Business

OIC: NCDMB Issues NCEC Guidance Notes, Rules Out Transfer of Certificate

Published

2 months ago

February 16, 2026

Determined to speed up the Oil and Gas industry contracting(OIC) processes and weeding out firms lacking technical capacity to perform as well as reduce Nigeria’s cost of production, the Nigerian Content Development and Monitoring Board(NCDMB), has issued the Nigerian Content Equipment Certificate (NCEC) application guidance notes with effect from December 2025.

The document which is available on the Board’s website – ncdmb.gov.ng, and on the NCEC application portal, forms part of concerted efforts to operationalize the Presidential Directives (PDs) on Local Content Requirements, which mandates NCDMB to take further steps to eliminate intermediaries in the contracting process lacking demonstrable capacity.

Emphasising that one of the key requirements for participating in the Nigerian oil and gas industry contracting process is the possession of NCECs issued by the NCDMB, the document states that unmerited possession or misapplication of the NCECs during tendering and bid evaluations contribute to contracting delays and admittance of unqualified intermediaries into the contracting process.

According to NCDMB, the goal of the new document is to “tackle cases of single and multiple NCEC applications not matched to capacities on ground, submission of fake or forged documents, under declaration of personnel, non-existent offices or equipment, and many other dubious applications.

A statement from the Board also states that the guidance notes will also enhance timely review and approval of applications from genuine service companies as the document provides all the requirements needed to complete credible application at first attempt.

The eight NCEC categories cover Manufacturing and Related Services (MS), Fabrication and Construction (FC), Construction and Moveable Equipment (EC), Services and Support (SS), Quality Control Inspection and Testing (QS), Non-Moveable Assets (DA), Procurement and Supplies (PS) and Consultancy Services (CS).

In the document the Board advised service companies to provide details of their specific service offering with sufficient supporting evidence while applying for any of the NCEC categories via the application portal.

Providing further explanation, the NCDMB stressed that it does not solicit or require any payment for the application, processing, or approval of NCEC or any of its certifications.

It added that in line with the Presidential directive on Local Content compliance, the NCDMB prohibits the use of agents, middlemen and third parties in raising and submission of NCEC application on behalf of service companies.

“Service Companies registered on the NOGIC-JQS are liable for any claims and documentations submitted in support of application for NCEC or any other NCDMB certifications using their assigned login in details.

”The document also indicated that companies and their subsidiaries or local partners cannot apply for or obtain NCEC as separate companies using the same facilities, equipment, assets, or documentation and NCEC is not transferable for use by another company.

“The guidance notes enjoined service companies to only apply for NCECs based on their core service area. Spurious applications contribute to delays in the processing of genuine applications. Cases that are determined to have constituted abuse of NCEC applications shall attract applicable sanctions.

“The NCEC notes also indicates that companies applying for multiple NCECs must have the capacities in terms of assets, facilities, equipment and personnel to execute the scope of activities under the target NCEC categories”, the document, according to the Board stated.

“NCDMB will carry out facility visits to ascertain the capacities and capabilities claimed by a company in multiple NCEC applications. NCECs are not granted in anticipation of establishment of local capacities but are approved based on functional equipment and assets with dedicated resources or utilities in place to operate or perform the services.

“Applicants must be ready to demonstrate operability and availability of owned assets and equipment as may be required during facility visit by NCDMB team.

“Request for upgrade or addition of services, on approved, un-expired NCEC based on additional investment will be treated as new application and subjected to verification of all equipment and assets and documentation submitted in support of the modification”, the Board’s document added.

According to the NCDMB, the document also stated further that applicants are expected to be upfront and intentional in the provision of the relevant and complete information required for timely review of their requests.

“The document also listed services which do not require NCECs. They include GSM service providers, commercial airlines, educational institutes, legal advisory services, public relations and events management, government agencies, and CSR projects with community vendors”, the Board noted.

Commenting on the guidance notes, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, enjoined oil and gas stakeholders to study the guidance notes while applying for NCECs.

