Business
NCDMB Charges Host Community Youths On Relevant Skills Development … As Promoters Handover Oloibiri Oil Museum
The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatshola-Ogbe, has advised youths of Otuabagi Community, host of the proposed Oloibiri Oil Museum and Research Centre (OMPRC), in the Ogbia Local Government Area of Bayelsa State, to train in diverse skills to enable them gain employment opportunities when the project is completed.
He gave the charge in the community recently during the hand over of the project’s site by its promoters to the contracting firm, Messer’s Julius Berger Plc.
A statement by the Corporate Communications Directorate of the Board said the event marked the completion of formalities and alignment of all key stakeholders towards ensuring that the project proceed without hitches at the exact location where oil production began in Nigeria in 1957.
The statement added that elated at the development, the NCDMB’s Executive Secretary, who doubles as the Project lead, said the multi-billion naira project consisting of world-class Oil and Gas Museum Centre and a Research Testing Centre, was in fulfilment of the expressed desire of the project promoters to place the host community and location of the Oloibiri Oil Well one on the world map.
“The tradition worldwide has been to immortalize the beginnings of the oil and gas industry by citing projects of significant socio-economic worth in communities where exploitation and production of petroleum began.
“The project promoters, Petroleum Technology Development Fund (PTDF), the Nigerian Content Development and Monitoring Board (NCDMB), Shell Petroleum Development Company (now Renaissance Africa Energy Limited), and the Bayelsa State Government, believe that the case of Nigeria did not have to be different.
“Museums, research centres and other tourist attractions are distinctive features that give deserved prominence and material benefits to such communities were oil and gas was first struck”, he said.
Ogbe cited Pennsylvania, United States of America, which is reputed to be the birthplace of the American oil industry, and a number of other cities across the world as typical examples of were similar projects were sited.
Represented by the Board’s Director of Corporate Services, Alhaji Abdulmalik Halilu, Eng. Ogbe informed the community that history was in the making as Julius Berger moves to the 55.05-hectare project site to commence construction.
He assured them that a project management team has been constituted to ensure that timelines and other expectations were strictly adhered to by the construction giant.
The NCDMB Executive Secretary disclosed that a governance structure has already been drawn up for the Museum Centre for purposes of efficient and effective management, and that the community would be given a sense of belonging at all times.
“Prepare to take advantage of training programmes to be provided in diverse skill sets to be able to secure employment in the facility”, the NCDMB boss reiterated.
He commended the Otuabagi Community, particularly its stakeholder Committee led by Vice Chancellor of the Federal University, Otuoke, Professor Teddy Adias, for the remarkable maturity and comportment exhibited during earlier disputes relating to the project location.
In his remarks, the Chief of Staff, Government House, Bayelsa State, Hon. Peter Akpe, who represented the Bayelsa State Government, said the handover ceremony signaled the transition from drawing board to action and that a project that had been so long in the pipeline is finally coming to fruition.
He commended the NCDMB, other promoters, amd the community’s Stakeholder Committee for their commitment thus far.
In his remarks, a representative of the contracting firm, and Deputy Regional Manager, South and East, Julius Berger Plc, Mr. Rimon Marisho, expressed appreciation to the NCDMB, the State Government and the Otuabagi Community for all they have done to bring the plans for the project to execution phase.
He described the handover ceremony as “a perfect beginning”, while assuring that the firm is in the site for the reason of development.
In their goodwill messages, President, Ijaw National Congress (INC), Professor Benjamin Okaba, and the President of the Ijaw Youth Council (IYC), Sir Jonathan Lokpobiri, pledged their maximum support for the project and assured safe environment for the construction work.
Meanwhile, earlier in a welcome address, the Chairman of the community’s Stakeholder Committee, Professor Adias, expressed appreciation to the NCDMB, PTDF, Shell and Bayelsa State Government for their efforts in actualizing the project, which has been on the drawing board since 1981 in the administration of then President Shehu Shagari.
The handover of the project site to Julius Berger Plc was a momentous event in the history of the Otuabagi Community, which has long yearned for due recognition and development projects as the birthplace of Nigeria’s oil and gas industry.
The Tide gathered that the project promoters: the PTDF, NCDMB, Shell (now Renaissance Africa), and the Bayelsa State Government has a contribution ratio of 40:30:20:10, respectively.
A statement from the NCDMB further noted that key features of the project concept include an imposing Oil and Gas Museum, within which is a display of geological formations, platforms, early equipment and tools marking successive stages in the evolution of oil and gas operations in Nigeria, an interactive screen for digital engagement with professionals, students, tourists and historians across the globe in search of knowledge.
