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
Independence Anniversary: Nigeria Is A Failed Grandfather – Monarch
A first class traditional ruler in Rivers State, His Royal Majesty, King Aaron Ikuru, has described Nigeria at 65 as a grandfather who cannot provide leadership to other African Countries.
The monarch stated this in an interview at his palace in Ikuru Town, yesterday.
According to him, Nigeria would have been a developed country to set the pace in the whole of Africa, considering its numerous resources.
“Nigeria is a grandfather but not behaving as a grandfather. Our country, Nigeria, before and from the era of Independence was in the state of becoming a great country, but unfortunately is not becoming anything.
“We should be far ahead with what we have in the country. God blessed us, we have almost what it takes in terms of mineral resources, manpower amongst others that can drive speedy development in the country.
“If we’re able to harness all the things we have, even America by now would have respected us”, he said.
While blaming the past leaders of the country, the monarch called on the current leadership of the country to redouble efforts in order to narrow the differences in terms of development, exchange rate between naira and foreign currencies.
King Ikuru, who is also the Chairman of Andoni Area Traditional Rulers Council, however, lauded the efforts of the founding fathers, past leaders of the country for the achievements so far.
He also expressed optimism that Nigeria would be great, calling on the opinion leaders to shun tribalism and political intolerance in the country.
“If Nigeria should experience rapid development in all sectors, it means we must shun tribalism and political intolerance, the interest of our country must be our priority.
“We need to fight corruption vigorously, and leaders must show good example of discipline and integrity”, he said.
The monarch used the opportunity to wish Nigeria happy independence anniversary.
By: Enoch Epelle
News
FG begins payment of N32,000 pension increment to retirees – PTAD
The Pension Transitional Arrangement Directorate has announced the start of implementation of the new pension increments for pensioners under the Defined Benefit Scheme, saying the adjustments will be reflected in the September 2025 payroll cycle.
In a statement signed by Management and posted on its X handle, PTAD said the increase package includes a fixed N32,000 payment alongside percentage increases of 10.66% and 12.95% for eligible categories, which will benefit about 832,000 pensioners under its management.
Recall that PTAD in August announced President Bola Tinubu approved a series of measures, including new welfare benefits for pensioners under DBS.
The approval follows a formal request by PTAD’s Executive Secretary, Tolulope Odunaiya, seeking an emergency budgetary allocation to implement pension reforms and welfare benefits for the scheme’s retirees.
The measures include a N32,000 pension increment, percentage increases for pensioners of defunct and privatised agencies, pension harmonisation for all DBS pensioners, enrolment into the National Health Insurance Scheme, and the settlement of long-standing unfunded pension liabilities.
In a statement yesterday, PTAD said the partial release of N820.188 billion by the Federal Ministry of Finance from the emergency funding has made it possible for pensioners to begin receiving the enhanced payments immediately.
The statement read, “Further to the President’s approval of the emergency budgetary allocation for the payment of the new pension increment rates for Pensioners under the Defined Benefit Pension Scheme (DBS) that was earlier published by the Pension Transitional Arrangement Directorate on Friday, 8th August, 2025, the Directorate is delighted to announce the commencement of the implementation of the 832,000, 10.66% and 12.95% pension increment for eligible pensioners under the management of PTAD, in the September 2025 pension payroll cycle.
“This achievement has been made possible through the partial release of 820.188 billion by the Federal Ministry of Finance, from the initial 845 billion emergency funding approval granted by the Federal Government.
“This milestone clearly reaffirms the Federal Government’s dedication to safeguarding the welfare and entitlements of DBS Pensioners in line with the Renewed Hope Agenda.”
The directorate thanked President Bola Ahmed Tinubu for approving the emergency allocation.
It also acknowledged the role of the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; the Minister of State for Finance, Dr Doris Uzoka-Anite; the Accountant-General of the Federation and key presidential aides and parliamentary committees for their “timely interventions” and support.
The statement also expressed appreciation to organised pension groups, including the Nigeria Union of Pensioners and the Federal Parastatals and Private Sector Pensioners Association of Nigeria, for their cooperation during negotiations and implementation planning.
“We further assure all our DBS Pensioners and Stakeholders that the Directorate will continue to collaborate with the relevant authorities towards release of the outstanding approved funds and subsequent fulfilment of all future obligations relating to the pension increments and the landmark reforms,” the statement added.
The DBS covers pensioners who retired before the introduction of the Contributory Pension Scheme in 2004, including those from defunct public institutions, privatised agencies, and treasury-funded parastatals.
Over the years, many have faced irregular payments, delayed harmonisation, and inadequate healthcare access, challenges that the new reforms are expected to address.
News
Nigeria At 65: NOA urges citizens to foster unity, progress
The National Orientation Agency (NOA) has urged Nigeria. citizens to remain united, peaceful to enhance development of the nation as it celebrates 65th independence anniversary.
Mr Mkpoutom Mkpoutom, Director of NOA in Akwa Ibom, gave the charge in Uyo yesterday while addressing newsmen and stakeholders to mark the anniversary.
Mkpoutom said it was essential to recognise that the strength of Nigeria lay in its diversity
“With over 250 ethnic groups and an array of languages, the nation embodies a unique blend of heritage.
“This diversity should be seen not as a dividing line but as a unifying force that propels the country toward progress.
“As Akwa Ibom embarks on another year, it is crucial for all citizens to foster a sense of unity and shared purpose.
“Embrace dialogue, understanding and collaborate with the Renewed Hope Agenda of President Bola Tinubu in its efforts to addressing pressing challenges like poverty, security, education, and healthcare, thereby paving way for a brighter future for all.”
The state director, however, appealed to Nigerians from all walks of life to renew their commitment to a more prosperous, peaceful, and equitable nation.
“Let this anniversary serve as a reminder of the collective strength that lies in every citizen,” he said.
He urged everyone to contribute positively to the development of a better society.
Mkpoutom urged the people and all citizens to honour the labours of heroes past, as they celebrated the present, while working diligently toward a future filled with hope and opportunities for generations to come.
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