Business
ALLEGED 7.7 BILLION NAIRA EXPENDITURE ON CONSULTANCY: SAHARA REPORTERS REPORT IS FALSE AND MALICIOUS
*NCDMB OBSERVES THE HIGHEST STANDARDS OF ACCOUNTABILITY, TRANSPARENCY, AND DUE PROCESS IN ITS OPERATIONS
The Nigerian Content Development and Monitoring Board (NCDMB) wishes to firmly and unequivocally rebut the false, malicious, and misleading publication by Sahara Reporters on February 12, 2025, titled – EXCLUSIVE: NIGERIAN CONTENT BOARD NCDMB BOSS OGBE SPENDS N7 BILLION ON CONSULTANCY, OVER 580 MILLION ON 5-DAY LONDON TRAINING, LOGISTICS, ALLOWANCES.
The publication is riddled with falsehoods, gross inaccuracies and baseless inferences.
We wish to state that neither the Board nor the Executive Secretary spent the amount stated in the headline of the referenced statement.
It is a fact that in 2017, the Board developed a 10-Year Strategic Roadmap underpinned by five pillars and four enablers. The 10-Year Strategic Roadmap targets in-country retention of 70% spend in the oil and gas industry by 2027, amongst other measurable targets.
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One of the four enablers of the 10-Year Strategic Roadmap is Stakeholder Collaboration and Engagement, borne out of a need to ensure harmonious policy and regulatory implementation by all agencies and institutions of government. It is against this background that the Board has every two years organised a Strategic Workshop with Heads of Ministries, Departments, and Agencies of government that pertain to the oil and gas industry to interrogate and find areas of alignment in the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010.
In carrying out this Strategic Workshop and every other activity of NCDMB, due process was followed in ensuring that all financial expenditures were made following approved financial and procurement guidelines.
We wish to emphasize that NCDMB operates under strict government regulations and oversight bodies.
It is regrettable that Sahara Reporters, known for its sensationalism and lack of investigative rigour, has once again published unverified claims designed to mislead the public and tarnish the hard-earned reputation of our Executive Secretary and esteemed organization.
The NCDMB categorically refutes the false claims made in the publication.
The allegations of misappropriation to the tune of N7.7 billion without due approval are entirely baseless, mischievous, and aimed at tarnishing the reputation of the Board and the Executive Secretary.
There was no such expenditure of N7.7 billion naira by the Board for consultancy services.
We wish to emphasize that the NCDMB led by Engr. Felix Omatsola Ogbe, operates with the highest standards of accountability, transparency, and due process in all its operations. All expenditures in the Board are subjected to rigorous approval processes in accordance with the provisions of the Public Procurement Act 2007, our enabling law, the Nigerian Oil and Gas Industry Content Development Act (NOGICD) Act 2010 and other relevant statutes and policies. The Board remains committed to upholding the principles of good governance in line with its statutory mandate.
It is on account of our strict adherence to due process that the NCDMB achieved remarkable milestones, including ranking first three consecutive times in the Presidential Enabling Business Environment Council (PEBEC) Compliance Report in the Ease of Doing Business, Transparency and Accountability among Ministries, Departments, and Agencies (MDAs) of government in Nigeria.
Additionally, the Board received the Nigeria Govtech Award and the Distinguished Govtech Trailblazers Award from the Bureau for Public Sector Reform (BPSR) for excellence in digital governance and public sector innovation.
The NCDMB remains resolutely committed to its core mandate of building local capacity and empowering Nigerians to participate effectively in the Nigerian oil and gas industry. Our initiatives are aligned with the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR, aimed at empowering Nigerians and creating sustainable jobs.
We encourage members of the public and media houses to always verify their sources of information before rushing to publish the “so-called exclusive report.’’
The NCDMB has an open and accessible corporate communications team with verifiable addresses and contact details that if the above referenced online platform had bothered to reach out to for clarification, this undue sensationalism would not have happened.
We believe this is a hatchet job and thus avoided the time held journalism practice of hearing the other side.
We assure the public that this malicious, false, and misleading publication will not distract the Executive Secretary from his commitment to driving the Board’s mission.
The Executive Secretary remains steadfast in advancing the goals of the organization and delivering on its mandate for the benefit of all Nigerians.
Corporate Communications Department
Nigerian Content Development and Monitoring Board (NCDMB)
The President and Chief Executive of the Dangote Group, Alh Aliko Dangote, has been appointed to the World Bank’s Private Sector Investment Lab.
Biztellers reports that his see the business mogul joining a select group of global business leaders tasked with driving investment and job creation in emerging economies.
The development was revealed in a statement in which he confirmed his acceptance, where the African industrialist reaffirmed his commitment to fostering sustainable economic growth through private sector-led investment, noting the transformative potential of such initiatives in developing markets.
