Business
Stanbic IBTC Bank Offers 10,000 Units For Sale
Stanbic IBTC Bank Plc, a member of the Standard Bank Group is offering for sale 10,000,000 units of N1 each at N100 per unit of the Stanbic IBTC Bond fund (“SIBOND”)
The SIMM and SIBOND Funds which opened on Monday November 16, 2009 are part of Stanbic IBTC Group efforts towards helping investors build a portfolio of financial instrument and securities to hedge against the current economic showdown.
The offer for the SIMM will be opened for 5 days and close on Friday November 20, 2009 whilst the SIBOND will close on Wednesday December 23, 2009.
The funds, to be managed by Stanbic IBTC Asset Management Limited, were unveiled stakeholders including the Securities & Exchange Commission, PHB capital & Trust Limited (trustee to the funds), First Registrars Nigeria Limited (registrars to the offer) and Stanbic IBTC Bank Plc (issuing house and receiving bank).
Chris Newson, CEO, Stanbic IBTC Bank Plc, said investors will benefit from the growth of these funds because the funds will be invested in instruments that will ensure return on corporate and investment banking garnered over many years, in addition to standard Bank’s rich heritage in investment banking, will help in guiding investment decisions thereby ensuring that subscribers derive value from them”, he added.
The fund he added, also enables individual and corporate investors invest in a diversified portfolio of fixed income securities, with the overall aim being to achieve competitive returns on the assets while safeguarding capital, by investing in a diversified portfolio of high quality bonds of government supranational and corporate issuers, including federal government bonds, state government bonds, corporate bonds, Eurobonds and other high yielding fixed income securities.
On the other hand , the SIMM would invest in wide range of very liquid short- term money market instruments such as guaranteed commercial papers, banks’ acceptance term deposits and certificates of deposit, among others, with financial institutions rate and above in Nigeria.
Prior to the introduction of the two new funds, Stabic IBTC Asset Management Limited already had under its management three mutual funds. They are the Stanbic IBTC Nigerian Equity fund which is currently Nigeria’s largest mutual fund; the Stanbic IBTC Ethical Fund, Nigeria’s first socially responsible quoted mutual fund, which allows subscribers to make profitable long-term investments without compromising their religious beliefs or principles and the Stanbic IBTC Guaranteed Investment Fund, a mutual that guarantees principal investments after holding the instrument for a minimum of three months.
The Stanbic IBTC Group has managed funds on behalf of pension schemes, retirement benefit plans and high net worth individuals closed to 2 decades.
Stanbic IBTC Bank Plc is full service universal bank with a clear focus on three main business pillars corporate and investment banking, personal and business banking and wealth management which leverage on its industry expertise and international presence in 18 African countries (including Nigeria) and 21 countries outside Africa including Europe, Asia, Middle East, USA and Latin America.
Business
NCS Seizes N63m Worth PMS

The Nigeria Customs Service (NCS) has intensified its anti-smuggling operations in Nigeria’s northeastern corridor, intercepting Premium Motor Spirit (PMS) and vehicles with a total Duty Paid Value (DPV) of over N63 million.
This success was recorded through Operation Whirlwind, a targeted enforcement drive against the smuggling of PMS outside Nigeria.
Disclosing the seizure in a statement at the Customs House in Yola, the Adamawa State Capital, last Friday, the National Coordinator of the operation, Assistant Comptroller-General of Customs (ACG), Hussein Ejibunu, who represented the Comptroller-General of Customs, Adewale Adeniyi, described the outcome as a clear result of intelligence-led and coordinated enforcement within Zone ‘D’.
He disclosed that 1,959 jerry cans, amounting to nearly 49,000 litres of PMS, were intercepted along with five vehicles used in their conveyance.
The seizures were made along well-known smuggling routes, including Dasin-Fufore, Belel-Farang, Mubi-Sahuda, Maiha, and Girei-Wuro Bokki.
“Smugglers fled upon sighting Customs operatives, abandoning their illicit consignments in their desperate bid to evade arrest”, ACG Ejibunu said.
