The Federal Government is conducting a review of loans and projects totaling $500 million executed by the Nigerian Content Development and Monitoring Board (NCDMB). Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed this during a dinner event in Lagos, accusing the past executive of the NCDMB of misusing funds on questionable projects.

Lokpobiri alleged that the past leadership of the NCDMB spent $35 million on the Brass modular refinery in Bayelsa State and $20 million on a fertilizer factory without tangible results.

However, Simbi Wabote, the immediate past Executive Secretary of the NCDMB, refuted these claims, emphasizing the need for evidence to support such serious allegations..

Source: PUNCH