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Kupolokun Urges Banks To Assist Indigenous Oil Companies

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Former Group Managing Director, Nigerian National Petroleum Corporation (NNPC) Mr Funsho Kupolokun,  last Saturday urged Nigerian banks to assist indigenous oil and gas companies to strive.

Kupolokun made the appeal in Lagos during the official unveiling of the new logo of Bell Oil and Gas Ltd and 10th year anniversary of the company.

The former NNPC GMD, however, lauded government initiative on the Nigerian Local Content bill, adding that this was the only way to assist and develop indigenous companies.

He said that banks should encourage indigenous oil companies through grant of loan facilities.

“The essence why government initiated the local content bill is to promote indigenous companies in the country.

“The success of Bell Oil and Gas today is the support of the local content which was developed and supported by government,’’ he said.

Kupolokun, therefore, advised banks to introduce a special funding package to support the participation of indigenous companies in the oil and gas sector of the Nigerian economy.

He said that such support would assist Nigerian entrepreneurs in the technology-driven, capital-intensive oil and gas industry for increased competitiveness.

“Local content in the oil and gas sector is at its loudest and seeks to provide financial support to local oil service providers to enable them fulfil their contractual obligations in the industry.

“The Nigerian Content Act insists on exclusive consideration for Nigerian indigenous service companies, which have demonstrated ownership of equipment, personnel and capacity to execute work on land and swamp areas in the oil industry.’’

Kupolokun added that Nigeria had earned over 800 billion dollars in oil in the last 50 years but had nothing to show for it.

Managing Director, Bell Oil and Gas Mr Kayode Thomas, in his welcome address, lauded the support of government towards assisting indigenous companies in the oil and gas sector.

Thomas said that the 10th year anniversary celebrations and unveiling of the company’s new logo, was to channel it to greater height, adding that the company had spread across nine continents of the world.

He, however, urged Nigerian banks to support local companies to boost indigenous participation in offshore and onshore operations in the oil and gas industry.

Thomas pointed out that the bank’s efforts would complement the Nigerian Content Development Act, which aimed to stimulate the development of indigenous capabilities and increase the contribution of the oil and gas sector to the Gross Domestic Product (GDP).

Thomas said that the company specialised in supplying professional services to the upstream sector of the oil and gas industry.

‘We are dedicated to indigenous content development, and providing the Nigerian oil and gas industry with the essential local participation and increased local content that it lacks.

“Bell Oil and Gas is a provider of Surface Protection services; Line Pipes & OCTG; Flow Control and Well Testing Services, among others.’’

Thomas said that the company believed that Corporate Social Responsibility was integral to the long term sustainability of the organisation.

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Association Woos Govt, Coys On  Boat Operators  Employments

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5 days ago

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June 12, 2026

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The leadership of Bonny Maritime Boat Association has called on Rivers state Government and oil companies operating in the state to provide sustainable employment to unemployed boat Operators.
The Association also want the government, companies and other relevant employers of labour to provide trainings for boat Operators to enhance their skills
Safety Officer of the Association, Comrade Kingdom Kingsley made this known in  a  telephone interview with  The Tide.
He noted that most of the boat Operators and owners plying Bonny route lacks jobs due to the fleets of boats introduced by Bonny Road Transport that had taken over the passengers to the Island
He noted that passengers are no longer patronizing boats owned by the Association, thereby rendering the operators redundant
“Most of our operators can not afford to feed their families due to no jobs, we don’t want to indulge in crime, government should fix our members with  sustainable jobs to take care of their immediate needs”
He called on oil companies operating in the state to engage their skilled boat Operators in their companies to reduce the sufferings faced by the Association.
The Safety Officer called on the state government  to made funds available to unemployed youths in the state to start up business than roam the streets.
He noted that provision of funds to youths would reduce crime rates and reposition their mindsets for a better life
“The  youths of Rivers state are suffering, have no job to feed their families, thereby indulging in criminality daily”
“The youths need empowerment,  jobs,  recreational facilities and better things of life as citizens of this Nation”, Kingsley said.
CHINEDU WOSU
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FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters

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5 days ago

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June 12, 2026

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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this  during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
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NIWA Harps On  Avoidance Of Leaking Boats

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5 days ago

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June 12, 2026

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The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
 NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
 Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said  the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
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