Nigeria’s Central Bank, the CBN, says it plans sanctions against Money Deposit Banks, DMBs still collecting payments under the Nigerian Content Development Fund without remitting same to a dedicated account opened for the fund with the apex bank. According to the apex bank, the action represents a violation of the Single Treasury Account, TSA, policy and vowed to punish such banks.

Mr. Godwin Emefiele who is the CBN governor, issued the threat in Lagos at the stakeholders forum organised by the Nigerian Content Development and Monitoring Board, NCDMB, said the bank will collaborate with the agency to identify the banks, just as he warned them to close such accounts and remit the funds in their disposal to a dedicated account with the CBN.
The governor’s representative at the event,  Mr. Jack Ukitefu, deputy director Banking and Payments Systems Department, said that the operations of the TSA began in 2015 and that all Ministries, Departments, and Agencies, MDAs, have been meant to company and as such commercial banks still collecting funds under the NCDF should have seized such collections and remit already collected funds.
“The CBN will not hesitate to sanction any of the banks identified in this act because this is viewed as a very serious offence” the governor warned.
Earlier, the Executive Secretary, ES, of the NCDMB, Engr. Simbi Kesiye Wabote said the NCDF was established by Section 104 of the Nigerian Oil & Gas Industry Content Development (NOGICD) Act of 2010.

The Act Wabote explained provides that one percent of every contract in the upstream sector of the Nigeria Oil & Gas industry shall be deducted at source and paid into the Fund.

He said the Act also gives the Board the mandate to manage the Fund and employ it for projects, programmes and activities directed at increasing Nigerian Content in the Oil & Gas industry.