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NCDMB Issues New Compliance Certificate, Disburses $400m to 130 Local Oil Firms
The Business NG
|The BusinessNG
The Nigerian Content Development and Monitoring Board (NCDMB) has introduced the Nigerian Content Fund Clearance Certificate (NCF-CC) as a mandatory requirement for oil and gas companies bidding for contracts and seeking project approvals. The move is aimed at strengthening compliance, transparency, and access to finance in the sector.
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The announcement was made during a stakeholder sensitization workshop held in Lagos, where the Board also launched an upgraded Nigerian Content Development Fund (NCDF) payment portal and unveiled a revamped Community Contractors Finance Scheme.
The NCFCC, now compulsory under Section 104 of the Nigerian Oil and Gas Industry Content Development (NOG-ICD) Act, verifies a company's compliance with statutory one percent remittances to the NCDF. This fund, managed by NCDMB, is dedicated to promoting local participation in Nigeria's oil and gas sector and its linkages.
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