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FG Spends N2trn On Local Content Project 

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The Federal Government has spent a total sum of N2 trillion ($4 billion) on the development of local content in the last 12 years.
A document on the ‘Nigerian Content Intervention Fund’ presented by the General Manager, Nigerian Content Development Fund & Treasury Management, Obinna Ofili, said the fund was established for purposes of implementing the development of indigenous companies in the country’s oil and gas industry.
The Nigerian Content Development Fund & Treasury Management is an arm of the Nigerian Content and Development Monitoring Board.
A breakdown of the N2tn ($4bn) spent so far, showed that the Nigerian Content Intervention Fund with Bank of Industry was valued at $300m; NCDMB Research & Development Fund with Central Bank of Nigeria, $50m; Working Capital & Capacity Building Fund with NEXIM Bank, $30m; and Women in Oil & Gas Fund with NEXIM Bank, $20m.
Also, NOGAPS Manufacturing Fund with Bank of Industry was put at $50m, and the NCDMB Direct Interventions through Equity Investments stood at $3m.
The NCDMB said 70 per cent of the fund went into commercial intervention applied to supporting commercial activities in the oil and gas Industry; working capital; project/contract execution; asset acquisition; loan refinancing; special project vehicles, and specialised projects and equity investment.
The remaining 30 per cent, he said, was invested in capacity building expenditure.
The NCDMB is a federal agency established by the Nigerian Oil and Gas Industry Content Development Act which came into effect on April 22, 2010.
The board is charged with the responsibility of developing, implementing and monitoring programmes that ensure a steady growth of local content in Nigeria.
It has been instrumental to the development of the country’s hydrocarbons industry and the local businesses that have flourished as a result of its efforts.
The board said gave a breakdown of how it disbursed the $300m fund with the BoI, saying the payouts were $293m and N32.8b. It added that total balance with BOI was $31m and N3bn as of November 2022.
The total money creation by loan disbursements was about $25m and N34bn.
While total applications received by BOI from 169 companies amounted to $869m and N78bn as of Q3 2022, total number of beneficiaries was 61 companies, and disbursements so far were $293m and N33bn.
Nigeria’s oil and gas industry accounts for 10 per cent of the country’s Gross Domestic Product, which is the largest in Africa, worth $402bn.
Despite petroleum’s modest contribution to the country’s GDP, it represents 86 per cent of export income and 50 per cent of government revenue.
Although the government said it wanted to increase crude reserves to 40 billion barrels, as well as to achieve a daily national production of 3 million bpd.
The country’s oil production recently crashed to 900, 000 barrels per, recovering to about 1.6mbpd in December, according to Chief Upstream Investment Officer, NNPC Upstream Investment Services, Bala Wunti, who spoke at the yearly NCDMB conference in Bayelsa.

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Western Marine Command Intensifies Anti-Smuggling Operations … Intercepts N8.75m Worth PMS

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For officers and men of the Western Marine Command of the Nigeria Customs Service (NCS), the battle is not over until smuggling is over.
In the wake of Wednesday May, 8, 2024, the ever vigilant officers, acting on a tip-off, intercepted 177 sacks and 61 kegs of 25 litres containing petroleum products, valued at about N8.750,000million.
The items were intercepted along Isalu Creek, Badagry Waterway en-route Benin Republic.
While briefing newsmen, the Command’s Customs Area Controller, Comptroller Paul Bamisaiye, said: “This seizure is most economically significant to the Command at this period of scarcity of Petroleum Products, especially Premium Motor Spirit (PMS) in our cities, and shows the anticipatory posture in our response to economic saboteurs.
“At about 2:330hrs on Wednesday 8th May 2024, while on joint patrol by teams in the Command, credible intelligence was received of the movement of 2 boats laden with what was suspected to be petroleum products concealed in sacks. Upon receipt of the information, the team moved into Isalu creeks, Badagry waterway.
“On sighting the approach of the Officers, the smugglers took to their heels through the shore of the Creek. The loaded boats were then towed to the station at Badagry where preliminary examination was conducted and transferred to Western Marine Command Headquarters, Ibafon, Apapa, Lagos.
“Careful examination at the Command Headquarters revealed that the arrest was found to contain One Hundred and Seventy Seven (177) Sacks and Sixty One (61) Kegs of 25 Litres Premium Motor Spirit (PMS) containing Twelve Thousand Five Hundred (12,500) Liters with a total Duty Paid Value standing at Eight Million Seven Hundred and Fifty Thousand Naira (N8,750,000) only”.
Bamisaiye noted that the action of the smugglers is a contravention of Section 245 & 254 of the Nigeria Customs Service Act 2023 which the service, through Western Marine Command, is responsible for enforcing.
“The Command, under the leadership of Compt. PK Bamisaiye, is poised more than ever to rid the waterways of all acts of smuggling and economy sabotage for the benefit of the growth of economy of Nigeria”, he said
Bamisaiye said so far, no suspect was arrested in the Command’s anti-smuggling operations.

