Business

NCDMB, MT Group Partner On Valves Manufacturing … As Board Inspects Firm’s Capabilities

Published

1 year ago

April 25, 2025

The Nigerian Content Development and Monitoring Board (NCDMB) has stated its resolve to partner an oil and gas industry valves manufacturing firm, MT Group, on enhancement of its capabilities.
The Board disclosed this on Wednesday during a visit to the firm’s West Africa Free Zone at the Lekki Free Trade Zone in Lagos by its delegation.
A statement from the Board’s Directorate of Corporate Communications and Zonal Coordination added that the visit was to assess the firm’s operations and plans to invest in a 15,000 tons per year valves manufacturing facility.
The Tide learnt that the firm is a subsidiary of MT Group, a global manufacturer of industrial valves, with presence across Africa, Middle East and Asia.
According to the NCDMB, the firm manufactures 60,000 tons of valves per year from its plant at Abu Dhabi, United Arab Emirates, with cutting-edge research and development center and manufacturing base at Shanghai, China, its global headquarters.
Led by the Special Technical Assistant to the Board’s Executive Secretary, Engr. Harmony Kunu, Manager Media and Publicity, Dr. Obinna Ezeobi, and Manager, Commercial Ventures, Ms. Chika Enwerem, the Board’s delegation re-emphasised the need for stronger synergy and commitment.
MT Valves West Africa was represented by the Managing Director, Mr. Thomas Zhang, and Sales Director, Mr. Elliot Aigbokhade during the visit.
The duo of the company’s officials said their firm specialises in the design and supply of various kinds of industrial valves to the oil and gas industry, petrochemical and allied sectors and was currently a vendor to Shell, Nigeria, despite being set up in the nation few years ago.
While conducting the NCDMB officials through the company’s plants and shop floor, the firm’s representatives said their operations in Nigeria were in adherence to the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
“MT Valves has started the processes of establishing an advanced manufacturing workshop at Lekki Free Zone, which would serve as a hub for value addition locally, capacity building and compliance with national development objectives.
“There’s no firm that is currently manufacturing industrial valves in Nigeria yet, and so the firm aimes to close this critical gap by developing a facility similar to our factory in Abu Dhabi, United Arab Emirates, which supplies several countries across the world.
“The Lekki facility is projected to start with an initial production capacity of 15,000 valves per year, with a strategic focus that includes phased growth, local value addition, and development of a resilient supply chain.
“The investment plan targets the Nigerian market, taking into cognizance the projects in the funnel, with potential to supply to the regional market.The facility will also carry out maintenance and repair services, as well as assembly and manufacturing operations”, the firm said.
The company’s officials outlined plans to secure necessary certifications from the NCDMB and other relevant agencies and demonstrate return on investment potential, noting that their plans include sourcing some raw materials from the local supply chain, creation of employment opportunities, actively engaging Nigerian partners and training Nigerians overseas and locally to work in the facility.
“We want NCDMB to be an integral part of our investment journey. Already some equipment had been installed in this facility, while other critical equipment were currently being sailed to Nigeria”, the firm’s managers noted.
A statement from the Directorate of Corporate Communications and Zonal Coordination of the Board added that the firm’s officials also sought the Board’s support and regulatory backing for their investment as well as introduction to players in the oil and gas industry to facilitate patronage.
Responding, the NCDMB officials conveyed the agency’s backing for credible investments in the Nigerian oil and gas sector, capacity building and gap closures, in line with the provisions of the NOGICD Act.
“The mantra of the Nigerian Content Act is domiciliation and domestication of critical industry capacities, to create job opportunities for Nigerians, in line with the mandate of President Bola Tinubu’s administration and industrialize the nation’s economy.
“We challenge MT Valves West Africa Free Zone to develop a robust investment plan, specifying milestones and targets and projected Nigerian content values, planned sources of raw materials and projected contributions to the economy.
“The NCDMB also wishes to invite you to participate at the forthcoming Nigerian Oil and Gas Opportunity Fair (NOGOF) planned for May 20-22, 2025, where you’ll get updated on new projects and opportunities planned by industry players and market potentials for your investment”, the NCDMB officials said.
On their part, MT Valves invited officials of government and other key agencies like Nigeria Liquefied Natural Gas Company Limited (NLNG), and the Nigerian National Petroleum Company Limited (NNPC) Ltd. to visit the firm’s facilities at Abu Dhabi, United Arab Emirates, and global headquarters at Shanghai, China, to appreciate their company’s capacities and the scale of investment they plan to make in Nigeria.

Ariwera Ibibo-Howells, Yenagoa

Business

Withdrawal, Deposit Fees Changes From May 1, 2026 Still Stands – CBN … Declares 5 Banking Services Free

Published

2 days ago

May 6, 2026

The Tide

The Central Bank of Nigeria (CBN) has said that the announced changes in fees attached to several everyday banking services, scheduled to take effect on May 1, 2026 has commenced.

