GOVT THREATENS OIL FIRMS OVER UNPAID LOCAL CONTENT LEVIES
The Nigerian Content Development and Monitoring Board (NCDMB) has warned oil and gas companies that fail to remit statutory local content levies that they risk facing sanctions.
The board said the levies are mandatory under the Nigerian Oil and Gas Industry Content Development Act and are essential for funding programmes that promote indigenous participation in the petroleum sector.
According to the NCDMB, some operators have failed to meet their obligations despite repeated reminders, undermining efforts to strengthen local capacity and develop Nigerian businesses.
The agency stressed that companies found to be in default could face regulatory actions, including penalties and other enforcement measures, in line with existing laws.
It urged all oil and gas firms to promptly settle outstanding levies and comply fully with the provisions of the Nigerian Content Act to avoid sanctions.
The board reaffirmed its commitment to ensuring transparency, accountability, and strict compliance while continuing to support the growth of local expertise, job creation, and technology transfer in the oil and gas industry.
The NCDMB added that strengthening local content remains a key priority in boosting Nigeria’s energy sector and driving sustainable economic development.
