News
Shell, Six Others Commit N9.8tr To Fund Local Contractors
As part of strategies to boost indigenous companies’ participation in the Nigerian oil and gas industry, Shell Exploration and Production Companies in Nigeria, five reputable banks and an American international financial institution have pulled together $6billion (approximately N9.8trillion) as funding commitment for local medium and large scale enterprises desirous of adding internal value to the lucrative industry.
First Bank Nigeria, Access Bank, CITI Bank Nigeria, Fidelity Bank, and Standard Chartered Bank, as well as DLR Integrated Business Services, which provides international financing and procurement services for local content providers, are partnering Shell joint venture to ease indigenous companies’ access to critical funds to finance huge procurement and manufacturing contracts in the oil and gas industry.
The Tide gathered that each of the five prestigious banks have dedicated $1billion to fund local contractors while DLR Integrated Business Services, with head office in New York, United States, has guaranteed $1billion international financing and procurement window, with a solid commitment to link Nigerian contractors with big-time equipment and products manufacturers as an instrument of facilitating sustainable partnerships for growth.
Chairman, Shell Companies in Nigeria, Mutiu Sunmonu said last Saturday in Port Harcourt while launching the Shell Contractors Support Funding Scheme that the initiative derives from the success of the year-old N4.5billion Shell Kobo Fund for community contractors.
Sunmonu said that the $6billion SME support funding commitment would enable local contractors to leverage hard-to-access international financing for big procurement and manufacturing contracts, adding that “this initiative will place Nigerian contractors at the front line for quality service delivery in the oil and gas industry.”
According to him, “in 2010 alone, Shell awarded contracts worth more than $947million to Nigerian companies” while “in 2011”, the company upped “the value of contracts to local contractors to $1.4billion”, representing about 93 per cent of the overall number of contracts and amounting to about 68 per cent of value of contracts awarded to third parties to date.”
He said that in the past, “financing of projects has traditionally been a major challenge to contractors’ growth and participation in the delivery of goods and services to the oil and gas industry,” and hoped that with the new dedicated fund, “financing difficulties will be greatly reduced.”
“The banks have committed to relaxing the collateral security requirement, reducing interest rates and establish their competitive advantage so as to become global players,” Sunmonu stressed, adding that he was looking forward to a day when Nigerian contractors will become major services suppliers to the Shell Group.”
While thanking the banks for partnering Shell to provide this launching pad for indigenous contractors, the Shell Nigeria chair charged participating local companies to play by the rules and apply the funds to agreed-upon projects while commending the Federal Government for initiating positive the reforms in the industry, particularly the local content law, pledging Shell’s commitment to fostering greater opportunities for Nigeria and Nigerians in the oil and gas industry.
In his remarks, Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Ernest Nwapa catalogued the pioneering role Shell was playing in developing local content in Nigeria, saying that “if other international oil companies (IOCs) commit just 50 per cent of what Shell is investing in developing local content, Nigeria oil and gas industry would lead the way in helping the Federal Government achieve its Vision 202020.”
Represented at the event by Engineer Gina O. Gina, the NCDMB boss challenged other IOCs to emulate the giant strides Shell was making in assisting government and Nigerians realise the vision of indigenous inclusiveness and participation in the industry as a veritable means of restoring peace and investors’ confidence while creating more jobs, wealth and sustainable prosperity in the country.
Also speaking, the Group General Manager, National Petroleum Investment Management Services (NAPIMS), Morrison Fiddi, pledged the commitment of the joint venture partners to create enabling regulatory and operating climate for local companies in the industry to thrive and compete more favourably with their global counterparts.
The GGM, who was represented by Joseph Ehijiator, lauded Shell for the initiative, and appealed to indigenous companies to leverage the funds to increase their contributions to national development.
In their separate speeches, representatives of the partnering banks expressed untiring commitment to the scheme, pledging the unleash their global financial reach and capacity in ensuring that local contractors working for Shell access required funds to finance any contracts in line with the memorandum of understanding (MoU) guiding the initiative.