Nkpemenyie Mcdominic, Lagos

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Illegal PMS Trading Booms In Lagos

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Petroleum products  being sought by motorists have disappeared from virtually all filling stations within Lagos and its environs, but are now booming in business in retail outlets.
Investigations by our correspondent revealed that while the product could not be got at some of the petrol service stations, activities are in top gear in the local retail outlets where the price has gone beyond the reach of users.
It was also gathered that in some filling stations supplied with the products, preference are often given to retail outlet operators by petrol attendants against the consuming public.
A source, directly involved in the business, said some petrol dealers are cashing on the irregular supply to divert the products to retail outlets where they could easily make their gains.
It was also gathered that some sales representatives in the service of major oil marketing firms indulged in the diversion exercise because of their personal interest.
At the retail outlets a liter goes for N950,00 against the normal N760,to N800 at some stations.

Nkpemenyie Mcdominic, Lagos

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Customs Board Appoints Five DCGs, Eight ACGs

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The Nigeria Customs Service Board (NCSB) has confirmed the appointment of five Deputy Comptroller-Generals (DCGs) and eight Assistant Comptrollers-General (ACGs) of Customs during its 59th regular meeting.
The meeting, chaired by the Honorable Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, was held at the Nigeria Customs Service Headquarters in Abuja last Tuesday.
National Public Relations Officer of the Service, Chief Superintendent of Customs, Abdullahi Maiwada, who disclosed this in a statement yesterday, gave details of the confirmed appointments as: O.O. Peters (DCG /Commander, Training and Doctrine Command (rtd); B.M. Jibo (DCG Enforcement Inspection & Investigation); and B.U. Nwanfor (DCG Excise, Free Trade Zone & Industrial Incentives).
Others are: S.A. Bomia (DCG, Commander Training and Doctrine Command); and C.K. Niagwan (DCG, Tariff & Trade).
The Assistant Comptrollers General (ACGs) are: B. Imam (ACG Board); A.A.S. Oloyede (ACG, Trade & Tariff); S.K. Dangaldima (ACG/Zonal Coordinator, Zone ‘B’); A. Abdul Azeez (ACG/Zonal Coordinator, Zone ‘D’); S.A. Yusuf (ACG, Human Resource Development); N.P. Umoh (ACG, Training and Doctrine Command); C.O. Obih (ACG/Zonal Coordinator, Zone ‘C’); and S. Chiroma (ACG, Strategic Research and Policy).
The new appointments, according to the statement, were made to fill the vacancies created by some senior officers who recently retired from the Service, noting that the principles of federal character, seniority and merit guided the appointments approved by the board.
“These appointments are a testament to the officers’ exemplary services and dedication to the Nigeria Customs Service. The NCSB remains committed to providing strategic leadership to ensure effective and efficient service delivery for optimum performance”, he said.
While thanking the retired members of the management for their meritorious services, the Comptroller General of Customs, Bashir Adewale Adeniyi, congratulated the newly confirmed officers and charged them to redouble their efforts to ensure the service attains greater heights in its mandates of revenue generation, suppression of smuggling, and trade facilitation amongst others.

Nkpemenyie Mcdominic, Lagos

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