The Federal High Court sitting in Yenagoa, Bayelsa State on Tuesday delivered a landmark judgement confirming the authority of the Nigerian Content Development and Monitoring Board (NCDMB) to collect the one per cent Nigerian Content Development Fund (NCDF) levy from every contract awarded in the Nigerian oil and gas upstream transaction as mandated under section
The judgment was delivered in the case instituted by a group of Nigerian drilling companies known as Incorporated Trustees of the International Association of Drilling Contractors (IADC) against the NCDMB, seeking to stop the collection of one percent NCDF levy.
Court confirms the authority of the Nigerian Content Development and Monitoring Board (NCDMB) to collect the one percent Nigerian Content Development Fund (NCDF) levy from every contract awarded in the Nigerian oil and gas upstream transaction