NCDMB to partner NFIU against capital flight

The Nigerian Content Development and Monitoring Board (NCDMB) will collaborate with the Nigerian Financial Intelligence Unit (NFIU) to reduce capital flight in the oil and gas industry, retain spend in the local economy and create value.

This agreement was sealed on Wednesday when the Executive Secretary NCDMB, Engr. Simbi Wabote received the Chief Executive Officer of the NFIU, Mr. Modibbo Hamman Tukur at the Board’s Abuja liaison office.

Tukur explained that NFIU is the Nigerian arm of the global financial intelligence units. He added that the NFIU seeks to safeguard the Nigerian financial system and contributes to the global fight against money laundering, terrorism financing and related crimes through the provision of credible financial intelligence.

He intimated the Board about the setting up a Financial Action Task Force to evaluate and analyse financial transactions carried out by financial institutions and professionals that hold funds in trust for establishments and individuals.

In his remarks, Wabote affirmed the Board’s preparedness to collaborate with NFIU to curb capital flight for the benefit of the Country. He noted that the Board had taken a pragmatic steps to implement the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and is open to signing a Memorandum of Understanding (MoU) with the NFIU.

Speaking further, the Executive Secretary explained that part of the Board’s mandate is to promote indigenous participation in the oil and gas sector, stressing that Local Content is not intended to nigerianize the industry, rather is focused on domiciling oil and gas activities in-country.

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