The Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010 and its astonishing success in resetting oil and gas industry spending and in-country capacity development was the fulcrum of a presentation by the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe in Windhoek, Namibia.

Speaking on the theme “Local Content and Sustainable Inclusive Economic Growth” at the 2024 Namibia Oil and Gas Conference, Engr. Ogbe noted that recent discoveries of hydrocarbon deposits have increased the oil and gas reserves of the continent to about 126 billion barrels of oil and about 614 trillion cubic feet of gas.

He pointed out that the adoption of local content policy for the oil and gas industry and or other resources is “one veritable means through which African countries can ensure that the utilisation of our resources will translate to energy security, economic development, and industrialisation of the continent,” drawing on the Nigerian experience for illustration.

According to him, since the enactment of the NOGICD Act in 2010, Nigeria has recorded significant achievements, which include “the creation of over 30,000 direct jobs, over 15 million training manhours, award of over 90% of contracts to Nigerian-owned businesses, utilisation of the expatriate management system to ensure 80% of oil companies’ management positions are held by Nigerians, growth of successful indigenous operators who are now responsible for the production of more than 60% of Nigeria’s domestic gas requirements and over 15% of crude oil production, to mention a few.”

In totality, he noted, “As at the end of 2023, we have reached Nigerian Content level of 54% and we are committed to achieve the set target of 70% by 2027.”

Engr. Ogbe, who was represented by the General Manager, Corporate Communications and Zonal Coordination, Esueme Dan Kikile Esq., shared NCDMB’s experience as a regulator responsible for deepening and driving local content in the Nigerian oil and gas industry, noting that “a successful local content policy must entail the deployment of six (6) key parameters, namely, regulatory framework, gap analysis, capacity building, funding and incentives, research and development, and access to market.

According to him, “a law, or decree depending on the political arrangement in a country, sets the framework and boundaries for all local content practitioners.” In Nigeria, the NOGICD Act of 2010 is the regulatory framework that drives local content policy.

A structured capacity-building intervention, he stated, is also necessary to foster the development of in-country capacities and capabilities, while gap analysis is to ensure that baseline and periodic gap evaluations are carried out to ascertain the human capacity and infrastructure deficits which will then form the basis for developing initiatives, projects, and programmes that will seek to close the identified gaps.

The NCDMB boss emphasised the importance of research and development, which he noted would facilitate the development of innovative solutions to address peculiar challenges that are being experienced in a nation’s oil and gas industry. In addition, local companies require incentives and low-interest, long-term funds to be able to develop their capacities which will, in turn, enable them to compete favourably in the oil and industry.

He equally underscored the necessity for access to market as developed capacities and capabilities need patronage to be sustained. A market, within a country and across international boundaries, is imperative for the potential benefits of enhanced capabilities to be maximised.

A robust local content implementation framework that serves as a blueprint, spelling out how local content policy will be implemented, also has to be in place. Five key components of the framework, as instituted by the NCDMB, are Analysis, Guidelines and Regulations, Implementation, Monitoring and Evaluation, and Feedback Mechanism.

Faithful adherence to these provisions accounts significantly for the success of local content practice in Nigeria.

NLNG Shipping and Marine Services Limited’s (NSML’s) Maritime Centre of Excellence (MCOE) has made history by becoming the first training centre in Africa to receive the highly sought-after accreditation from the UK Maritime and Coastguard Agency (UK MCA).

This groundbreaking achievement allows the Maritime Centre of Excellence (MCOE) to deliver and issue certificates for the STCW 2010 Electronic Chart Display and Information System (ECDIS) and Basic Liquefied Gas Tanker Cargo Operations courses, placing it among globally recognised maritime training institutions.

The UK MCA, an agency under the UK Department for Transport, is renowned for regulating maritime standards and safety worldwide. Its accreditation is often referred to as the “Gold Standard” in maritime training, a mark of excellence that underscores the quality of the MCOE’s programmes.

Reacting to the accreditations, NSML’s Managing Director and Chief Executive Officer, Mr. Abdulkadir K. Ahmed, said achieving this certification was no easy feat as the centre underwent a rigorous two-year review process, during which it was thoroughly evaluated against stringent international standards.

