Nigeria: Remittance of 1 Percent Nigerian Content Levy Still Mandatory

Nigeria: Remittance of 1 Percent Nigerian Content Levy Still Mandatory

Press Release - The Board reiterated that covered entities are bound to remit one percent (1%) of the value of every upstream contract, adding that NCDMB is vested with the exclusive authority for the management and administration of the fund.

NCDMB charges companies on strict compliance with remittance of 1% Nigerian Content Levy

WorldStage– The Nigerian Content Development and Monitoring Board (NCDMB) has charged operators, contractors, and service companies in the upstream sector of the Nigerian oil and gas industry to ensure strict compliance to their mandatory obligation to remit one percent (1%) Nigerian Content Development Fund (NCDF) levy into the bank accounts officially designated by the Board. In a statement, the Executive Secretary of NCDMB, Engr. Felix Omatso…

NCDMB Enforces 1% Content Levy as Compliance Becomes Gateway to Upstream Approvals

Nigeria’s oil and gas industry is entering a new phase of regulatory consolidation. As global capital becomes more selective and energy markets more competitive, domestic value retention through the enforcement of the content levy has shifted from policy aspiration to fiscal necessity. The Nigerian Content Development and Monitoring Board (NCDMB) has now reinforced what it …