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Operators, contractors, and service providers in the upstream sector have been reminded by the Nigerian Content Development and Monitoring Board (NCDMB) to adhere to the 1% Nigerian Content Development Fund (NCDF) deduction on all contracts.
The NCDMB’s General Manager Corporate Communications Division Executive, Dr. Obinna Ezeobi, made this announcement on Wednesday.
The fund was created under Section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010 as a specific fund for the advancement of Nigerian content in the oil and gas sector, according to Mr. Felix Omatsola-Ogbe, Executive Secretary of the NCDMB.
“Under the act, entities are required to send one percent of the value of each upstream contract,” he said, adding that NCDMB has the exclusive authority to manage and administer the fund.
The money raised under the NCDF is used to support local oil and gas service providers and contractors as well as to fund industry training and capacity building.
“The funds are also used to promote sustainable growth throughout the oil and gas value chain and to facilitate indigenous participation in access to affordable financing,” he stated.
Omatsola-Ogbe went on to explain that “a specific Act of the National Assembly created the NCDF, which is a ring-fenced statutory development fund.”
Its collection and management are specifically governed by Section 104 of the NOGICD Act, he continued, and it is “not classified as a Federal Government revenue payable into the Consolidated Revenue Fund.”
He emphasized that all payments of the one percent NCDF levy must be placed strictly into the NCDMB-designated accounts.
According to him, any contribution made outside of the accounts that the NCDMB has officially designated “shall not be recognized as valid payment of the one percent NCDF Levy under the Act.”
He advised businesses to make sure they are strictly following the rules and to ask the board for clarification before making any payments.
Industry stakeholders were reassured by the Executive Secretary that the Board is still dedicated to openness, responsibility, and efficient use of the Fund for the expansion and sustainability of Nigerian content in the oil and gas sector.
Additionally, the NCDMB has declared that a prerequisite for gaining access to the board’s regulatory services and approvals is now getting the Nigerian Content Development Fund Compliance Certificate (NCFCC).
The board stated that access to regulatory papers, certificates, approvals, and clearances issued by NCDMB would not be permitted without a valid NCDF compliance certificate.
The organization recommended that in order to prevent operational schedule delays, stakeholders in the oil and gas sector regularize their NCDF remittance status, apply for the document as soon as possible, and maintain continuous compliance. (Nan)
