Economy
Expect Full Integration of FPSO in Eight Years—Wabote
By Dipo Olowookere
The Nigerian oil and gas industry must strive to develop local capacities to execute full fabrication and integration of Floating Production Storage and Offloading (FPSO) vessels in-country within the next eight years, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote has said.
He spoke last Tuesday in Lagos when he accompanied the Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu and other top officials of the oil and gas industry to inspect the Total Exploration and Production Nigeria Limited’s Egina FPSO docked at the SHI-MCI Yard, LADOL Free Zone.
The Executive Secretary commended Total E&P for setting high Nigerian Content benchmarks with the Egina project, in engineering, fabrication, testing, coating and integration, stressing that the challenge for forthcoming projects would be how to raise the bar.
“Our aim is to stretch the limit to get more for Nigeria. Our aspiration is that come the next seven to eight years, full integration of an FPSO must happen in Nigeria,” he said.
Already the Board and major operating companies are working towards full domiciliation of FPSOs. The Zabazaba deepwater project being promoted by Nigerian Agip Exploration Limited (NAE) in partnership with Shell Nigeria Exploration and Production Company (SNEPCo) and the Bonga South West Aparo (BSWA) deepwater project also developed by SNEPCO have been planned to domicile 50 percent of the fabrication of modules and integration of the FPSOs.
He also charged other operating companies in Nigeria to take a cue from Total’s can-do attitude and their fervent belief in the Nigerian capability. “When the oil price fell to almost $27 a barrel, they did not stop the project. They continued and Nigerians were engaged.”
The first key step he said is for companies “to stop looking for waivers and change the default thinking from ‘it cannot be done here’ to ‘what do we need to do to make it happen’.”
The NCDMB boss also affirmed that the Egina project has changed the narrative about the capacities and capabilities of oil servicing companies in Nigeria. According to him, “the project simply raised the bar in local participation in various scope covering the Wells, Subsea Production Systems, Umbilicals, Flowlines and Risers, FPSO topsides, and Offloading buoy.
“One of the Nigerian contractors that fabricated the Buoy completed it three months ahead of schedule. The argument often put forward by project promoters is that Nigerian Content is expensive and cannot deliver on schedule. Egina has buried that mindset for forever,” he added.
He also underscored the need for new projects to sustain the achievements and employments that were created on the Egina project.
In his remarks, the Minister of State for Petroleum Resources commended Total for the feat noting that local capacities deployed to fabricate the Egina FPSO was sufficient to solve the nation’s electricity challenges, refine petroleum products to meet the needs of the populace, build durable roads and address other infrastructural deficiencies.
Mr Kachikwu charged project promoters in all spheres of the energy sector to fast track their projects, noting that the Federal Government was in a hurry to industrialize the nation and increase the volume of crude oil production at competitive costs.
In view of the oil prices which currently hover within the range of 60 dollars per barrel, the Minister informed that the Federal Government will soon prioritize oil production from fields that bring more returns to the nation as against others that operate with high production costs.
He said, “we will begin to pay more emphasis on where we make more money. As you look at your numbers and the terms under which you want to develop these fields, please spend a good amount of time in checking the bottom-line and what goes to the Federation Account.
“There is no need building a huge $70 billion facility without commensurate value addition. Those kinds of things wouldn’t happen anymore. So the terms will change and basis on which you will proceed will change.”
Also speaking, the Managing Director of LADOL, Dr. Amy Jadesimi highlighted the key roles played by the Board on the Egina project.
She said, “The feat would not have been possible if NCDMB had not insisted and if Total had not taken a huge risk when nobody thought it was possible to support us. I also want to thank NCDMB for providing us the financial support.”
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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