NCDMB Reiterates 1% Levy Compliance for Oil Firms
The Nigerian Content Development and Monitoring Board (NCDMB) has insisted on the mandatory remittance of a 1% Nigerian Content Levy by oil firms, despite resistance from some companies. This levy is directed to the Nigerian Content Development Fund (NCDF), established under Section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010.
The NCDMB, through its General Manager of Corporate Communication, Dr. Obinna Ezeobi, and Executive Secretary, Felix Ogb, highlighted that indigenous companies, which are the direct beneficiaries of the levy, have been reluctant to comply. The NCDMB stressed that any remittance made outside the officially designated account will not be recognized.
Furthermore, companies must obtain a compliance certificate from the NCDMB to access regulatory services, and the board remains committed to transparency in the utilization of the fund to promote local content development in the oil and gas sector.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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