Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has revealed that 59 indigenous oil and gas companies that benefited from the Nigerian Content Intervention (NCI) Fund, a loan scheme floated by the Nigerian Content Development and Monitoring Board (NCDMB), will be dragged to court for diverting the funds for personal use.

Speaking at a ceremony organised to celebrate the growth, impact and full repayment of a $10 million loan facility obtained by Tamrose Limited in Yenagoa, Lokpobiri said the fund was created to strengthen local capacity and should not be diverted for personal luxuries.

He said, “In world practice, when you become minister, you are privileged to be briefed by different agencies under you. When I received the report from NCDMB, it showed that over 70 companies had accessed this fund, but only 21 have fully repaid their loans.”

Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).