The Research Testing Centre, which is the second arm of the complex, according to the NCDMB, will have an open field around one of the abandoned wells, where field trials of prototypes of oil- and gas-related indigenous research will be conducted, in fulfilment of the requirement for product acceptance in industrial application.
It will also provide access to university students in oil- and gas-related disciplines to potentially appreciate an active oilfield.
Other NCDMB personnel at the event were the General Manager, Human Capaital Development, Mr. Esueme Dan Kikile; General Manager, Midstream Monitoring, Mr. Silas Ajimijaye; and General Manager, Facility and Logistics Division, Mr. Suleman Ozhimede.
The Bayelsa State Government team also included Commissioner for Lands, Mr. Perepuighe Biewari; Technical Adviser to the State Governor on Treasury, Revenue and Accounts, Mr. Timipre Seipulo; and Director General, Bayelsa Investment Promotion Agency (BIPA), Ms. Patience Abah.
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The Nigerian Civil Aviation Authority (NCAA) has certified Elin Group Limited to operate as an approved aircraft maintenance organization (AMO).
Elin Group Limited confirmed the certification in a Statement released at the Weekend.
The Executive Director, Elin Group Limited, Engr. Dr. Benedict Adeyileka, noted the significance of the certification, stating that it recognizes the company’s commitment to upholding high maintenance standards.
Adeyileka also stated that “the issuance of the AMO Certificates and OPSPEC by the NCAA is a landmark for both Elin Group and Nigeria’s aviation industry. This approval empowers us to maintain our fleet and extend services to other operators, thereby supporting the sector’s growth.
“It affirms the standards we have upheld over the years and places on us the responsibility to expand services that strengthen the aviation ecosystem. We thank the NCAA for their confidence in our capabilities.
“This recognition inspires us to keep striving for excellence and innovation in building a stronger, safer, and more sustainable aviation industry.”
The certification follows the company’s recent completion of a 7,800 landings maintenance check on its Bombardier Challenger 604 aircraft and Agusta A109E helicopter.
This type of inspection, similar to a D-check in commercial aviation, was conducted entirely in Nigeria for the first time.
With the NCAA approval, Elin Group is authorized to maintain its own fleet and provide maintenance services to other operators.
The certification is expected to contribute to the growth of local aviation maintenance capabilities.
“PenCom Raises Capital Requirement For PFAs To N20b
…Sets December 2026 Deadline
The National Pension Commission (PenCom) has announced a sweeping revision to the capital requirements for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs), raising the minimum threshold for PFAs tenfold, from N2 billion to N20 billion.
The move, aimed at strengthening financial stability and operational resilience, marks one of the most significant regulatory shifts in Nigeria’s pension industry in over two decades.
In a circular titled “Revised Minimum Capital Requirements for Licensed Pension Fund Administrators and Pension Fund Custodians”, PenCom stated that PFAs with Assets Under Management (AUM) of N500b and above must now maintain a capital base of N20 billion plus 1% of the excess AUM beyond N500 billion.
The revised capital requirements for both PFAs and PFCs would take effect immediately for new licenses, while existing operators have until December 31, 2026, to comply.
PenCom would monitor compliance every two years based on audited financial statements, and any shortfall must be rectified within 90 days.
PenCom emphasized that the review is anchored in Sections 60(1)(b), 62(b), and 115(1) of the Pension Reform Act (PRA) 2014. It aims to support the long-term viability of pension operators, improve service delivery, and ensure the sustainability of the Contributory Pension Scheme (CPS), which has now been in operation for 21 years.
“PFAs are therefore required to maintain adequate capital to sustain the achievements of the CPS, support ongoing pension reform initiatives, and deploy adequate resources to effectively fund operations,” PenCom stated.
PFAs with AUM below N500b are also required to meet the new N20 billion minimum. Special Purpose PFAs, such as NPF Pensions Limited, must hold N30 billion, while the Nigerian University Pension Management Company Limited is required to maintain N20 billion.
“The capital requirement was reviewed in line with global best practice, which ensures that capital is proportionate to the risk exposure of the Pension Fund Operator. The new model aligned the capital requirement with the Pension Asset Under Management (AUM) and Assets Under Custody (AUC) of the PFAs and PFCs respectively”, the circular stated.
For Pension Fund Custodians (PFCs), the minimum capital requirement has been raised from N2 billion, unchanged since 2004, to N25 billion plus 0.1% of AUC.
