The Nigerian Content Development and Monitoring Board (NCDMB) has reminded operators, contractors, and service companies in the upstream sector of the Nigerian oil and gas industry of their mandatory obligation to remit the one percent Nigerian Content Development Fund (NCDF) levy into the bank accounts officially designated by the Board.
In a statement issued yesterday in Yenagoa, signed by the Board’s General Manager, Corporate Communications, Obinna Ezeobi, the Executive Secretary of NCDMB, Felix Ogbe, explained that the NCDF was established under Section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010, as a dedicated fund for the development of Nigerian content in the oil and gas industry.
The NCDMB has been complaining that some oil firms, especially indigenous Nigerian companies, which are the direct beneficiaries of the levy, have been refusing to pay it.
But in their reactions, however, the indigenous companies have alleged that NCDMB was using some part of the fund on projects that do not support the growth of local capacity in the oil and gas sector.