Responding on behalf of participating contractors, Managing Director, Skyward Resources Limited, Hon Enahoro Eta, showered encomium on Shell for the opportunity, and expressed optimism that the fund would enhance their participation and ability to deliver required services in-country.
Highlight of the event was the signing of the MoU for the scheme by Sunmonu on behalf of Shell while First Bank’s Group Head Energy, Institutional Banking, Olalekan Adelekan; Vice President Eastern Region Global Subsidiaries Group, CITI Bank, Theresa Evuleocha; Group Managing Director, Access Bank, Aigboje Aig-Imoukhuede; Managing Director, Fidelity Bank, Reginald Ihejiahi; Deputy Managing Director, Standard Chartered Bank, Ade Adeola; and President, David L. Ross & Associates, David L. Ross, signed on behalf of their financial institutions.
Nelson Chukwudi
News
Ibas Inaugurates RSIEC, Service Commissions, Healthcare Board In Rivers …Charges Appointees To Embrace Principles Of Service

The Administrator of Rivers State, Vice Admiral (Rtd) Ibok-Ete Ibas, has charged newly appointed Board members to uphold the highest standards of discipline, competence, integrity, and unwavering dedication in their service to the State.
He emphasized that such commitment is critical to stabilizing governance, restoring democratic institutions, and advancing the principles of good governance in the State.
This was contained in a statement by the Administrator’s Senior Special Adviser on Media, Hector Igbikiowubo on Monday.
Ibas issued the charge on Monday while inaugurating the reconstituted Rivers State Independent Electoral Commission (RSIEC), Rivers State Civil Service Commission, Rivers State Local Government Service Commission, and the Rivers State Primary Health Care Management Board at Government House, Port Harcourt.
The Administrator urged the new appointees to embrace their roles with diligence, patriotism, and a commitment to transforming Rivers State through excellent service.
Addressing the Chairman and members of RSIEC, Ibas underscored their pivotal role in ensuring credible local government elections that reflect the will of the people.
“Your task is clear but demanding: to conduct free, fair, transparent, and credible elections at the grassroots level. You must resist bias, favoritism, and external interference while restoring public confidence in the electoral process,” he stated.
“The independence of your actions is crucial to sustaining peace, stability, and grassroots governance. I urge you to act with fairness, impartiality, and professionalism—even in the face of difficult choices,” Ibas added.
The Sole Administrator also charged the Rivers State Civil Service Commission on the need to eliminate mediocrity and foster a culture of excellence through merit-based recruitment, training, and promotions.
“The civil service must transition from favoritism to competence, integrity, and accountability. Your commission will lead reforms, including digital transformation and standardized practices across ministries, departments, and agencies,” he said.
He disclosed that extensive training programmes are underway, with a committee set up to overhaul the public service framework for greater efficiency.
Meanwhile, Ibas urged the Rivers State Local Government Service Commission to ensure professionalism and discipline in local government administration.
“As the closest tier of government to the people, you must drive reforms that insulate the system from politics and mediocrity. Your mandate includes merit-based recruitment, training, and enforcing standards for effective service delivery,” he stated.
In the same vein, the Administrator charged the Rivers State Primary Health Care Management Board with revitalizing healthcare delivery across the state’s 23 local government areas.
“Primary healthcare is the foundation of a sustainable health system. Your board must ensure facilities are adequately staffed, equipped, and operational focusing on maternal health, immunization, malaria control, and community health services,” he said.
He emphasized data-driven operations, incentives for rural health workers, and restoring the referral system to improve healthcare access.
He also assured the Board of sustained government support, including funding, for the effective discharge of their mandates but warned that board members would be held accountable for their performance.
The newly inaugurated members include: RSIEC: Dr. Michael Ekpai Odey (Chairman) with Prof. Arthur Nwafor, Prof. Joyce Akaninwor, and others as members.
Civil Service Commission: Dr. Livinus Bariki (Chairman), Amb. Lot Egopija, Mrs. Maeve Bestman, and others.
Local Govt. Service Commission: Mr. Isreal Amadi (Chairman), Rear Adm. Emmanuel Ofik (Rtd), Dr. Tonye Pepple, and others.
