural areas. This flagship facility in Abuja is a key part of Afreximbank’s network of healthcare facilities, actively countering brain drain, reducing

Image
21-February-2024

Oyo Reopens Shri-Balaji After Closure Over Pollution

By Aduragbemi Omiyale The industrial company sealed earlier this month nonconformity and adherence to environmental laws of Oyo State, Shri-Balaji Industries Limited, has been reopened. The facility was unsealed on Wednesday on the directive of the Commissioner for Environment and Natural Resource, Mr Abdulmojeed Mogbonjubola. The company, which engages in the recycling of waste tyres to produce Pyrolysis oil and carbon black and steel wire as by-products, was closed by the state government to protect the lives of residents of the area. A statement made available to Business Post disclosed that for it to be reopened, Shri-Balaji paid a fine

Image
21-February-2024

FG to Restructure, Recapitalise Bank of Agriculture for Better Value

By Adedapo Adesanya The federal government has revealed plans to recapitalise and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security. This was one of the core revelations made by the Vice President, Mr Kashim Shettima, during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. He said there is a central role that BOA could play in achieving national food security, citing its extensive branch network across all senatorial districts in the country. Mr Shettima, however, expressed concern about the

Image
21-February-2024

Foundation Urges Nigerians to Adopt Waste Management Hierarchy

By Aduragbemi Omiyale A recycling organisation, Turn Plastic Recycling Foundation, has encouraged Nigerians to embrace the waste management hierarchy to make the country a zero-waste society. The Project Manager for the firm, Mr Leo Nwofa, while giving a summary of the project journey in the past two years of the foundation, said to save the planet, people must adopt the system of proper waste disposal for recycling after use. The waste management hierarchy gives top priority to waste prevention, followed by reuse, recycling, recovery and finally disposal. Speaking at an event to mark the second anniversary of Turn Plastic Recycling