He added that the operation aligns with the Federal Government’s broader economic protection goals under the guidance of the Comptroller-General of Customs, Adewale Adeniyi, and the leadership of President Bola Tinubu.
He emphasised that dismantling illegal fuel supply chains curbs scarcity, stabilises market prices, and strengthens national security.
“This is our contribution to safeguarding national resources and fostering economic resilience”, he said.
In line with Section 245 of the Nigeria Customs Service Act, 2023, the flammable petroleum products will be auctioned immediately, and the proceeds will be paid into the Federation Account.
By: Nkpemenyie Mcdominic, Lagos
Business
‘Sugar Industry Key To Nigeria’s $1trn Economy Goal’

Towards advancing President Bola Tinubu’s vision of achieving a $1trillion economy, the Minister of State for Industry, John Owan, has emphasised the strategic importance of Nigeria’s sugar sector.
A statement obtained by The Tide’s source said Enoh stated this during a public hearing organised by the House of Representatives Committee on Industry, held as part of efforts to amend the Establishment Act of the National Sugar Development Council.
The Minister, while addressing stakeholders, shared insights from a recent Federal Executive Council (FEC) meeting, which disclosed President Tinubu’s recognition of the potential in the sugar sector.
He said, “about two weeks ago, the President spoke about sugar at the FEC meeting.
“That in itself reflects the importance of sugar as a strategic industrial and domestic product that no country should take lightly, and Nigeria should be no exception.
“The sugar sector has a significant role to play in the President’s commitment to a $1 trillion economy.
“Our approach must ensure it contributes effectively to job creation and rural economic development.”
Commenting on it, the Executive Secretary of the NSDC, Mr. Kamar Bakrin, said full implementation of the Nigeria Sugar Master Plan could save the nation over $1 billion in foreign exchange annually.
The NSDC scribe noted the plan’s potential to drive employment, attract large-scale investment, and stimulate rural development.
Bakrin explained that the proposed legislative amendments aim to redefine the council’s powers and align its financial structure with the 1999 Constitution.
Stressing the necessity of robust investor confidence to realise the NSMP’s vision, Bakrin said “We require about $4.5 billion in investments to fully achieve the NSMP’s objectives.
“Investor confidence is therefore crucial, and this can only be attained through transparent and rule-based policies.”
He, however, expressed concern over a recent government directive mandating that 50 per cent of the sugar levy be paid into the Consolidated Revenue Fund, warning that such a move could undermine sectoral progress.
“The sugar levy was not intended as a general revenue-generating mechanism but as a dedicated fund to support the sector’s growth.
“Redirecting it threatens to defeat its original purpose”, Bakrin stated.
The National Agency for Food and Drug Administration and Control, represented by Iba Edward, acknowledged the bill’s intent but cautioned against regulatory overlaps.
She said, “Some proposed provisions encroach on NAFDAC’s core responsibilities under Section 5 of our Act. We urge lawmakers to clearly define roles to avoid duplication”.
A former Minister, Aliyu Idi Hong, who represented BUA Group, highlighted the company’s commitment to sugar development, citing a 50,000-hectare plantation, with 20,000 hectares currently under cultivation.
He stressed the importance of policy stability to sustain investor interest.
Speaking, the Head of Government and Community Relations at Flour Mills of Nigeria, owners of the Golden Sugar Company in Sunti, Niger State, Mr. Onome Okurah, shared ongoing efforts to boost local production.
He noted that GSC cultivates over 6,000 hectares and currently sustains sugar production for four months each year.
“With stronger partnerships, we expect tangible results in the coming years”, he stated.
On his part, Chairman of the House Committee, Enitan Dolapo Badru, assured all stakeholders that the amendment process would be inclusive and aimed at empowering the NSDC to fulfil its mandate effectively.
Business
Jonathan Wins NCDMB’s 2025 Lifetime Achievement Award

Former Nigerian President, Dr. Goodluck Jonathan, has been awarded the “Lifetime Achievement Award” of the Nigerian Content Development and Monitoring Board (NCDMB).
