Business

Customs Generates N773.1m In February

Published

9 years ago

March 20, 2017

The Nigeria Customs Service (NCS), Seme Command, generated N773.1million as revenue in February 2017.
Spokesperson of the command, Mr Selechang Taupyen, said this in Seme, near Badagry on Thursday.
He said that the command made 61 seizures with a Duty Paid Value (DPV) of N62.6 million.
“The command generated as N773.168, 246 million as revenue in the month of February.
“Also, five suspects were arrested for smuggling and would be prosecuted in accordance with the law. Another was convicted.
“We are determined to meet and surpass the monthly target of N1.1 billion for the command.
“We have strategised in order to achieve that,’’ Taupyen said.
He said that two male suspects were arrested for being in possession of 80,845,000 CFA.
“On January 31, the suspects, Mr Joachim Iheagwu and Mr Chukwunonye Onu, were arrested with the said amount at the border.
“They have been handed over to the Economic and Financial Crimes Commission (EFCC) for further investigation,’’ the spokesman said.
Taupyen advised the public to desist from smuggling.
“Smugglers and miscreants should stay away from the border or risk being arrested and prosecuted,’’ he said.

Business

Navy Intercepts 17,000 Litres Of AGO, Recovers 24,000 Litres Of Stolen Crude In Rivers

Published

3 minutes ago

August 10, 2026

The Tide

The Nigerian Navy has intensified its crackdown on crude oil theft and illegal bunkering under Operation DELTA SENTINEL, disrupting an emerging illegal oil operation and intercepting a speedboat conveying about 17,000 litres of suspected illegally refined Automotive Gas Oil (AGO) in Rivers State.

The Navy also recovered approximately 24,000 litres of product suspected to be stolen crude oil and dismantled facilities believed to have been established for crude oil theft in separate operations in the state.

A statement signed by the Director, Naval Information, Navy Captain Abiodun Folorunsho, personnel of the Forward Operating Base (FOB), Bonny, acted on credible intelligence about attempts by suspected criminals to establish illegal connections to oil infrastructure in the Bethel Community axis of Bonny Local government area.

Folorunsho said the operation led to the discovery of an illegal refining site, two pits containing approximately 24,000 litres of suspected stolen crude oil and extensive hoses believed to have been installed to facilitate crude oil theft.

He said the intervention disrupted the emerging criminal operation before it became fully operational, denying the suspected economic saboteurs the infrastructure required to sustain their activities and inflict further losses on the nation.

In a separate operation, personnel of Nigerian Navy Ship (NNS) PATHFINDER intercepted a speedboat conveying approximately 17,000 litres of suspected illegally refined AGO along the Onne-Okrika waterways.

According to the statement, the recovered speedboat and suspected illegally refined petroleum product were handled in accordance with established anti-crude oil theft procedures, while efforts were ongoing to identify and apprehend those connected with the illegal activity.

Folorunsho said the operations demonstrated the Navy’s sustained commitment to disrupting the illicit petroleum supply chain, denying economic saboteurs freedom of action and protecting Nigeria’s critical oil and gas infrastructure from criminal exploitation.

He added that the Navy would continue to conduct intelligence-driven operations under Operation DELTA SENTINEL to dismantle illegal refining infrastructure, combat crude oil theft and illegal bunkering, protect the maritime environment and safeguard Nigeria’s economic interests.

Lady Godknows Ogbulu

Oil & Energy

NCDMB, BOI Unveil $100m Nigerian Content Equity Fund …Set To Invest $5m In Oil Firms

Published

13 minutes ago

August 10, 2026

The Tide

The Nigerian Content Development and Monitoring Board (NCDMB), and the Bank of Industry (BOI), Friday in Lagos inaugurated the Investment Committee of the Nigerian Content Equity Fund (NCEF).

The NCEF according to the Directorate of Corporate Communications of the Board is a groundbreaking $100 million financing product designed to avail long-term financing to service companies and provide access to funds in exchange for equity rather than the traditional debt instruments.

In his remarks at the inauguration ceremony of the Committee, Executive Secretary of the NCDMB, Engr. Felix Omatsola-Ogbe tasked the investment committee to carry out rigorous due diligence on every company seeking support and ensure that the objectives for which the Fund was established are fully achieved.

He said the Equity Fund must never be mistaken for a grant, stressing that beneficiaries are expected to deploy the capital judiciously and repay in accordance with the terms of the investment.

He urged the committee to ensure that only credible people with viable businesses benefit from the scheme.

“Our top priority should be identifying people who will use the Fund properly and, most importantly, return our funds back to us so that we can continue the programme for other deserving beneficiaries,” he said.

A statement from the Board’s Corporate Communications Division said the NCEF was inaugurated as a new financing solution to the Nigerian oil and gas service sector, and is also expected to accelerate local content growth.

According to the Boards Division of Corporate Communications, the underlying goal of the NCEF is to reduce per-unit cost of oil and gas products and services locally, create an additional source of income for the Board and play a catalytic role in attracting other investors and lenders to financially viable organizations.

“By providing access to equity financing, the NCEF will enable service companies to expand and increase their market share, which will contribute to the growth of the Nigerian oil and gas industry.

“The Fund size is $100million, while the obligor limit is $5million. The Fund is provided by the NCDMB, while the Bank of Industry serves as the Fund Manager.

“The target beneficiaries are oil field service companies, manufacturers connected to the oil and gas sector, fabrication yards, and connected sectors, with the primary goal being to promote economic growth, job creation, and wealth creation in Nigeria”, the NCDMB said.

