The Forensic Audit That Recovered $185 Million: Simbi Wabote's Investigation Into Nigeria's Missing Oil Revenue | Feature Article
- Lindsey Schlandt
- Oct 1
- 1 min read
AFRICANEXPONENT.COM — As Executive Secretary of the Nigerian Content Development and Monitoring Board (2016–2023), Simbi Wabote authorized a forensic audit that uncovered widespread non-compliance with Section 104 of the Nigerian Oil and Gas Industry Content Development Act, which mandates a one percent contribution from every upstream contract. The investigation, carried out by external audit firms, revealed years of under-reporting by subcontractors and service providers, leading to the recovery of more than $185 million in missing statutory remittances.
Beyond recovering funds, the audit reshaped industry behavior by enforcing clear compliance standards, closing loopholes in subcontracting, and creating lasting deterrents against evasion. It also marked NCDMB’s evolution into a sophisticated enforcement agency capable of managing large-scale financial investigations. Wabote’s forensic audit legacy demonstrated that regulatory institutions in developing countries can successfully build systems to capture lost revenue and ensure that resource wealth benefits national development.
