NEWS! Nigerian Senate Uncovers $400Million Intervention Funds Kept In Banks For Years

This was disclosed by the lawmaker representing Kogi Central and the Chairman of the Senate Committee on Local Content, Senator Natasha Akpoti-Uduaghan, during a session with the Nigerian Content Development and Monitoring Board (NCDMB)....READ FULL ARTICLE

Out of the intervention funds uncovered, $30 million was budgeted for capacity building in oil and gas while $20 million was meant for women in oil and gas businesses.

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Another $50 million of local content development fund available for research and development in oil and gas industries was also domiciled in the Central Bank of Nigeria.

Responding to the senate committee, the Executive Secretary of NCDMB, Engr Felix Ogbo, revealed that the $300 million meant for the Nigerian Content Intervention Fund was still domiciled in the Bank of Industry.

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According to the board, the entire $300 million has been disbursed. The board added that the total amount disbursed so far amounts to $330 million, explaining that as beneficiaries pay, the money would be given to others who want to borrow.…READ FULL ARTICLE

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