“I am both honoured and excited to accept my appointment to the World Bank’s Private Sector Investment Lab, dedicated to advancing investment and employment in emerging economies,” Dangote said.
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“This opportunity aligns with my long-standing commitment to sustainable development and unlocking the potential of developing economies. Drawing inspiration from the remarkable successes of the Asian Tigers, which have demonstrated the power of strategic investment and focused economic policy, I am eager to collaborate with fellow leaders to replicate such outcomes across other regions.”
The Dangote Group, founded by Aliko Dangote, is the largest conglomerate in West Africa and one of the largest on the African continent. With interests spanning cement, fertiliser, salt, sugar, and oil, the Group employs over 30,000 people and is the largest taxpayer in Nigeria—contributing more in taxes than all of Nigeria’s banks combined. It is also the country’s largest employer after the government.
The $20 billion Dangote Petroleum Refinery & Petrochemicals, the Group’s flagship project, stands as the largest single private investment in Africa.
In addition to his business interests, Dangote leads the Aliko Dangote Foundation (ADF), the largest private foundation in sub-Saharan Africa, with the largest endowment by a single African donor. The Foundation primarily focuses on child nutrition, while also supporting interventions in health, education, empowerment, and disaster relief.
The World Bank announced Dangote’s appointment on Wednesday as part of a broader expansion of its Private Sector Investment Lab, which now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.
Joining Dangote in the elite group are Bill Anderson, CEO of Bayer AG; Sunil Bharti Mittal, Chair of Bharti Enterprises; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.
The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies—supporting the Bank’s sharpened focus on job creation as a central pillar of global development.
“With the expanded membership, we are mainstreaming this work across our operations and tying it directly to the jobs agenda that is driving our strategy,” said World Bank Group President Ajay Banga. “This isn’t about altruism—it’s about helping the private sector see a path to investments that will deliver returns, and lift people and economies alike. It’s central to our mandate.”
The global bank said that over the last 18 months, the Lab brought together leaders from global financial institutions to identify the most pressing barriers to private sector investment in developing countries and to test actionable solutions.
The statement said that the work had now been consolidated into five priority focus areas that were being integrated across the bank operations, including regulatory and policy certainty.
The Lab’s founding members included senior executives from AXA, BlackRock, HSBC, Macquarie, Mitsubishi UFJ Financial Group, Ninety-One, Ping An Group, Royal Philips, Standard Bank, Standard Chartered, Sustainable Energy for All, Tata Sons, Temasek, and Three Cairns Group. The Lab is chaired by Shriti Vadera, Chair of Prudential plc.
Nokia has reported a net loss of €68 million for the first quarter of 2025, a sharp decline from the €438 million profit recorded during the same period last year.
The Finnish telecoms equipment maker attributed the downturn to global trade disruptions and recently imposed tariffs by the United States.
The company’s net sales dropped slightly to €4.4 billion, down by one percent year-on-year.
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Tariff-related challenges were highlighted by Nokia’s President and CEO, Justin Hotard, who acknowledged the broader economic pressures affecting the industry.
“We are not immune to the rapidly evolving global trade landscape,” Hotard stated. “However, based on early customer feedback, I believe our markets should prove to be relatively resilient.”
He also noted the potential short-term financial impact, saying, “Based on what we see today, we currently expect a EUR 20 to 30 million impact on our comparable operating profit in the second quarter from the current tariffs.”
Earlier this month, U.S. President Donald Trump introduced a 10 percent tariff on global imports, while pausing plans for steeper duties, including a proposed 20 percent levy on products from the European Union.
Despite the quarterly setback, Nokia expressed confidence in its growth prospects.
The company is looking to its Network Infrastructure, Cloud and Network Services, and Mobile Networks divisions to drive sales in the year ahead.
In a sign of continued momentum in the mobile segment, Nokia also announced on Thursday that it had extended its contract with T-Mobile US.
The company said it is continuing “to see positive signs of stabilization” in Mobile Networks.
The pull of market forces which moved the hands of the Nigerian National Petroleum Company Limited (NNPC Ltd) to reduce the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja appears to be a source of torture to independent markets.
Biztellers reports that the latest price review on Easter Monday saw NNPC retail outlets in Lagos drop from N925 to N880, while those in Abuja adjusted from N950 to N935.
The NNPC Ltd’s price reduction came barely a week after the Dangote Refinery lowered its ex-depot price from N865 to N835 per litre.
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In addition, the $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East.
Consumers can smile because with the reaction, the NNPC Ltd’s new price in Lagos is N10 lower than what the Dangote Refinery is selling at, which might lead to another reaction, as the price war between the two companies.
Though some NNPC Ltd’s retail outlets were observed selling at the old rate in Lagos, it was gathered that they were given the liberty to exhaust old stock before adjusting to the new prices.
Market sources are of the view that the current price war was ignited by the Federal Government’s implementation of the Naira-for-crude policy.
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