The NCDMB boss announced plans to partner DPRP on the effective implementation of the Local Content Act.
Henceforth, defaulters of the local content law in the nation’s oil and gas industry are to lose five per cent on total contract sum, Executive Secretary, Nigerian Content Development and Monitoring Board, Engr. Simbi Wabote, has warned.
READ ALSO: 16m Nigerians unemployed – Wabote
Wabote, announced the disincentive to erring oil and gas firms during the Dangote Petroleum Refinery and Petrochemical Free Trade Zone Enterprises (DPRP) Nigerian Content Sensitization/Awareness Creation Programme, titled: “Let’s Walk the Nigerian Content Talk Together,” at Lekki Free Trade Zone, in Lagos at the weekend
Reading further sanctions to defaulters of the Nigerian Content law, Wabote, who was represented by by the Board’s Director in charge of Monitoring and Evaluation described said non-compliance with the law, will also result in the suspension of projects/ contracts , withdrawal of NCDMB’s services, and project cancellation unrecoverable sunk cost.
Other penalties for non-compliance, according to the Executive Secretary, are escalation to other regulators to withdraw or suspend licence, withdrawal of approval for declassification of contractor from pre-qualification list, application of the full weight of the law in accordance with Section 68, and publication of non-compliant operators in newspapers and professional gazettes. The NCDMB boss announced plans to partner DPRP on the effective implementation of the Local Content Act.
The Dangote Refinery project is expected to close a major gap in the supply of petroleum products in the country. We consider this as a very important project and we are willing to partner with the company to ensure full implementation of the local content policy. We embarked on this journey with the company a long time ago and we are ready to partner with the Dangote Group. Part of what you see to today is part of our efforts to ensure that the company and its contractors comply with the local content policy.”
The post Defaulters of local content law to lose 5% on contract sum appeared first on The Sun Nigeria .