NCDMB Receives $1m Return On Investment From NEGOGAS
The Nigerian Content Development and Monitoring Board (NCDMB) received a cheque of $1m from Nedogas Development Company Limited (NDCL), as part of the Return on Investment (ROI).
NDCL is a joint venture company between Xenergi Limited and NCDMB Capacity Development Intervention Company.
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The cheque was presented by the NDCL Chairman Engr. Emeka Ene when he visited the NCDMB tower in Yenagoa Bayelsa State and was received by the Executive Secretary, Engr. Felix Omatsola Ogbe.
Presenting the cheque to the Board, Ene conveyed the company’s excitement in returning part of the credit and profit, adding that this “proves that NCDMB’s investment was a success and they are getting back that investment.”
He said, “We look forward to further collaboration with the NCDMB to expand the scope as NCDMB is now doing effectively and practically and tangibly what it was set up to, which is to impact the economy by direct interventions.
“That is the way the economy can grow, improve the gas infrastructure in such a way that is sustainable despite the tight economic conditions.”
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In a statement signed by the NCDMB on Wednesday, Ogbe said the success story of NEDOGAS at Kale, Delta State could be replicated in other oil- and gas-producing communities to minimise gas flaring.
Ogbe declared the Board’s readiness to continue collaborating with the company. “Their model should be extended to other parts of the country where gas flaring is continuing.
“They have shown that with the modular system, we can quickly remove flaring from our operations in Nigeria.”
He confirmed that NCDMB had continued to receive briefings from its investment partners, adding that “we are still waiting for them to come back with success stories. Some of them are near completion and have not started operations yet.”
Nedogas is one of the several strategic and successful investments of the NCDMB funded from the Nigerian Content Development Fund (NCDF), in line with the Board’s mandate to build capacity and catalyze local projects in the Nigerian oil and gas industry as enshrined under the Nigeran Oil and Gas Industry Content Development (NOGICD) Act.