Jonathan was bestowed the award at the maiden edition of the “Champions of Nigerian Content Awards”,recently, as part of events for the 5th edition of the NCDMB’S Nigerian Oil and Gas Opportunities Fair (NOGOF), which took place at the content tower, headquarters of the Board in Yenagoa, the Bayelsa State capital.
Receiving the award, the ex-President commended the management and staff of the Board for the milestones achieved by the Board in the implementation of the Nigerian Content in the Oil and Gas industry.
He noted that prior to the enactment of the Nigeria Oil and Gas Industry Development Act (NOGIC-D Act), there were no better laws regulating operations in the hydrocarbon industry in the nation, save for a few that post- existed the discovery of oil in commercial quantity in the Niger Delta region.
The ex-Nigerian leader also lauded former Senator Lee Maeba of Rivers State, who he said sponsored the NOGIC-D Act as a private member bill, noting that the Nigerian National Assembly then was made up of people of integrity and honesty.
“Before the NOGIC-D Act was enacted by the Nigerian National Assembly when I was President, there wasn’t any good law guiding the operations in the oil and gas industry in this nation.
“As Deputy Governor of Bayelsa State under the late Chief DSP Alamieyeseigha’s administration, I led a state business delegation to China to understudy certain things in that nation, especially the oil industry.
“So, when we came back, Alamieyeseigha asked me to interface with President Obasanjo, the then President. I met him in the State House and discussed our findings with him, but there wasn’t any enabling law to save the situation.
“As God may have it, in 2010 when I became Acting President, the bill, which established the Nigerian Content Development and Monitoring Board, was sponsored as a private member bill by Senator Lee Maeba and upon its passage, I hurriedly, but meticulously assented to it to create the NCDMB.
“I’m happy with the milestone achievements of the NCDMB under various Executive Secretaries. The Board is doing tremendously well. I’m happy to hear that the Board has implemented the Local Content policy to about 56 percent”, he said.
The Tide reports that some firms and other individual stakeholders in the oil and gas industry also received awards in various categories.
They include, Dangote Refinery and Petrochemical Company, which received the award of the “Nigerian Content Downstream Operator of the year”, Dorman Long Engineering Limited, was awarded the “Nigerian Content Indigenous Service Company of the year”, while TechnipFMC clinched the “Nigerian Content International Service Company of the year” award.
Others are: This Day Newspapers, which received the award of the “Nigerian Content Media Organisation of the year”; Bank of Industry (BOI), which got the award of the “Nigerian Content Financial Service Provider of the year”; the Nigerian Liquified Natural Gas (NLNG) took the “Nigerian Content Midstream Operator of the year” award; Aradel Holdings Plc clinched the “Nigerian Content Independent Upstream Operator of the year” award; while Shell Petroleum Development Company (SPDC), now Renaissance Africa Energy Company Ltd., was given the “Nigerian Content International Upstream Operator of the year” award.
In other categories, Mr. Tony Attah of Renaissance Africa Energy Company Ltd, won the “Nigerian Content Icon of the year” award; Professor Emenike of the University of Nigeria (UNN) clinched the “Nigerian Content Innovator of the year” award; while Mrs. Iroghama Ogbeifun of Starzs Gas Ltd. won the “Nigerian Content Women in Leadership” award for promoting Women Empowerment in the oil and gas industry.
Earlier in their separate remarks, the duo of the Executive Secretary, NCDMB, Engr. Felix Omatshola-Ogbe, and the Chairman of the NCDMB award advisory committee, one time Executive Secretary of the Board, Engr. Ernest Nwapa, underscored the need for the award.
The NCDMB’S Scribe, Ogbe, who reiterated his desire to improve on the gains of the Board, promised a continued implementation of the NOGIC-D Act within its guidelines, saying the new Presidential executive orders has also strengthened the Board under his stewardship.
By: Ariwera Ibibo-Howells, Yenagoa