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‘Local Content Board to float Merchant Bank this year’

By Henry Umoru
T
HE Executive Secretary of the Nigerian Content and Monitoring Board, NCDMB, Simbi Wabote has disclosed that the board has concluded arrangements to float a Merchant Bank this year as part of moves to put together a fund management policy.

Bank

Disclosing this in Accra, Ghana at the end of a 3- day Stakeholders’ Sensitization Programme on developing Legislators’ Understanding of NCDMB’s mandate and the Oil and Gas Industry, NCDMB Executive Secretary explained that the proposed bank would  not be a commercial one, but an investment bank to help develop the sector and the nation’s economy.

The capacity building workshop which was jointly organized by the Senate Local Content Committee and Nigeria Content Development and Monitoring Board (NCDMB), sought among others, the desire to create a better understanding of issues amongst others like ensuring transfer of technology in oil and gas industry, use of local manpower and companies in execution of contract, oversight of NCDMB as well as amendment of the current Nigeria Oil and Gas Industry Content Development (NOGICD) Act of 2010 to include linkage to industries.

Meanwhile, the Senate Committee on Local Content led by Senator Solomon Adeola, APC, Lagos West has thrown its weight behind the setting up of the investment bank, but urged the management of the board to ensure that it followed due process and rule of law.


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