Sunday, October 19, 2025
25.2 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 to Champion “Nigeria First” Policy in Oil and Gas Sector

The Nigerian Content Development and Monitoring Board (NCDMB) has pledged its full commitment to implementing the recently introduced “Nigeria First” policy, a key directive of President Bola Ahmed Tinubu’s administration aimed at boosting local production and patronage of locally made goods and services, reducing dependence on imported items.

The Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe made this commitment at the opening ceremony of the ongoing NOG Energy Week in Abuja on Monday.

He described the policy as a strong reinforcement of the Board’s core mandate of promoting Nigerian Content in the oil and gas industry.

“For Nigeria, energy sufficiency goes beyond availability, it is about building resilience, ensuring sustainability, and protecting our sovereignty. That is why we say local content is not just a policy, it is a strategic imperative.” Ogbe noted.

Speaking on theme, ‘Achieving Energy Sufficiency through Local Content implementation’, Ogbe observed that achieving energy sufficiency will require deepening Nigeria’s local capabilities across the oil and gas value chain from exploration and production to processing, manufacturing, and services. He said prioritising local capacity would not only retain economic value within Nigeria but also mitigate supply disruptions, create jobs, and foster technological growth.

The “Nigeria First” policy is the latest in a series of government interventions designed to strengthen domestic content. The NCDMB boss referenced landmark initiatives such as the NOGICD Act 2010, Executive Orders 001 and 005, and the Presidential Directives on Local Content issued in 2023, which were aligned with President Tinubu’s 8-Point Agenda.

According to Ogbe, the new policy is rooted in a clear principle: “All goods or services that are produced and/or available locally will not be procured from foreign sources unless there is a clear and justifiable reason.” “This aligns with Section 3(1) of the NOGICD Act, which mandates first consideration for Nigerian made goods and services provided they meet industry standards.”

The Executive Secretary pointed that to translate the policy into action, the Board announced a series of implementation steps which include the development of a dedicated “Nigeria First Procurement Policy” for the Board, integration of the policy into internal systems, and its application in the review of Nigerian Content Plans (NCPs), Compliance Certifications, and Authorisation Certificates.

He disclosed further that NCDMB will commission two major baseline studies to verify the capacities of Nigerian service providers and to identify locally manufactured consumables used in the oil and gas sector.

“The Nigeria First policy is a bold commitment to national pride, industrial competence, and long-term economic sustainability. At the NCDMB, we are prepared to lead the charge in making this vision a reality.” Ogbe committed.

Similarly, NCDMB has unveiled a restructured approach to its N50bn Community Contractors Financing Scheme — a key component of the Nigerian Content Intervention (NCI) Fund.

Originally launched in 2018 to support indigenous contractors from oil-producing host communities, the Community Contractors Fund had recorded little traction until recent efforts under the current Executive Secretary, Engr. Felix Omatsola Ogbe set the scheme on a path to revival.

Moderating a session on Deepening Community Participation Through Accessible Financing, NCDMB’s General Manager, Corporate Communications, Dr. Obinna Ezeobi, noted that while other products under the NCI Fund have performed remarkably well, the Community Contractors Fund had lagged behind. He attributed the renewed focus on the scheme to the Executive Secretary’s personal commitment to grassroots empowerment.

General Manager, Nigerian Content Development Fund, Ms. Fatima Mohammed noted that new features had been introduced to the fund. The restructured fund allows for increased borrowing limits — up to ₦100 million for community contractors in the oil and gas industry, with single digit interest rate per annum. Beneficiaries must be verified community contractors with valid projects for international or indigenous oil and gas companies.

 

The Board also introduces simplified collateral terms, and plans to carry out extensive sensitization programmes, with disbursements expected in the coming months.

She added: “We want to see host communities actively participate in the oil and gas ecosystem. After a comprehensive review, we discovered that the centralised structure of the scheme was limiting its effectiveness. We’ve now decentralised it through the involvement of Performing Financial Institutions (PFIs),” she said.

Speaking on the panel, the Bank of Industry’s Head of Oil and Gas, Mr. Gabriel Yemidale, acknowledged past challenges in implementing the scheme but expressed optimism about the renewed collaboration between BOI, NCDMB, and selected PFIs such as FCMB.

“We didn’t abandon the scheme. What was missing was alignment. With FCMB now on board and funds already allocated, we expect much better reach at the grassroots. BOI will also ensure monthly loan performance reports and quarterly visits to beneficiaries to monitor impact,” Yemidale said.

FCMB’s Head of SME Assets, Oluremi Agboola, described the bank as a “go-to partner” for SME financing and affirmed its readiness to drive the fund’s success.

“We would likely revisit our interest rates to make the product more affordable — thanks to the ES’s impact-driven push. We are also offering financial literacy, monitoring and evaluation training, and business support through the FCMB Business Zone,” Agboola noted.

Another information was that eligibility is limited to the firms with ₦500,000 annual turnover, to ensure participation and impact on small contractors.

Another member of the panel, Director of Corporate Strategy and Planning, Trexim Holdings, Mr Olumide Odewole, emphasised the importance of sustainability and long-term results.

“We must build a framework that guarantees impact — through quality delivery, governance structures, and training. That’s how we build a resilient supply chain in the sector,” he said.

The revamped scheme marks a renewed commitment by NCDMB to close funding gaps in the sector and ensure that oil-producing communities are not just stakeholders in name, but active participants in Nigeria’s energy 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

Kaspersky: The Dark Side of Apps

Mobile device security threats are on the rise and...

Ecobank Nigeria: Four Millionaires in Super Reward Scheme

Ecobank Nigeria has presented grand prize of N1 million...

Afreximbank: ‘Covid-19 Caused $5bn Outflow from Africa in 1st Qtr 2020’

Professor Benedict Oramah President of Afreximbank African Export-Import Bank (Afreximbank),...

Inside the Mind of a Cyber Criminal!

  Cyber criminals come in many different flavours, but the...

Veritas Kapital Employee Volunteer Program Impacts on Karamajiji Community

Veritas Kapital Assurance (VKA) Plc - one of the...

Access, GT, UBA, FCMB, Fidelity Bank Fined N1.4bn by CBN

Herbert Wigwe Group Managing Director/CEO Access Bank Plc Access Bank Plc, UBA...

NCC/NESG: Partnership for Telecom Impact in National Development

L-R: Dr. Ikechukwu Adinde, Director, Public Affairs, Nigerian Communication...

Smile, Leading 4G LTE Innovation in Africa

Smile Telecoms Holdings Limited,which owns and operates 4G LTE...
Exit mobile version