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Nigeria’s Petroleum Minister, Heineken Lokpobiri, and the former Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, have traded accusations over the alleged mismanagement of $500 million in funds.
The controversy has captured the attention of the Nigerian public and the international oil and gas community.
Lokpobiri has accused Wabote of “wasting” over $500 million of the industry’s fund on equity investments, private establishments, and non-performing loans.
These funds were reportedly allocated to projects such as the Brass modular refinery in Bayelsa State and a fertilizer factory, among others.
Lokpobiri alleges that a significant portion of the funds, approximately $350 million, was transferred to the Bank of Industry for loans to investors, with 90 percent of these loans now classified as non-performing.
Wabote, on the other hand, has denied Lokpobiri’s claims and pointed out that the minister had requested a budget increase of N30 billion for his office from the NCDMB.
Wabote claims that this request was unprecedented and that he had refused to comply.
The dispute has raised questions about the integrity of the Nigerian oil and gas industry and the use of funds by the NCDMB.
The government has initiated a review of the loans and projects executed by the NCDMB to determine the extent of any mismanagement and to ensure that funds are being used appropriately.
Lokpobiri has maintained that the allegations are not new and that investigations are ongoing.
He has also challenged Wabote to provide evidence of the budget increase request.
Meanwhile, Wabote has continued to defend his record and the work of the NCDMB under his leadership.
The controversy has highlighted the importance of transparency and accountability in the management of public funds, particularly in the Nigerian oil and gas sector.
It remains to be seen how the government’s review will impact the future of the NCDMB and the relationship between the Petroleum Minister and the former Executive Secretary.
As the situation develops, stakeholders in the Nigerian oil and gas industry and the international community will be closely watching for updates on the allegations and the government’s review.
The outcome of this dispute could have significant implications for the management of public funds and the reputation of the Nigerian oil and gas sector.
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