The Nigerian Content Development and Monitoring Board (NCDMB) has insisted that the remittance of the one percent Nigerian Content Development Fund (NCDF) levy remains compulsory for operators, contractors, and service companies in the upstream oil and gas sector.
This was made known on Wednesday by Felix Ogbe, the Executive Secretary of NCDMB.
He said, “Funds generated under the NCDF are deployed to support indigenous oil and gas contractors and service companies, to finance capacity development and training in the industry, to enable access to affordable finance for indigenous participation, and to drive sustainable growth across the oil and gas value chain.
“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.
“All remittances of the one percent (1%) NCDF levy must be made strictly into the accounts officially designated by the NCDMB, pointing out that “any remittance made outside the accounts formally designated by the NCDMB “shall not be recognized as a valid payment of the one percent (1%) NCDF levy under the Act.
“Companies must ensure strict compliance and to seek clarification from the Board where necessary prior to effecting any remittance.”