He emphasised that the accreditation confirms that the MCOE’s courses are not only in line with global best practices but also crucial for enhancing maritime safety, modern navigation, and operational efficiency.

Mr. Abdulkadir K. Ahmed expressed immense pride in the certifications, stressing that it was a significant milestone for both NSML and the maritime industry in Africa.

“Earning the UK MCA accreditation is a testament to the high standards we maintain at the MCOE. The accreditation has been a key objective for the MCOE since its inception. This accreditation allows us to offer the accredited courses, not just to our crew but to seafarers across Nigeria and beyond. With this milestone, we expect that seafarers will no longer need to travel overseas to renew their certifications, leading to significant savings in both travel and recertification costs. This achievement aligns perfectly with our growth and sustainability goals, positioning the MCOE as a fully-fledged, advanced maritime training centre, accredited to provide top-tier training and competency development programs for seafarers in Nigeria and Africa,” he said.

The newly accredited courses are vital for seafarers globally, as they are mandatory for those aiming to advance their careers and ensure safe operations at sea. With this accreditation, NSML’s MCOE is poised to become a leading hub for maritime training in Africa.

This landmark achievement strengthens the status of NSML and MCOE as industry leaders and sets a new benchmark for maritime training in Africa.

The Nigerian National Petroleum Company Limited  (NNPC) has provided updates on its crude oil exploration activities in the Northern part of the country, reiterating its commitment to achieving the Federal Government’s aspirations in the frontier basins.
“The company has been actively drilling in basins in and around Northern Nigeria, as a result of the need to increase oil exploration in the country’s frontier basins”.
This was contained in a publication authored by the Chief Corporate Communications Officer, NNPC Limited, Olufemi Soneye, who noted that “this is a strategic engagement that NNPC Limited will not compromise on.”
Soneye pointed out that the NNPCL is intensifying its patriotic efforts, making significant progress, and advancing considerable prospects to make do its promises to Nigerians.
Soneye, added that the discovery and exploration of crude oil in the north will not only appear as a dream pursued, but as an economic reality to boost oil production as  well as deepen the strength and efficiency of the petroleum industry value chain in Nigeria.
He said: “NNPC Limited, in compliance with the Petroleum Industry Act, PIA, is leaving no stone unturned to continue oil drilling projects in the North after decades of exploration in other basins.
“With crude oil reserves of more than 37 billion barrels and the 6th largest world producer, the discovery of hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the north eastern part of the country will only accentuate the prosperity and growth of Nigeria in the comity of nations.
“It is therefore untrue for naysayers or sceptics to claim that NNPC has halted the search for oil in Nigeria’s inland basins. On the contrary, NNPC Limited is intensifying its patriotic efforts, making significant progress, and advancing considerable prospects to make do its promises no matter whose ox is gored.”
While stating  that the NNPC Limited would not suspend its inland basins oil and gas exploration activities, as some have suggested, he quipped that “Instead, the company is intensifying efforts to expedite the process and ensure the efficient exploitation of hydrocarbon resources in these areas, thereby contributing to national energy security
The Nigerian National Petroleum Company (NNPCL) has assured that contrary to insinuations in some quarters, oil exploration in the northern of the country is on course.
Olufemi Soneye, Chief Corporate Communications Officer (CCCO) of NNPC Limited, made this clarification in a recent publication   noting that  the company  in compliance with the Petroleum Industry Act (PIA) 2021, is leaving no stone unturned to continue oil drilling projects in the North after decades of exploration in the South.
He emphasised that the company is currently active in the inland basins of Nigeria with some  drilling projects including Wadi-2 Appraisal/Exploratory Well in OPL 732 and Ebenyi-1 Exploration Well in OPL 826.
According to him, the Wadi-2 Appraisal/Exploratory Well in OPL 732 in Borno State, within the Chad Basin, was spudded on November 4, 2023, and drilled to a total depth of 12,050 feet.
He noted that the drilling phase concluded on June 29, 2024 and the preliminary results from the geological evaluation of the well objectives led to post-drilling well testing, which began on July 4, 2024, and is ongoing.
“This testing aims to further evaluate the target reservoirs for the occurrence of a commercial accumulation of hydrocarbons and to obtain data for future field development,” he stated.