The Commission cited the exponential growth in assets under custody and the increasing complexity of operations, including technology deployment, cybersecurity, and staff welfare, as key drivers of the revision.
“The operating landscape of PFC business has evolved significantly over 21 years,” the circular noted. “These developments underscore the need to reassess the adequacy of the existing capital threshold to ensure continued financial stability and effective risk management”, it stated.
The announcement signaled PenCom’s commitment to aligning Nigeria’s pension industry with global standards, ensuring that operators are well-capitalized to navigate macroeconomic pressures and deliver secure retirement benefits to millions of Nigerians.
The Corporate Affairs Commission (CAC) and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) are deepening partnership to ease business registration for small business owners in the country.
The agreement would provide the framework for free registration of 250,000 Micro Small and Medium Enterprises (MSMEs) across the country.
The Registrar-General, CAC, Hussaini Magaji, revealed this during the signing of a Memorandum of Understanding (MoU) between both organisations, in Abuja, at the Weekend.
Magaji said that the framework provided under the Renewed Hope Agenda of President Bola Tinubu’s administration would eliminate cost barriers by waiving all statutory fees.
According to him, entrepreneurs would now be able to obtain certificates seamlessly, without delays or middlemen, through the CAC portal.
He said, “Formalising a business is more than obtaining a certificate.
“It provides entrepreneurs with a legal identity, improves access to finance and markets, enhances record keeping and strengthens compliance with tax or regulatory obligations.
“For the government, it expands the tax base, improves policy design and reflects the two sides and contribution of our MSME sector.
“By formalising an additional 250,000 enterprises under this initiative, we are helping to create jobs, foster innovation and build a more inclusive economy,” he said.
The registrar-general, while commending SMEDAN on the partnership, urged the MSMEs to take advantage of this opportunity to formalise their businesses, access new opportunities and become part of Nigeria’s growth story.
Magaji also appealed to the media to Partner in amplifying this message to ensuring that every deserving entrepreneur is carried along.
On his part, the Director-General of SMEDAN, Charles Odii, hailed the initiative as a milestone for small businesses, describing it as one of the “big wins” of the current administration.
Odii explained that SMEDAN would mobilise, profile and guide eligible businesses for registration through its dedicated online portal.
He insisted that the platform would eliminate the role of middlemen, who previously inflated registration costs, sometimes charging between N30,000 and N100,000 against the official CAC rate of about N11,000.
Odii said the initiative would complement the President’s N200 billion economic assistance programme, which provides N50 billion in grants for nano businesses, N75 billion in single-digit loans for SMEs and N75 billion for manufacturers.
He said that the interventions demonstrated the resolve of government to ease the cost of doing business and expand opportunities for entrepreneurs.
The director-general said that the MoU was timely, especially as CAC prepared to review its fees by October, reiterating that the initiative ensures 250,000 businesses will benefit from free registration before the review.
According to Odii, many businesses collapse within their first five years due to a lack of structure, noting that registration was the first step to building resilience.
The SMEDAN boss assured that beyond registration, SMEDAN would continue to support entrepreneurs through business clinics, advisory services and linkages.
He said this would be done in collaboration with other agencies such as the Standards Organisation of Nigeria (SON) and the Nigerian Export Promotion Council (NEPC).
Odii also commended the President’s move to raise the tax exemption threshold for small businesses with N25 million to N50 million annual turnover, saying it will reduce the burden on enterprises and encourage compliance.
He thanked the Registrar-General of CAC, the Federal Ministry of Industry, Trade and Investment and the Chief of Staff to the President for their support in bringing the initiative to fruition.
Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Coordinating Minister of the Ministry,
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
The Permanent Secretary of the ministry, Olufemi Oloruntola, stressed that the funding gap must be closed to move from policy to practice.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
Oloruntola argued that the sector’s potential goes beyond trade, pointing to the surge of diaspora spending every festive season. With the right coastal infrastructure, he said, the marine economy could capture a slice of those inflows as foreign exchange and revenue.
The Chief Executive, Nigerian Exchange (NGX), Jude Chiemeka, said blue bonds, which are loans raised through the capital market, but tied specifically to projects that protect or develop marine projects, could unlock huge sums of much-needed capital.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Seychelles, he pointed out, raised $15 million from a blue bond to support its fisheries industry, a scale Nigeria, with over 853 km of coastline and significant freshwater bodies, could surpass.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
“We therefore call on the relevant authorities, most especially the National Assembly, to prioritise the marine and green economy sector.”
“Nigeria must match ambition with resources” and “strategy into execution”, he said
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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