OCTG Warehouse Limited is fully compliant with various legislations with the NCDMB (Nigerian Content Development Monitoring Board) and the regulations governing operations in the oil & gas industry in Nigeria as provided with DPR (Department of Petroleum Resources).
OCTG is a responsible corporate tax payer and complies with all legislations regarding corporate taxes. OCTG classified wholly indigenous company having a majority of Nigerian shareholding and its fully complaint with NCDMB.
The Local Content Act which derives from the Nigerian Content Policy focuses on the promotion of value addition to the Nigeria economy through the utilization of local raw materials, products, and services in order to stimulate growth of indigenous capacity.
In order to give effect to the provisions of the NCA, the Nigerian Content Development Monitoring Board (NCDMB) was also established.
EQUIPMENT USE REGULATIONS
The Regulations on equipment requires that equipment to be used in the Industry should now be certified as this helps to keep track of any increase in the use of Nigerian manufactured equipment in the all-important industry.
It is also understood that the NCDMB is finalizing a number of other documents relating to the bridging of some of the gaps in the Local Content Act, as it applies to the Industry.