Sunday, October 19, 2025
29.4 C
Lagos

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

NCDMB, Dangote Refinery Inaugurate Joint Committee to Deepen Local Content

The Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe presenting the certificate of the Nigerian Content Downstream Operator of the Year Award won by the Dangote Petroleum Refinery and Petrochemical Company at the inaugural Champions of Nigerian Content Awards to President of the Dangote Group, Alhaji Aliko Dangote on Tuesday.

The Nigerian Content Development and Monitoring Board (NCDMB) and the Dangote Petroleum Refinery and Petrochemical Company on Tuesday inaugurated a Joint Technical Committee (JTC) aimed at advancing local content implementation during the operational phase of the 650,000 barrels per day refinery plant.

The inauguration ceremony which took place on Tuesday at the Dangote Free Trade Zone, Ibeju-Lekki, Lagos State marks a pivotal moment in fostering strategic collaboration between both institutions and is a significant move to reinforce local content development in the oil and gas sector.

The ceremony presided over by the Executive Secretary of the Board, Engr. Felix Omatsola Ogbe, and the Group Vice President, Oil and Gas, Dangote Group, Chief Edwin Devakumar featured the formal sign-off of the Committee’s Terms of Reference (ToR), a guided tour of the refinery, other critical facilities, and the official commencement of the JTC’s responsibilities.

The visit also featured the presentation of the certificate of the Nigerian Content Downstream Operator of the Year Award won by the Dangote Petroleum Refinery and Petrochemical Company at the inaugural Champions of Nigerian Content Awards held recently in May.

The Executive Secretary NCDMB made the presentation to the President of the Dangote Group, Alhaji Aliko Dangote, who expressed delight at the recognition, noting that he would display the certificate proudly at his office.

Engr. Ogbe congratulated the Dangote Group on the successful development and commissioning of the largest single train refinery in the world, as well as petrochemical and fertiliser plants, describing the projects as a “historic milestone” not only for Nigeria but for the entire continent.

He emphasised that the Dangote Refinery stands as a testament to the success of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010 and the transformative potential of Nigerian-led industrial projects.

“At an optimal daily production capacity of 650,000 barrels, this refinery will significantly enhance Nigeria’s energy security and contribute to the supply of refined petroleum products across West Africa,” the Executive Secretary stated. “Nigerians, have to own the plant, we have to make sure that the plant works well. We have to secure it, we have to maintain it,” he said.

NCDMB, he said, would continue to collaborate with Dangote Petroleum Refinery, while highlighting the need to ensure more value retention in the sector, as mandated by the Nigerian Oil and Gas Industry Content Development Act (NOGICD) 2010.

He demanded compliance with Sections 32 and 33 of the NOGICD Act, with particular reference to local manpower utilisation and requirements for NCDMB’s approval prior to the engagement of expatriates.

“The NOGICD Act stipulates that no expatriate can be employed in any organization in the oil and gas industry without the prior approval of the NCDMB. We will work with you. We have to protect jobs for Nigerians,” he said, while commending the company for training and employing Nigerian engineers.

“This collaboration must ensure qualified Nigerians are given opportunities across all operational roles. It is critical to job creation, skills development, and national capacity building in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu,” he added.

The NCDMB boss also urged Dangote Petroleum Refinery and Petrochemicals to support its initiative aimed at developing oil and gas industrial parks across the country to foster local content and manufacturing in the oil and gas sector.

He explained that the Nigerian Oil and Gas Parks Scheme (NOGaPS) seeks to create an enabling environment for Small and Medium Enterprises in the sector. NOGaPS was conceived by the Board to develop facilities close to oil fields where manufacturing of oil and gas components, as well as research and development, can be carried out.

“We would like Dangote to support one of our major activities, which is the oil and gas industrial parks scheme. The parks are aimed at creating an enabling environment for SMEs in the industry to do fabrication, among others, and create more jobs for Nigerians,” Ogbe said.

In his welcome address, Chief Edwin Devakumar highlighted that the Dangote refinery project and NCDMB have been working together, promoting local content development during the construction stages of the project. “We can’t say we have achieved everything, but there is opportunity to do more,” he said.

“We are grateful to the NCDMB for all their support and advice. As entrepreneurs, we are trying to optimise costs. It is a Nigerian company; it is also an entrepreneur-driven company. As a Nigerian company, the focus will be on Nigerian content. As an entrepreneur-driven company, it will be cost-focused.

He underscored the long-standing commitment of the Dangote Group to national development and capacity building, remarking that the Group’s vision is to grow Nigeria’s industrial landscape.

The high point of the visit was the inauguration of the Committee’s members.

The Committee is tasked with ensuring the implementation of local content in refinery operations. Its core objectives include promoting the use of Nigerian skilled manpower, services, and locally sourced materials in compliance with Section 3 of the NOGICD Act. They will also support Dangote Refinery in aligning its operational procedures with the Act’s requirements.

In his acceptance remarks, Director of Corporate Services at NCDMB and chair of the Committee, Mr. Abdulmalik Halilu, expressed gratitude to the leadership of both organisations. He reiterated the Committee’s dedication to upholding the highest standards of local content enforcement and fostering measurable outcomes that will benefit the Nigerian economy.

 

Hot this week

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Stanbic IBTC Bank, LOXEA BYD forge alliance for Electric Vehicle Financing

In a strategic move to advance Nigeria’s shift toward...

CBN, Bank of Angola Sign MoU on Technical Co-operation at IMF/World Bank Meeting

In an effort to enhance bilateral cooperation and technical...

NBS: Nigeria’s Inflation Falls to 18.02% in September, Lowest Level in Three Years

Nigeria’s headline inflation rate fell for the sixth consecutive...

NUPEMCO Marks 2025 CSW with Nationwide Pension Awareness Activities, Huawei-Supported National Essay competition

The Nigerian University Pension Management Company (NUPEMCO) celebrated the...

Topics

Agricultural Productivity: NIRSAL Empowers over 2,000 Farmers in 4 States

NIRSAL's Ibrahim Suleiman taking the first Lecture in Owerri,...

Emefiele Re-appointed for 2nd Term as CBN Governor

Mr. Godwin Emefiele, Governor, Central Bank of Nigeria (CBN)...

Glendora, Red Star Express Partner over King’s College History Book

The King's College Old Boys' Association Centenary Committee recently...

ILAN EXCO Pays Courtesy Visit to Sovereign Trust Insurance

L-R: Lekan Oguntunde, DGM/Head, Digital & Information Technology, Sovereign...

North, South East Ranks Low in Protein Consumption by 45%

The North and South East regions of the country...

Cyber-security Tops Agenda at CTO Conference

Engr. Shola Taylor, Secretary-General of the Commonwealth Telecommunications Organisation...

FG: Economic Reforms Driving Growth, Investor Confidence

The Minister of Budget and Economic Planning, Senator Abubakar...

Irukwu, Mutual, Stanbic Pension, NEM Win NAIPCO Awards

A total of 23 outstanding insurance and pension operators...
Exit mobile version