NCDMB insists on 1% levy remittance

The Nigerian Content Development and Monitoring Board (NCDMB) has reminded operators, contractors and service companies in the upstream oil and gas sector that remittance of the one per cent Nigerian Content Development Fund (NCDF) levy remains mandatory, warning that access to its approvals and regulatory services now depends on proof of payment.
 
In a statement issued at the Nigerian Content Tower in Yenagoa, Bayelsa State, the Executive Secretary, Felix Omatsola Ogbe, said the NCDF was established under Section 104 of the Nigerian Oil and Gas Industry Content Development Act, 2010, as a dedicated fund for the development of Nigerian content in the industry.
He reiterated that all covered entities are required to remit one per cent of the value of every upstream contract, stressing that the Board has the exclusive authority to manage and administer the fund.
 
Ogbe explained that the fund is used to support indigenous oil and gas contractors and service companies, finance capacity development and training, provide access to affordable funding for indigenous participation, and drive sustainable growth across the oil and gas value chain.
 
He clarified that “the NCDF is a ring-fenced statutory development fund created by a specific Act of the National Assembly,” adding that it is “not classified as Federal Government revenue payable into the Consolidated Revenue Fund and its collection and administration are expressly governed by Section 104 of the NOGICD Act.”
 
The Executive Secretary stressed that all remittances must be paid strictly into the bank accounts officially designated by the Board.