Business
Remittance of 1% Nigerian content levy still mandatory — NCDMB
By Udeme Akpan
The Nigerian Content Development and Monitoring Board (NCDMB) has reminded operators, contractors and service companies in Nigeria’s upstream oil and gas sector of their statutory obligation to remit one per cent Nigerian Content Development Fund (NCDF) levy into bank accounts officially designated by the Board.
In a statement, Executive Secretary of the Board, Felix Omatsola Ogbe, said that covered entities are required to remit one per cent of the value of every upstream contract, stressing that NCDMB has exclusive authority for the management and administration of the Fund.
According to him, funds generated under NCDF are deployed to support indigenous oil and gas contractors and service companies, finance capacity development and training, enable access to affordable financing for indigenous participation, and drive sustainable growth across the oil and gas value chain.
Ogbe clarified that NCDF is a ring-fenced statutory development fund created by an Act of the National Assembly and is not classified as Federal Government revenue payable into the Consolidated Revenue Fund.
He added that its collection and administration are expressly governed by Section 104 of the Act.
He stressed that all remittances of the one per cent NCDF levy must be made strictly into accounts officially designated by the NCDMB, warning that any payment made outside those accounts would not be recognised as valid under the law.
The Executive Secretary urged companies to ensure strict compliance and seek clarification from the Board where necessary before effecting any remittance.
He assured stakeholders that the Board remains committed to transparency,
accountability and effective utilisation of the Fund to promote sustainable Nigerian content development.
Meanwhile, the NCDMB announced that obtaining the Nigerian Content Development Fund Compliance Certificate (NCFCC) has become a key requirement for accessing the Board’s regulatory services and approvals.
The Compliance Certificate is issued to confirm that a company has fulfilled its statutory obligation to remit one per cent of the value of every upstream contract.
The Board stated that without a valid NCDF Compliance Certificate, access to regulatory documents, certifications, approvals and clearances issued by the NCDMB would not be granted.
The post Remittance of 1% Nigerian content levy still mandatory — NCDMB appeared first on Vanguard News.
Source link