He warned that submission of forged, altered, or falsified documents constitutes a criminal offence and would attract legal consequences as well as the Board’s administrative punishments.

The Executive Scribe mentioned that the NCDMB had set target timelines for the review and processing of NCEC applications, with the portal providing timestamp of all activities and interactions undertaken from the point of submission of application and all reviews by the Board.

By: Ariwera Ibibo-Howells, Yenagoa

Business

33 Banks Raise N4.65tn As Recapitalisation Ends

Published

2 days ago

April 2, 2026

The Tide

The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.

The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.

The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.

The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”

The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.

Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”

It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.

The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.

“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.

“All banks remain fully operational, ensuring continued access to banking services for customers.”

The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.

It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.

The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.

The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.

To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.

It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.

“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.

The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.

Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.

The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.

However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.

The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.

Business

SMEs Dev: Firms Launch N100m Loan Scheme

Published

5 days ago

March 30, 2026

The Tide

The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), the umbrella body of non-bank microfinance institutions and cooperative societies in Nigeria, in partnership with NEAT Microcredit, has unveiled a N100 million joint loan facility aimed at supporting small and medium-scale enterprises (SMEs) across the country.

The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.

The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.

Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.

“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.

He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.

According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.

“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.

Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.

He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.

“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.

He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.

“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.

Business

Yenagoa’s Radisson Hotel Ready December — NCDMB, Other

Published

5 days ago

March 30, 2026

The Tide

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned this December .

He said this while addressing visiting top executives of Edison Corporation and Megastar Technical and construction company at the conclusion of a one-day project management tour and workshop at the headquarters of the Nigerian Content Tower (NCT), Yenagoa, weekend.

The Board in a statement from the Directorate of Corporate Communications said all other stakeholder assured of the delivery of world-class services in the hotel upon it’s completion.

Ogbe described the hospitality facility as a top priority project of the Board whose progress he would be following up every day and week.

“This project is critical to the Board, critical to Yenagoa, Bayelsa State and Nigeria. With this hotel becoming functional at the end of the year, I believe there will be tourism in Bayelsa State, and that’s one of my dreams.

“When I took up this job as Executive Secretary in December 2024 I said I must make this hotel work”, the NCDMB boss said.

He commended the team from Edison Corporation and the project contractor, Megastar Technical and Construction Company, for the quality and pace of work, adding “much is required from the Management to meet up the schedule delivery

“Most of the critical aspects of the project have been resolved in terms of mark-up room, scope of work in terms of financing and contracting strategies”

The Board’s Scribe said he was sure all hands would be on deck to ensure that work proceeds unhampered.

In his remarks, the Chief Executive Officer of Edison Corporation, Mr. Vivian Reddy, said the team from Edison Hotel Group was very excited to come into a contractual arrangement with NCDMB, assuring the project will put the city on the world map.

“What is so important with the group Radisson International is that, if anyone around the world looks for Radisson Yenagoa, they will see this place pop up, and it’s going to help to uplift the area in terms of visitors and tourism.

“Our role is to make sure we deliver a world-class quality hotel from start to finish. We will open the hotel, we’ll furnish it. We’re working with the main contractor to make sure the facility meets world-class standards”, he said.

Speaking on the sealing of the contractual deal with the NCDMB, he noted it took great efforts, saying “getting Radisson in the agreement was not easy, and it took several months and cumulative one and a half years of discussions and documentation”.

The Edison boss, who is reputed to be the first South African businessman to lead a high-level business delegation from that country to Nigeria during the tenure of President Thabo Mbeki in 1999, was full of commendation for the NCDMB boss, describing him as “a great and visionary leader”.

“The vision and dream of the Executive Secretary of the NCDMB are going to become a reality. We’re going to help him and make it a reality and it’s going to be the best hotel in this region”, the boss noted.

Mr Reddy also commended the project contractors and professional teams involved, stating that his team has every confidence in their technical competence.

By: Ariwera Ibibo-Howells, Yenagoa