Niger Delta Exploration & Production Plc, a pioneering indigenous operating company, recently received a written commendation from the Lagos State Government Internal Revenue office, in recognition of its prompt payment of taxes.
The letter, dated 6th July 2011, congratulated NDEP Plc for its partnership with Lagos State internal revenue service by fulfilling its civic obligations, in making timely and adequate remittance of taxes for the 2010 financial year. A second letter received in 2010 makes the same commendation for fulfilling civic obligations during the year 2009.
While paying taxes is a basic company requirement, NDEP Plc is pleased to receive official recognition, as it acknowledges the company’s ethos of doing the right thing, the first time, and also, its commitment to sustainable development in Nigeria.
‘We are proud to receive a commendation from the Lagos State Government’ said Dr Layi Fatona, MD NDEP Plc. ‘NDEP Plc and its subsidiaries place great importance on meeting civic responsibilities, adhering to best practice and promoting sustainable development in Nigeria through local content development and utilisation.’
‘As a Nigerian owned independent operating company, NDEP’s profits are kept within the country, redistributed as dividends and reinvested through the installation of functional technology and infrastructure, as well as staff development. Furthermore, a host community development trust, voluntarily funded by 5% of Company annual profits, was set up in 1997 to ensure that host communities are partners in the Company’s progress. These measures, together with the prompt payment of taxes, will promote long development and investment, both now and for future generations of Nigeria.’
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About Niger Delta Exploration & Production Plc
Niger Delta Exploration & Production Plc (NDEP) is a publicly owned, integrated Independent Oil and Gas focused Investment Company, with a range of assets. Originally incorporated in 1992, NDEP Plc was established as an investment vehicle for Nigerians to participate in the country’s foremost income generator, the oil and gas sector.
Today, NDEP Plc has over six-hundred shareholders and has evolved into a fully integrated oil and gas investment company. As an Independent Nigerian Company, NDEP has a genuine regard for the environment it operates in, evident in all aspects of its operations and has set up a pioneering Host Community Development Trust, to support five local communities in which it operates, in Rivers State. For more information, please visit: www.ngdelta.com