Business

Contents Board To Launch NCI Fund With N72bn

Published

8 years ago

August 23, 2017

The Nigerian Content Development and Monitoring Board (NCDMB), last Monday said that it had obtained all necessary approvals to re-launch the Nigerian Content Intervention Fund (NCI Fund) with N72 billion ($200m)
The Executive Secretary of the Board, Mr Sibi Wabote,disclosed this in a statement made available to newsmen in Lagos.
Wabote said the fund, which would be available for lending to qualified oil and gas players, had been increased from $100m to $200m to ensure that more deserving companies would benefit.
He said that the money would be disbursed directly by the Bank of Industry (BOI) at eight per cent interest rate and repayable within five years.
The board secretary said that this confirmation was coming as the management of Dangote Petroleum Refinery had agreed to select competent Nigerian vendors that would participate in the construction of the plant from the Nigerian Oil and Gas Industry Joint Qualification System (NOGICJQS).
He said that data on available capacity in the oil and gas industry was being managed by Nigerian Content Development and Monitoring Board (NCDMB).
The Chief Operating Officer in Dangote Refinery Project, Mr Giuseppe Surace, was quoted as saying that Dangote was committed to the project at a technical meeting held between top officials of the company and NCDMB at the refinery project site in Lekki, Lagos State.
He affirmed that there were many advantages in patronising the local market, stressing that, “Nigerian companies will get the first right of refusal. We will procure anything that is available in Nigeria.”
The Dangote COO confirmed there were several Nigerian Content opportunities in the company’s refinery and gas gathering projects, but interested companies must submit competitive bids and have technical capabilities.
He explained that the project is a private investment, hence the strategy is to get the best quality anywhere in the world at the most competitive price.
Surace advised local vendors to quote reasonable prices when bidding for industry projects, rather than believe that they would win jobs because of the Nigerian Content Act, irrespective of expensive quotations they submitted.
He said that Dangote Group engaged the services of some Nigerian companies on its fertiliser project which had reached advance stage of development.
Surace said that Dangote was committed to do the same on the 650,000 barrels per day refinery project which would be completed in October 2019.
Wabote promised that the Board would assist the company in the utilization of the NOGICJQS database to ensure that it maximised the utilisation of local personnel, goods and services in the construction and operations phase of the project.
“The Nigerian Content Act applies to every player in the Nigerian oil and gas industry and not just international companies.
“If Nigerian companies and investors procure everything from abroad then the essence of the Act will be defeated,” he said.
Wabote said that slight cost differentials between Nigerian and foreign vendors should not be an excuse to export jobs.
He said that Nigerian companies were affected by high cost of funds and powering their operations with diesel generators, assuring that investments and initiatives by the Federal Government were already improving the power situation in the country.
Wabote sought the collaboration of Dangote Refinery to build infrastructure and human capacity that would support the operations phase of the project.

Business

PENGASSAN Tasks Multinationals On Workers’ Salary Increase

Published

2 weeks ago

December 8, 2025

The Tide

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.

Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.

The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.

PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.

He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.

“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.

Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.

“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.

“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.

“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.

“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.

Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.

“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.

“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.

“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.

Business

SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

Published

2 weeks ago

December 8, 2025

The Tide

The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.

The Commission disclosed this in a statement posted on its website.

According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.

The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.

According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.

“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.

The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.

Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.

“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.

The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.

It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.

Business

NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products

Published

2 weeks ago

December 8, 2025

The Tide

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.

The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.

NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu