General
$5m Bribe: NCDMB Rubbishes Allegation Against Wabote
By Ahmed Rahma
The Nigerian Content Development and Monitoring Board (NCDMB) has defended its Executive Secretary, Mr Simbi Wabote, saying that the $5 million bribery allegation against him is false.
A few days ago, one Mr Jackson Ude had accused Mr Wabote of receiving $5 million bribe from a German company to violate Nigeria’s local content laws on the Bonny Train 7 contract.
The journalist has said, “Simbi Wabote, the Executive Secretary of the Nigeria Content Development and Monitoring Board, a lackey of Timipre Sylva, actually collected $5 million bribe from Kelvion, German company to violate Nigeria’s local content laws on the Bonny Train 7 contract. Details plenty!”
But responding in a statement signed by General Manager of Corporate Communication/Zonal Coordination, NCDMB, Dr Ginah Ginah, the organisation described this allegation as baseless.
“Our attention has been drawn to a spurious and libellous online publication in Pointblank News of 10th February 2021, in which one Jackson Ude, purported that the Executive Secretary of the NCDMB, Engr. Simbi Wabote, and the Minister of State for Petroleum, Chief Timipre Sylva received bribes to undermine the Nigerian content policy in the award of Train 7 EPC contract.
“The report epitomizes a futile attempt to soil the image of public officials who have worked hard to develop local content in the Nigerian oil and gas industry.
“It is apparent that the writer does not even understand the role of NCDMB as enshrined in the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010.
“It could have been proper to ignore the fabricated news report, but we have a duty to provide the facts so that unsuspecting members of the public are not misled by blatant disinformation.
“For the avoidance of doubt, the NCDMB is a regulator and does not award contracts in the Nigerian oil and gas industry,” NCDMB explained in the statement.
Explaining further, it stated, “Our involvement in the award process is limited to evaluation of local content requirements in tenders, upon which NCDMB communicates to operators and/or project promoters the outcome of bidders’ compliance or otherwise with the provisions of the NOGICD Act.
“Due consideration and the decision to award a contract to any of the compliant bidders rest with the operator and their partners/ project promoters.
“The process of scaling through local content requirements in a project development is based on the provisions of the Nigerian Content Act and not on a subjective checklist that can be changed at the whims of any individual.”
It revealed that, “Circumventing the rules/requirements attracts stiff sanctions. Therefore, it would have been impossible for the Executive Secretary and the Minister or any other official for that matter to be induced to contravene the provisions of the law they are meant to enforce.
“It would have also been impossible for any official to dictate to the operators or project promoters on their choice of contractors without due regard for the commercial aspects and project economics.
“This fake news by Jackson Ude is a disingenuous attempt to diminish the hard work that engendered the Final Investment Decision (FID) for NLNG Train 7 project even at the peak of the COVID-19 pandemic last year.
“The allegations are not only reckless but also calls to question the motive of Mr. Ude and his cohorts as the country strives to attract investors and create job opportunities for Nigerians.
“Just to call a spade a spade: the report by Jackson Ude is completely FALSE and makes no sense; it is mere FAKE news that satisfies only the author’s mischief and the selfish interests of his sponsors.
“It is on record that the outcome of the Train-7 Project tenders provided very significant financial savings for the NLNG and the country at large.
“We will therefore not succumb to any mudslinging or blackmail from Jackson Ude or his cohorts, including those business promoters who did not win the NLNG Train-7 contracts but have decided to vent their spleen through channels of disinformation such as the online Pointblank News
“Since creation in 2010, the NCDMB has worked to achieve quantum growth in the Nigerian oil and gas industry from less than 5% to over 35%.
“The in-country capacities and capabilities developed over the years are evident and we will not be distracted from our focus and plan to increase this to 70 percent by 2027 in line with our extant 10-year Strategic Roadmap.”
General
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General
BFF-Supported Startups Raise $379m, Create 6,000 Jobs
By Modupe Gbadeyanka
About 6,000 jobs have been created, with $379 million collectively raised by startups owned by entrepreneurs who have passed through the Black Founders Fund (BBF) of a tech giant, Google.
Google created the BBF initiative to empower startup owners of African origin. This programme has helped to drive innovation, job creation and business expansions because of the grants received from the sponsor of the scheme.
On Tuesday, past participants of the initiative were at iHub in Nairobi, Kenya, for the Black Founders Fund Alumni Summit, where the organisers unveiled the BFF Impact Report to highlight the significant progress and success of Black-led startups across Africa.
This annual event brought together 45-50 alumni from across the continent including Kenya, Nigeria, South Africa, and Uganda to celebrate their achievements and discuss the future of Africa’s digital economy.
The BFF Impact Report offers a comprehensive look at the remarkable impact that targeted support for Black entrepreneurs has had on the African tech ecosystem.
The report revealed that BFF-supported startups have collectively raised $379 million, created more than 6,000 jobs, and experienced 61% faster growth than their peers, underscoring the importance of strategic investment in fostering sustainable innovation.
Through non-dilutive funding, mentorship, and networking, the Black Founders Fund has empowered entrepreneurs to overcome barriers, scale their businesses, and contribute to Africa’s digital transformation. The BFF Impact Report demonstrates the pivotal role of the program in strengthening the continent’s startup ecosystem, enabling businesses to compete globally and attract significant investment.
“The Black Founders Fund is not just about financial support—it’s about creating an ecosystem of innovation, job creation, and opportunity.
“The BFF Impact Report reflects the incredible progress Black entrepreneurs have made, and how the right resources can empower them to lead Africa’s digital future. The impact we are seeing today will set the stage for an even more vibrant African tech landscape tomorrow,” the Country Director for West Africa at Google for Startups, Olumide Balogun, remarked.
“This report is a celebration of the incredible work being done by Black founders across Africa. The BFF Impact Report proves that, when we invest in these entrepreneurs, we’re not only helping individual startups, but we’re driving systemic change within the broader African tech ecosystem,” the Head of Startup Ecosystem for Africa at Google, Mr Folarin Aiyegbusi, also stated.
In addition, the Black Founders Fund Manager Europe at Google for Startups, Mariama Boumanjal, said, “The BFF Impact Report proves that with the right support, Black founders can not only overcome these challenges—they can lead the way in innovation, job creation, and economic development.”
Business Post reports that through non-dilutive funding, mentorship, and an expansive network, the BFF has empowered over 220 startups, enabling them to scale faster and break down these barriers.
General
Expectations Heighten For Reactivation of Nigeria’s Other Refineries
By Adedapo Adesanya
After years of laying fallow, the Port Harcourt Refinery began producing and distribute petroleum products Premium Motor Spirit (PMS) or petrol, Automotive Gas Oil (AGO) or diesel and Household Kerosene (HHK) or Kerosene.
This development has raised expectations regarding Nigeria’s other three refineries not yet operational. These include the second refinery in Port Harcourt as well as the Warri and Kaduna Refinery.
The reactivation of these facilities, according to energy analysts, will help push out more supply of petroleum products, which may help cut down high prices that Nigerians pay while also making the country self-sufficient.
The newly operational refinery was built in 1965 and Port Harcourt II was added in 1989, increasing capacity by 150,000 barrels per day, making the total capacity of the Port Harcourt complex 210,000 barrels per day.
The Warri Refinery was built in in 1978 and is supposed to have an upgraded capacity up to 125,000 barrels per day and the Kaduna Refinery, which was commissioned in 1980, was designed with a capacity of 110,000 barrels per day.
Speaking during a brief ceremony to mark the commencement of products loading at the refinery on Tuesday in Port Harcourt, the Group CEO, Mr Mele Kyari described the commencement of the loadout activities as a monumental achievement for Nigeria which signifies a new era of energy independence and economic growth for the country.
The GCEO further thanked Nigerians for their patience and for the legitimate expectations on the Company to deliver on the other refineries.
Meanwhile, President Bola Tinubu on Tuesday extended his heartfelt congratulations to the NNPC on the successful revitalization of the Port Harcourt refinery and charged the NNPC Limited to expedite the scheduled reactivation of both the second Port Harcourt refinery and the Warri and Kaduna refineries.
He said these efforts will significantly enhance domestic production capacity alongside the contributions of privately-owned refineries and make our country a major energy hub, with the gas sector also enjoying unprecedented attention by the administration.
The President underscores his administration’s determination to repair the nation’s refineries, aiming to eradicate the disheartening perception of Nigeria as a major crude oil producer that lacks the ability to refine its own resources for domestic consumption.
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