An agency of the Federal Government, the Nigerian Content Development and Monitoring Board, on Monday threatened to invoke regulatory sanctions against oil and gas companies that fail to remit their statutory contributions to the Nigerian Content Development Fund, warning that it would no longer tolerate the withholding or delay of payments critical to financing capacity development in the industry.
The Executive Secretary of the NCDMB, Felix Ogbe, issued the warning while delivering his keynote address at the 25th Nigeria Oil and Gas Energy Week Conference and Exhibition in Abuja, where he also unveiled a raft of initiatives aimed at deepening Nigerian participation in the oil and gas sector, including a nationwide capacity audit, vendor development programme, skills training and renewed calls for faster project approvals.
Ogbe said the board considered the NCDF a major financing vehicle for developing indigenous capacity and sustaining local content growth, stressing that compliance with the provisions of the Nigerian Oil and Gas Industry Content Development Act was non-negotiable.
“As we chart the next phase of local content growth, I must also reiterate the importance of full compliance with statutory obligations under the NOGICD Act 2010. The Nigerian Content Intervention Fund remains a critical vehicle for financing capacity development and other strategic interventions that sustain the growth of our industry.
“It is therefore unacceptable for any company to withhold, delay, or fail to remit its statutory contributions to the Nigerian Content Development Fund,” Ogbe said.
He warned that the board would not hesitate to invoke all available measures to make the firms compliant. “The board will continue to strengthen its compliance and enforcement mechanisms and will not hesitate to invoke all available regulatory measures to ensure compliance,” he threatened.
The NCDMB boss further warned operators, contractors and service providers that meeting their statutory obligations would increasingly determine their ability to participate in opportunities within the industry.