On Ebenyi-1 Exploration Well in OPL 826, which is situated in Nasarawa State within the Middle Benue Trough, drilling began on July 17, 2023.
“The 17½” hole section was drilled and cased to a depth of 3,449 feet. The drilling operations faced challenges due to issues with the hole and equipment breakdowns. The turnkey contractor is finalising plans to replace the drilling equipment with newer models to continue drilling operations to the planned total depth of 14,250 feet”, Soneye stated.
On the Kolmani River where in 2019 1 billion barrels of oil reserves and 500 billion cubic feet of gas was discovered, Soneye said the defunct Frontier Exploration Services (FES) of NNPC Limited drilled three wells—Kolmani River-2, Kolmani River-3, and Kolmani River-4—in the Upper Benue Trough (northeast Nigeria) on its and its partners behalf.
He said the drilling campaign confirmed the presence of commercial hydrocarbon deposits in the Kolmani field of OPLs 809 and 810.
He noted that the rig that drilled the wells was subsequently moved to start the Nasarawa project, with the goal of replicating the success achieved in the Kolmani field.
“In collaboration with co-venturers, we are  working towards the next phase of field development. The post-exploration planning takes time to meet regulatory requirements before the development phase can commence. Significant infrastructure projects are currently underway to facilitate the movement of heavy-duty equipment for the next project phase in the area.
“NNPC Limited has not and will not suspend its inland basins oil and gas exploration activities, as some have suggested. Instead, the company is intensifying efforts to expedite the process and ensure the efficient exploitation of hydrocarbon resources in these areas, thereby contributing to national energy security”, Soneye stated.
The NNPC Limited spokesman said the current leadership of the company  is committed to addressing every gap within its purview including infrastructural issues associated with the oil and gas industry such as gas shortages for power supply, pipeline protection and maintaining the uninterrupted provision of petroleum products across the country.
“For clarity, the NNPC Limited, under the chairmanship of Chief Pius Akinyelure and managerial leadership of Mele Kyari, is well-positioned to capture the economic opportunities associated with developing and selling hydrocarbons in a resource rich country like Nigeria. These benefits are to be equitably distributed across society and create wealth for human capital development and capacity building.
“It is to further achieve this sufficiency that, under Kyari’s leadership, NNPC Limited is fully aligned with the federal government’s ambition to accelerate economic growth and diversify the economy for the benefit of all Nigerians.
“This is being achieved through timely, credible, clear, and consistent policies. Since taking charge in July 2019, he has driven significant organisational renewal and greatly improved NNPC’s performance and long-term viability. The board and Kyari have been the driving force behind ambitious business growth and have instilled a new commercial mindset throughout the company’s entire value chain”, Soneye said.
He said Kyari’s leadership style  has revitalised NNPC Limited workforce even as the company continues to attract the interest of business partners, customers, suppliers, and shareholders noting that since its transition to a commercial entity under the Petroleum Industry Act (PIA) 2021, and in line with the Company & Allied Matters Act (CAMA) provisions, NNPC Limited has consistently delivered value despite its unique operational challenges
Soneye said in addition to thus, the company has maintained steady growth.
“For the first time in 43 years, NNPC declared a profit. From a loss of N803 billion in 2018, the company reduced this to just N1.7 billion in 2019. Remarkably, in 2020, NNPC posted its first-ever profit of N287 billion, which grew to N674.1 billion in 2021, and by the end of 2022, it had soared to N2.548 trillion.
“In our 2023 Audited Financial Statement, AFS, we declared a net profit of N3.297 trillion for the fiscal year, indicating an increase of 28 percent (over N700 billion) compared to the N2.548 trillion recorded in 2022. The N3.297 trillion profit declared for 2023 is very symbolic as it is the highest ever to be recorded since inception, 46 years ago.
“In terms of asset growth, we have moved from N13,300 billion in 2019 to N15,836 billion in 2020; N16,262 billion in 2021; N58,652 billion in 2022; and N246,816 billion, in 2023,”  the NNPC spokesman said.
He added that NNPC Limited will continue exploration in the north so that it can sustain  this type of excellent financial performance and gains for its investors and Nigerians at large noting that “the more strategic explorations we make, the better for all of us.

The attention of NNPC Ltd has been drawn to a press release signed by Mr. Paul Ibe, a Media Adviser to the former Vice President, Alhaji Atiku Abubakar.

In the statement, the former Vice President was quoted to have lamented “the criminal hijack of the NNPC by corporate cabals around the current President”.

He was also quoted to have listed the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd as a compensation for the alleged acquisition of NNPC Retail Ltd by OVH in which he claimed Mr Wale Tinubu held 49% stake.

He further alleged that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by President Bola Ahmed Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level. 

NNPC Ltd wishes to set the records straight with the following facts: 

1. We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation.

2. Investment decisions by NNPC Ltd Management are strictly determined on the basis of commercial viability and national interest.

3. At the time NNPC Ltd acquired OVH in 2022, Oando (in which Mr. Wale Tinubu has equity interest), had fully divested its equity in OVH to the two other partners – Vitol and Helios. Oando actually began its divestment in 2016, with Vitol and Helios coming in as equity partners, leading to the change of name from Oando to OVH. In 2019, Oando fully divested its equity interest in OVH resulting in Vitol and Helios holding 50% equity interests respectively.

4.Upon acquisition of OVH by NNPC Ltd, both NNPC Retail Ltd and OVH effectively became subsidiaries of NNPC Ltd. However, based on professional advice and sound commercial considerations, NNPC Ltd opted to merge NNPC Retail Limited into OVH, and thereafter retain NNPC Retail Limited as the company name post-merger.

5. The first step of merging NNPC Retail Ltd into OVH has been completed and the post-merger renaming as NNPC Retail Ltd is ongoing.

6. Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition.

7. As a businessman, the former Vice President should know that effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations. 

9. The management of NNPC Ltd, under the leadership of Mr. Mele Kyari, has done very well in growing the company’s fortunes as shown in the 2023 Audited Financial Statement (AFS), where it reported N3.3 trillion as profit after tax.
10. NNPC Ltd as a commercial entity is devoid of political interest and shall continue to conduct its business full of commitment to national interest and value creation for the benefit of all stakeholders. NNPC Ltd shall resist any attempt to draw its Board and Management into partisan politics.

Olufemi O. Soneye

Chief Corporate Communications Officer

NNPC Limited

Transcorp Power Plc wishes to notify the investing public of significant changes to its Board of Directors. Mr. Christopher Ezeafulukwe has been appointed as a Non-Executive Director.

This appointment has been approved by the Nigerian Electricity Regulatory Commission in accordance with the provisions of the Companies and Allied Matters Act 2020 and the Articles of Association of Transcorp Power Plc.

Mr. Ezeafulukwe is a highly accomplished professional with over 20 years of executive management experience spanning multiple sectors, including power, oil and gas, financial services, legal services, and corporate governance. He currently serves as the Managing Director/CEO of Transcorp Energy Limited.

Prior to this, he held the position of Managing Director/CEO of Abuja Electricity Distribution Plc and previously served as the Managing Director/CEO of Transcorp Power Limited (now Transcorp Power Plc). Mr. Ezeafulukwe also held the role of Executive Director, Legal and Business Development, at Transnational Corporation Plc.

His academic credentials are equally impressive, holding an LL.B degree from the University of Lagos, a B.L. from the Nigerian Law School, and an LL.M from the University of Lagos. He further advanced his education with a second LL.M in Energy, Environmental & Natural Resources Law from the University of Houston, Texas. Mr. Ezeafulukwe is also an alumnus of both the Lagos Business School and IESE Business School in Barcelona, Spain.

In addition to his academic and professional accomplishments, Mr. Ezeafulukwe is a respected member of several professional bodies. These include the Association of International Petroleum Negotiators, the Nigerian Bar Association (NBA), the Institute of Chartered Secretaries & Administrators of Nigeria (ICSAN), and he is a past member of the Executive Council of the Association of Power Generation Companies.

We are confident that Mr. Ezeafulukwe’s wealth of experience and leadership will greatly contribute to the continued success and growth of the company.

About Transcorp Power Plc

Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate with strategic investments in the power, hospitality, and energy sectors. Transcorp Power is committed to creating value and driving economic growth, by improving lives through access to electricity and transforming Africa.