Primary Health Care Board: Dr. Dawari George (Chairman), Dr. Chituru Adiele (Executive Director), Prof. Kaladada Korubo, and representatives from key ministries.
News
Rivers PDP Debunks Sale Of LGA Election Forms

The Publicity Secretary of the Peoples Democratic Party (PDP) in Rivers State, Dr. Kenneth Yowika, has debunked claims that the party has commenced sale of forms for chairmanship and councillorship elections across the 23 local government areas of the state.
Yowika made the rebuttal in a statement made available to newsmen on Wednesday, describing the publication on the social media as baseless and untrue.
He urged members of the PDP to disregard the claim, saying that official communication regarding the sale of forms would be disclosed through the appropriate channels.
“With reference to information trending on social media, it has been falsely claimed that the sale of forms for Chairmanship and Councillorship elections in the 23 Local Government Areas (LGAs) of Rivers State will begin soon.
“However, the party has firmly denied these rumours, stating that they are baseless and untrue.
“The party has its own established methods of reaching out to its numerous supporters.
“The People’s Democratic Party, a law-abiding organisation, will patiently await the release of guidelines from the recently inaugurated Rivers State Independent Electoral Commission (RSIEC) before considering any sale of election forms.
“The PDP is urging its members to remain calm as official communication regarding the sale of forms will be disclosed through appropriate channels,” the statement read.
Enoch Epelle
News
South-South contributes N34trn to Nigeria’s economy in 2024 – Institute
Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), has stated that the South-South region contributes N34 trillion to country’s economy in 2024.
He made the remark at the South-South Zonal Banking and Finance Conference in Calabar, yesterday.
He spoke on the theme, ‘’Building An Inclusive South-South: Economic Diversification as a Catalyst For Development.’’
Olanrewaju, who quoted the data from the Cable Data Index, said the feat was more than 21 per cent of Nigeria’s real Gross Domestic Product (GDP).
The president described the growth as ‘’ impressive,’’ saying that it was not driven by oil alone but significant expansions in trade, services, and the creative industries.
According to him, to fully harness this potential, coordinated financial, technological, and policy support is essential.
“As we work to reposition the South-South for broad-based prosperity, the financial system must play a central role, not merely as a source of capital, but as a catalyst for innovation, ideas incubation, and inclusive economic growth.
“This conference, therefore, provides a strategic opportunity for stakeholders to reimagine the South-South economy, not merely as a resource belt, but as a region of diverse capabilities and resilient enterprises.”
Olanrewaju added that Nigeria must move beyond old models and chart a new course for the development of the South-South region, where financial institutions and stakeholder collaborate to diversify the economy for shared prosperity.
He, however, commended Gov. Bassey Otu for his pledge of land for CIBN Secretariat in Cross River and being the first sitting governor to willingly undergo and complete the Chartered Bankers Programme.
On his part, Gov. Otu said that the conference discussion on the economic diversification in South-South region was timely against the backdrop of global trade and economic volatility that was affecting the nation’s economy.
Represented by his deputy, Mr Peter Odey, Otu said the South-South region must now act with urgency to diversify its economy while leveraging its shared natural endowment in agriculture and extractive resources.
“This conference must help develop tailored financial solutions that reflect the unique strengths and realities of states like Cross River in the south-south.
“Diversification should be evidence-based and must be backed not just by financial advice but project focused financing and real investment support,” he noted.
He said that Cross River had taken the bold step to invest in its agricultural sector by launching an Agro processing hub.
Otu further said that the state had invested in aviation by acquiring more aircrafts for Cally Air, construction of the Bakassi Deep Seaport and injecting N18 billion in its tourism sector.
Similarly, Mr Tolefe Jibunoh, Cross River Branch Controller of the Central Bank of Nigeria (CBN) said that the region was blessed with natural resources, cultural diversities and immense human potentials.
Jibunoh, who was represented by Mr Segun Shittu, Head, Currency Control Office, CBN, Calabar, noted that strategic diversification could unlock unprecedented opportunities for growth in the region.
He added that the CBN remained steadfast to maintain monetary possibilities and promote a sound financial system as a catalyst for sustainable economic development for the benefit of all.
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