The changes are contained in the apex bank’s revised Guide to Charges by Banks and Other Financial Institutions, which outlines consumer-focused reforms designed to improve transparency and reduce the burden of banking fees nationwide.

According to the document, which was signed by Dr. Rita Sike, the CBN’s Director of the Financial Policy and Regulation Department, the new changes affect account reactivation, ATM withdrawals on own bank networks, and virtual card issuance.

Following the changes made by CBN, the five key banking services affected by the CBN’s update are in account reactivation and closure, under which banks are no longer allowed to charge customers for reactivating dormant accounts, while account closure also remains free.

The second change is that banks will now be required to provide monthly statement of account to their customers at no cost, and also ensure better access to financial information.

However, requests for printed statements outside the agreed standard format attract a maximum fee of N20 per page.

Thirdly, the CBN has introduced small inter-bank electronic transfers to promote digital payments and micro-transactions.

The implication is that, henceforth, transfers from N0 to N5,000 are free, transfers between N5,000 and N50,000 will attract a maximum fee of N10, while transfers above N50,000 are capped at N50.

The fourth change in the CBN update is in the use of own bank’s ATM (On-Us Transactions).

Here, withdrawals made from your bank’s ATM (on-us transactions) are free. Non-cash transactions, such as intra-bank transfers carried out at these ATMs, also attract no charges.

The fifth change is in virtual cards and PIN management in which banks are now required to issue virtual cards at no cost. In addition, PIN-related services, including PIN re-issuance and resets, are free for all customers.

The document further said the new charges guide, which aims to boost financial inclusion and reduce banking costs, updates the 2020 version to better align with current market realities, particularly the growing reliance on digital payments and mobile banking.

Business

Binani Air Commences Flight Operations May 10 in Nigeria

Published

2 days ago

May 6, 2026

The Tide

Binani Air has announced the commencement of sales tickets on Monday, describing the development as a milestone that will improve the aviation sector and create jobs for the people in Nigeria, as head of its scheduled inaugural flight operations starts May 10, 2026,

In a statement issued by the head of corporate communications of the new airline, the move marks a significant milestone in the aviation sector.

She said this announces the transition from vision to operation as the airline moves closer to welcoming its first passengers on board.

Quoting the Chief Executive Officer of Binani Air, Aminatu Dahiru Chiroma, the Corporate communications officer said,”the commencement of ticket sales represents more than just access to flights. It reflects the airline’s readiness to deliver a new standard of air travel in Nigeria.

“Opening our ticket sales is a defining moment for us. It is the point at which our commitment becomes real for the travelling public. From this moment, we are not just preparing to fly—we are preparing to serve.

“Built on the principles of reliability, safety, and respect for passengers’ time, Binani Air enters the market with a clear focus on consistency and operational discipline.

“The airline is committed to delivering a travel experience that is both seamless and reassuring, particularly in a sector where trust remains critical.

“Passengers can expect a streamlined booking process, responsive customer engagement, and a service culture designed to prioritize comfort and professionalism from the very first interaction”.

Chiroma said as anticipation builds towards the inaugural flight, Binani Air invites travellers, corporate partners, and stakeholders to be part of this defining journey, one that seeks to reshape expectations and restore confidence in Nigerian aviation.

She said “bookings are available via the airline’s official website (www.binaniair.com) and authorised travel partners from 12 noon of 4th of May 2026.”

Business

DANGOTE Debunks Claims Of Rift With Tony

Published

2 days ago

May 6, 2026

The Tide

The Dangote Group has dismissed as false and malicious publication alleging that its President, Aliko Dangote, distanced himself from fellow businessman Tony Elumelu.

In a statement issued by the company, the Group said it never made such claims and described the report as baseless and a deliberate misrepresentation of facts.

The statement was signed by the Group Chief Branding and Communications Officer of Dangote Industries Limited Anthony Chiejina.

The company also refuted assertions that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends.

It maintained that such claims are entirely inaccurate, stressing that Dangote does not fund projects through informal personal lending arrangements.

Addressing speculation about a fallout between Dangote and Elumelu, the Group clarified that both men maintain a longstanding and cordial relationship.

The statement further expressed concern over what it described as a growing trend of fabricated statements and the unauthorised use of Dangote’s name, image, and likeness in AI-generated advertisements and misleading content, warning that such actions could amount to fraud and reputational damage.

The company warned individuals and platforms involved in spreading false information to desist immediately, noting that it would take appropriate legal action where necessary.

The Dangote Group reiterated its commitment to maintaining high standards of integrity while continuing to promote industrialisation, economic self-sufficiency, and sustainable development across Africa.

Nkpemenyie Mcdominic, Lagos