The Board added that the impact of the Fund on oil and gas projects could potentially create an estimated 12,500 direct jobs and 7,000 indirect jobs, stating that the inauguration of the investment committee marks another milestone in the evolution of the Nicetizn Content Investment (NCI) Fund which is a flagship intervention established under section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act to bridge financing gaps confronting indigenous oil industry firms.

A Statement from the NCDMB’S Division of Corporate Communications further said that while the five NCI Fund products managed by the BOI and two products managed by the Nigerian Export-Import Bank (NEXIM) have provided debt financing to qualified service companies over the past decade, with loans lasting five years and interest rates of 8%, the Equity Fund has carved a new niche.

Meanwhile, Managing Director of the Bank of Industry, Dr. Olasupo Olusi has described the inauguration as a major milestone in the consummation of the NCI Equity Fund, noting that the initiative represents the next phase in the long-standing collaboration between BOI and the NCDMB.

According to him, the partnership, which has lasted for nearly a decade, began with the administration of the US$350 million Nigeria Content Intervention Fund, through which hundreds of indigenous oil and gas companies have accessed financing to expand their operations.

He noted that the introduction of an equity financing window addresses an important gap in the industry’s financing architecture.

“The next step, which I am very impressed with and very thankful to the NCDMB for thinking through with BOI, is the need to fill the finance gap with equity,” he said.

According to him, equity financing offers an entirely different class of financial instrument capable of supporting businesses that may not yet qualify for conventional debt facilities, expressing confidence that the initiative would attract additional investment into Nigeria’s oil and gas sector while strengthening indigenous participation.

Giving further insight into the fund, the Group Head, Equity Investments at the Bank of Industry, Mr. Chike Chukwuelu, explained that the Equity Fund addresses what industry experts describe as the “missing middle.”

According to him, many indigenous businesses struggle to secure senior debt because they lack the level of collateral demanded by commercial lenders, despite possessing viable businesses with strong growth prospects.

Chukwuelu said the equity structure would also enable the fund managers to maintain closer oversight of beneficiary companies, helping them strengthen governance, improve operations and evolve into sustainable businesses.

In his remarks, Senior Technical Adviser to the Executive Secretary, Engr. Austin Uzoka, observed that the Equity Fund represents an opportunity to accomplish what previous financing interventions could not fully achieve.

“The striking thing is that the fund is about doing things the other funds have not been able to accomplish.” He said

The Tide gathered that the committee’s responsibilities are to provide strategic oversight for the Equity Fund, ensure prudent investment decisions and build a portfolio of companies capable of growing into major industry players.

Ariwera Ibibo-Howells, Yenagoa

Oil & Energy

Investment ln Young Engineers Key To Ogoni’s Future -President

Published

13 minutes ago

August 10, 2026

The Tide

President of the Khana, Gokana, Tai and Eleme (KAGOTE) Organisation and Chief Executive Officer of Giolee Global Resources Limited, Chief Lesi Maol, has described investment in the training and development of young engineers as critical to the future and sustainable development of Ogoniland.

Maol said this during the opening of a four-week Wellhead and Christmas Tree Maintenance Training Programme for selected young engineers from Ogoniland at the corporate headquarters of Giolee Global Resources Limited in Port Harcourt, recently.

He said the initiative was conceived as a strategic intervention to bridge the gap between academic knowledge and the practical competencies required in today’s highly competitive oil and gas industry, while equipping participants with internationally recognised technical skills.

According to him, the future of Ogoniland is inseparable from the development of its human capital, stressing that the region’s greatest resource is not the wealth beneath the ground but the talent, resilience and potential of its young people.

Maol explained that the training programme was designed to produce technically competent, safety-conscious and industry-ready professionals capable of competing effectively in Nigeria’s oil and gas sector as well as the global energy market.

He emphasised that the initiative was not merely aimed at awarding certificates but at developing disciplined professionals who would uphold the highest standards of technical excellence, integrity, safety and service in the discharge of their responsibilities.

The KAGOTE President urged the participants to approach the training with dedication, professionalism and a willingness to learn, expressing optimism that the knowledge acquired would contribute to the economic advancement and sustainable development of Ogoniland.

The programme, organised in partnership with Rick International Services Limited and RickWell Tech UK, features classroom instruction, practical demonstrations using oilfield equipment, competency-based assessments, Health, Safety and Environment (HSE) training, leadership development and project management.

In his remarks, Lead Executive Trainer of Rick International Services Limited, Chief Engr. Ramos Ihekona, described the programme as a valuable opportunity for aspiring engineers to acquire practical industry experience from seasoned professionals.

Ihekona encouraged the trainees to participate actively in every aspect of the programme, collaborate with one another and maximise the opportunity to develop competencies that would enhance their confidence and employability in the energy sector.

The organizers said the training was introduced to address the persistent disconnect between theoretical engineering education and the practical skills demanded by employers, adding that the curriculum covers wellhead operations, Christmas tree systems, mechanical maintenance, pressure control, engineering documentation, equipment inspection, field troubleshooting, HSE and project management.

Some of the participants drawn from Khana, Gokana, Tai and Eleme Local Government Areas commended Chief Maol for sponsoring the programme and ensuring a transparent selection process.

He however , likened the initiative to a life-changing opportunity that would prepare them for rewarding careers in the oil and gas industry while contributing to the development of Ogoniland.

King Onunwor