Amanze Chinonye
The Nigerian Content Development and Monitoring Board (NCDMB) has introduced a new compliance verification system known as the Nigerian Content Fund Clearance Certificate (NCFCC) to enhance transparency and accountability in the remittance of the 1% Nigerian Content Development Fund (NCDF) contribution by oil and gas companies.
The unveiling took place on Wednesday at the NCDMB Stakeholders Sensitization and Engagement Forum held in Port Harcourt, Rivers State, which brought together chief executives of indigenous oil and gas firms, host community contractors, and representatives of the Bank of Industry (BoI), Nigerian Export-Import (NEXIM) Bank, and First City Monument Bank (FCMB).
Ensuring transparency and compliance
In his opening address, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, said the new certificate was part of the Board’s efforts to strengthen compliance with the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010.
Join our WhatsApp Channel
Represented by the Director of Finance and Personnel Management, Mr. Ossa Uchendu, Ogbe described the NCFCC as “a verifiable and transparent instrument” that provides tangible proof of companies’ compliance with the law mandating a one per cent deduction from the value of upstream oil and gas contracts for local content development.
“This will ensure full transparency and accountability in remittance processes,” he stated, adding that the certificate would serve both regulatory and operational purposes for compliant companies.
READ ALSO: NCDMB Clarifies Presidential Orders, Says NOGICD Act Remains Intact
NCDMB Drives Youth Empowerment with Maritime Cadetship, Kachikwu Mentorship Series
Support for indigenous operators
The forum also reviewed the operation of the Nigerian Content Intervention Fund (NCI Fund), managed in partnership with BoI, NEXIM, and FCMB, to provide affordable financing for indigenous operators and contractors in the oil and gas industry.
Dr. Ifeoma Uzokpala, Executive Director, Large Enterprises at BoI, said the collaboration was aimed at strengthening Nigeria’s oil and gas value chain. “Our shared goal is to ensure that the Fund continues to deliver on its mandate enabling Nigerian companies to participate meaningfully and competitively in the sector,” she said.
Similarly, Mr. Muhammed Awami, Head of Specialised Business at NEXIM, commended the Board’s initiatives, noting that the partnership has created opportunities for indigenous companies in export financing, manufacturing, logistics, and technology-driven services.
Stakeholders seek broader engagement
During the interactive session, some contractors raised concerns about delays in payments by major contractors and the reluctance of commercial banks to issue guarantees for BoI loans.
Responding, Engr. Jeff Tuatongha, NCDMB’s General Manager, Monitoring and Evaluation (Upstream), said while the Board lacks enforcement powers, it can mediate in such disputes when formally reported.
Panelists also called for the inclusion of more financial institutions in future engagements to strengthen collaboration and address stakeholder concerns.
The forum featured presentations on the upgraded NCDF payment portal, compliance certification processes, and revised community contractor finance schemes. The NCFCC system is expected to take effect from January 1, 2026, and the next edition of the sensitization forum will hold in Warri, Delta State.
The event ended with a call for sustained dialogue and collaboration to deepen Nigerian content and strengthen the capacity of local operators in the oil and gas sector.
Amanze Chinonye is a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria. With a unique voice that blends tradition with modernity, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday Nigerian life, from the bustling markets of Lagos to the quiet villages of the countryside. With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
