Business

Oil Projects Data Ready In Two Weeks – Board

Published

9 years ago

April 5, 2017

The Nigerian Content Development and Monitoring Board (NCDMB) on Monday said the outlook of upcoming activities across the upstream, midstream, and downstream sectors of the Nigerian oil and gas industry would be out in two weeks
According to a statement by Obinna Ezeobi, the Media Relations Supervisor, NCDMB, in Lagos, the compilation is the key outcome of the Nigerian Oil and Gas Opportunity Fair (NOGOF) concluded on March 31, in Uyo.
It stated that the theme was “Advancing Indigenous Participation in the Nigerian Oil and Gas Industry for National Development”.
“The compendium of opportunities will guide international and local service companies in making strategic investment plans, with a view to maximize the domestication of activities and enhance in-country value retention.
“It will also assist the NCDMB to identify high impact activities with potential for employment generation, training, in-country value addition and revenue retention for support and inclusion in its five-year roadmap.
“This will further cement the sustainability of Nigerian Content Development and implementation,” it stated.
The Executive Secretary of NCDMB, Mr Simbi Wabote, said that the board and industry had made giant strides, especially with respect to developing capacity in-country, upgrade of existing facilities and establishment of new facilities.
Wabote, however, said there had not been an alignment of the capacity being established with the demand and opportunities available.
According to him, instead, companies and investors often acquire assets and facilities to pursue short term opportunities based on trends they see in the industry.
“The regret had resulted in over capacity in some areas where in-country facilities scrambled for available work while there was lack of capacity in some other areas, resulting in exporting of work scopes abroad with the attendant loss of revenue and jobs.”
The objectives of NOGOF include showcasing opportunities in the upstream, midstream, and downstream sectors of the oil and gas industry.
“Present available and planned capacity in-country provide multi-nationals the opportunities to link up and utilise in-country.
“It enables Nigerian companies to tailor their business strategies towards exploiting available opportunities” he said in the statement.
He said that the board had adopted a 100-day target for completing its aspects of the contracting processes in line with the six months contracting cycle time set out by the Minister of State for Petroleum Resources.
Wabote said that recent assessment visits to oil and gas facilities and assets around the country had provided the board’s management with updated knowledge about the scale and size of capacities and capabilities available in-country as well as plans of some service providers to scale up their capacities.
“Similarly, all in-country capacity must be exhausted before approval will be given for procurement of Line-Pipes outside the country.”
The statement said that the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, highlighted the importance of the fair, adding that the outcome would enable service companies in the industry to choose areas of specialisation and prevent overcrowding in certain fields.
According to him, “The greatest problem of the Nigerian space is overcrowding.
Kachikwu also underscored the importance of security to the development of local content and reported effort made to mobilise support around the country for peace initiatives in the Niger Delta, which had started yielding positive results.
Gov. Udom Emmanuel of Akwa Ibom stressed the need for deliberate efforts by government and oil companies to boost local capacity in the industry and enhance security.
According to him, “We have paid lip service to the issue of capacity building over the years.
“We need to transfer technology by building skills development centres in the region.”
The^Chairman, House of Representatives Committee on Local Content, Mr Emmanuel Ekon, commended the board for organising the fair.
He said it was the first time operating companies would inform service companies of projects to expect.
Ekon advised service companies to make good use of the opportunities, stressing that Nigerian Content was for companies that had built capacity and ready to deliver value.

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

5 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.

Business

Customs Impound N2.35bn Cocaine, 15 Trailers of Rice

Published

5 days ago

May 13, 2026

The Tide

The Nigeria Customs Service (NCS), Federal Operations Unit (FOU) Zone ‘A’, Ikeja, has impound Cocaine Substance valued at ?2.35 billion alongside 15 trailer-loads of foreign rice and a wide range of contraband across the South-West.

This was disclosed to Newsmen during a press briefing in Lagos by Controller of the Unit, Comptroller Gambo Aliyu,

Aliyu revealed that the seizures were made over an eight-week period, underscoring intensified enforcement efforts.

According to him, operatives foiled 473 smuggling attempts within the period, leading to the confiscation of 8,794 bags of 50kg foreign rice, 22 used vehicles, 328 bales of used clothing, and 31,705 litres of Premium Motor Spirit (PMS).

He said other seized items include a Mercedes-Benz vehicle and various food products such as poultry, vegetable oil, spaghetti, and sugar.

Aliyu clarified that the rice displayed at the briefing represented cumulative interceptions made at different locations and times across the zone.

“All the rice you see here are accumulative of seizures carried out at different places, at different times, and through different interdictions,”

Beyond the economic implications, the Comptroller emphasized the social cost of drug trafficking, warning that narcotics continue to destroy families and fuel criminal activities.

“It may surprise you to know that many homes are broken due to drugs.

” Our mandate is to cut off the supply chain, and that is exactly what we are doing,”.

Similarly Customs operatives at the Gbaji outpost intercepted a 71 year-old suspect along the Lagos-Abidjan corridor with 6.35kg of cocaine concealed in a Toyota Highlander.

The drugs, comprising both powdered and crystalline forms, were valued at ?2.35 billion.

Under a special enforcement drive, codenamed “Operation Hawk,” the unit also seized 3,340 parcels of synthetic cannabis, popularly known as “Ghanaian loud,” weighing 1,540kg.

The substances, along with three suspects, have been handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution.

In a related operation, officers intercepted four cylinders of mercury hidden in a vehicle along the same corridor. Aliyu described the substance as hazardous and subject to international regulation.

Overall, the Duty Paid Value (DPV) of the seizures stands at approximately ?5.5 billion, reflecting the scale of enforcement activities.

Additionally, the unit recovered ?97.7 million through Demand Notices issued on under-declared consignments.

Aliyu reaffirmed the Service’s commitment to deploying modern technology—including geospatial intelligence, drone surveillance, and real-time tracking—to strengthen border security and clamp down on smuggling networks.

CHINEDU WOSU

Business

Dangote, Nicolai Tangen To Partner In strategic sectors

Published

5 days ago

May 13, 2026

The Tide

Chief Executive Officer of Norges Bank Investment Management, Nicolai Tangen ( manager of the world’s largest sovereign wealth fund) has expressed interest in partnering with Dangote Group to expand investments across Africa, particularly in strategic sectors such as power, energy, renewable energy, agriculture, fertiliser and cement.

This was made known during a meeting of Chief Executive of Dangote Group, Aliko Dangote with Nicolai Tangen, the manager of Norwegian investment institution (with assets estimated at about $1.9 trillion) .

Also present at the meeting were Svein Tore Holsether, Chief Executive Officer of Yara International, and Terje Pilskog, Chief Executive Officer of Scatec, a global renewable energy company.

The engagement reflects growing international investor confidence in Africa’s industrial and infrastructure potential, as well as the increasing role of indigenous conglomerates such as Dangote Group in driving large-scale economic transformation across the continent.

Industry observers say the proposed collaboration could create significant opportunities for investments in critical sectors linked to energy transition, food security, industrialisation and infrastructure development.

The Norwegian sovereign wealth fund, regarded as one of the world’s leading institutional investors, has in recent years increased its focus on emerging markets, with Africa seen as a major frontier for long-term investment and value creation.

Analysts believe a partnership between Norges Bank Investment Management and Dangote Group could unlock substantial capital flows into infrastructure and industrial projects across Africa, helping to accelerate economic growth and regional integration.

Nkpemenyie Mcdominic, Lagos