FG Tasks Investors on Proper Utilisation of NCDMB Intervention Funds
The Federal Government has tasked investors in the country to utilise the Nigerian Content Development and Monitoring Board (NCDMB) intervention funds for the purpose they were meant for.
Sen. Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), made this known on Thursday during a facility tour of Amal Tech Limited, located at Idu Industrial Layout, Abuja.
The News Agency reports that the minister who was on the inspection tour with some officials of the ministry was conducted round the company’s premises by its Chief Executive Officer, Mr Shehu Abdullahi.
Lokpobiri, who was proud of the company’s proficiency, expressed commitment towards strengthening its partnership with the NCDMB because of the value it had added to the Nigerian economy.
“I use this opportunity to tell other people who are in partnership with NCDMB to use the funds that they have been able to get at single digit for the purpose the investments were made.
“It is surprising to hear that between the investments and the loans, the NCDMB in the last few years has spent over half a billion dollars,’’ he said.
The minister, who was amazed that Amal Tech Ltd. got the least amount in terms of what NCDMB invested, promised to grant the company any support it needed for showing capacity in managing funds and creating value.
He thanked the Amal CEO for choosing to domesticate his knowledge/expertise in different sectors of the economy to create employment, contrary to some Nigerians who chose to take their expertise outside.
“As rightly said, this company started with a small idea of a smoke and leak detector production, and now you have expanded to manufacturing meters, Point of Sale (POS) machines and pipeline cellulose.
“I believe that in the next few years, you will do amazing things. The least we can do is to strengthen our support for you, so that you can do more, not just for the Nigerian economy but for the entire world,’’ he said.
The minister also promised to work with the company to spur more engagements, particularly by deploying its technology on the pipeline surveillance to assist in curbing oil theft.
Lokpobiri said that its facility and services would be strategic to achieve the objective of reducing the infractions on the pipelines which was affecting the country’s overall production.
“We have the capacity to produce 2 million barrels per day (bpd) or more and it is our ambition to ensure that we do 2mbpd or more by the end of 2024.”
The minister expressed delight that as a serving senator in 2010, he was among those who basically conceived and passed the bill for the NCDMB to be created to support local industries.
He promised to assist the company to market its products and services in the West African sub region and in other locations where Nigeria’s affiliations reached such as the African Petroleum Producers Organisation (APPO).
Abdullahi, while responding, thanked the minister for the financial support his company had received.
He said that the gesture demonstrated the government’s willingness to drive local content for the good of the economy.
Abdullahi said that he was looking forward to more partnership as promised by the minister.
He said the company which was commissioned in 2023 rely solely on local resources for its production to enhance local content, give value to the Nigerian market and save money for the Nigerian economy to thrive.
Among its technologies include a wireless alarm transmission, a technology driven approach to pipeline monitoring and GIS-Based Pipeline Monitoring which allows for the visualisation of pipeline routes and potential issues on a map with clear overview.
Others are Operator Training Simulation, Drone Monitoring and Surveillance for aerial views of the pipelines especially in remote areas, Control and Command System and Distribution, Acoustic Sensing and Seismic Technology and Sensor Integration.
The products also include pipeline monitoring components, three-in-one devices with Wi-Fi, gas leak and smoke detector, smart metres, water heater, fire alarm panel and POS machines that accept payment offline with other functionalities, among others. #FG Tasks Investors on Proper Utilisation of NCDMB Intervention Funds
