Economy
FG Eyes 100% Nigerian Content in 2027, Trains Illegal Refiners
By Modupe Gbadeyanka
Minister of State for Petroleum Resources, Mr Ibe Kachikwu has directed the Nigerian Content Development and Monitoring Board (NCDMB) to ensure that the Nigerian oil and gas industry is able to produce all its needs by year 2027.
The Minister set the target in Owerri, Imo State at the just concluded Nigerian Content Workshop organised by New Planets Projects in conjunction with the Senate Committee on Petroleum Resources Upstream.
He said the Federal Government expects that over the next 10 years, the Nigeria oil and gas industry, in collaboration with foreign investors would have developed in-country capacities and capabilities to produce all its offshore platforms locally.
“I would like to see the Japanese coming; I would like to see the Koreans come here; I would like to see collaborative efforts that will make our oil industry produce everything that we need,” he said at the event.
However, the Minister acknowledged the giant strides made by the board in seven years, commending particularly the excellent achievements of the current Executive Secretary, Engr. Simbi Wabote, whom he credited for working with energy and passion and meeting several targets set for the Board in the past one year.
Noting that Nigerian Content achievement in engineering services had hit 80 percent, the Minister insisted that performance in offshore aspects of the industry was still substantially low and charged international and local operating oil companies to collaborate with the NCDMB to achieve the new target.
Mr Kachikwu described Nigerian Content as the future of the industry.
According to him, “It doesn’t matter how much money we make, how much gas we produce or alternative fossils we produce; if we do not ensure that a lot of that is captured locally in terms of benefits, we have no stake.”
Commenting on NCDMB’s strategies for addressing noncompliance with provisions of the Nigerian Content Act by some companies, the Minister said the focus should not be on identifying defaulters and penalizing them.
According to him, NCDMB should develop corrective measures and understand why some companies fail to comply.
“The Board needs to develop corrective visitation programmes to institutions that have not complied. Sit down with them and do an audit of the issues and jointly develop models, giving specific timelines for delivery and create incentives for those who comply and penalties for those who blatantly refuse to comply,” he said.
On industry’s capacity building initiatives, the Minister directed NCDMB, the Petroleum Technology Development Fund (PTDF) and the Petroleum Training Institute (PTI) to collaborate and develop a plan for training youths who are involved in pipeline vandalism, illegal refining and other illicit activities in the oil and gas industry.
The training programme will focus on improving their skillsets and getting them to embrace productive activities.
He said, “We need to find a middle-level specialized system of training people in the oil industry, a system that is not necessarily tied to degrees. We need to capture a lot of those in the hinterlands who have finished WAEC or their first diploma and don’t know where to go to but have some unique skillsets. We need to bring them to finishing schools.”
Mr Kachikwu also directed the NCDMB, PTDF and PTI to use existing industry facilities in Port Harcourt and Kaduna to carry out the planned trainings and other bespoke capacity building programmes for industry stakeholders. “We have to provide local competency trainings, relying on support from oil companies in terms of investment and overseas faculty.”
By Adedapo Adesanya
Oil was up more than 3 per cent on Tuesday as renewed Iranian attacks on the United Arab Emirates (UAE) heightened concerns about the worsening outlook for global supply.
Brent crude futures appreciated by $3.21 or 3.2 per cent to $103.42 a barrel, while the US West Texas Intermediate (WTI) crude futures gained $2.71 or 2.9 per cent to trade at $96.21 per barrel.
Prices had fallen previously after some vessels sailed through the critical Strait of Hormuz, a vital gateway for about 20 per cent of the world’s oil and liquefied natural gas trade
The Iran war shows no signs of abating as it renewed attacks on the United Arab Emirates (UAE) on Tuesday, causing oil loading at the port of Fujairah to be at least partly halted after the third attack in four days ignited a fire at the export terminal.
Fujairah, located on the Gulf of Oman just outside the Strait of Hormuz, is a critical exit point for oil volumes equivalent to roughly 1 per cent of global demand.
The attacks on oil installations by Iran and the ongoing disruption to shipping through the Strait of Hormuz have traders worried for long-term impairment to supply that could keep prices elevated.
The effective closure of the strait has forced the UAE, which is the third-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), to reduce its output by more than half.
Several allies of the US rebuffed President Donald Trump’s call on Monday to send warships to escort shipping through the strait.
On Tuesday, French President Emmanuel Macron said France would never take part in operations to unblock the strait, and would only participate in a coalition that could provide freedom of navigation once hostilities ended.
Meanwhile, the Trump administration reiterated its position that they see the Iran conflict lasting weeks, not months.
The head of the International Energy Agency (IEA), Mr Fatih Birol, has suggested member countries could release more oil, in addition to the 400 million barrels they have already agreed to draw from strategic reserves.
By Adedapo Adesanya
A 10 per cent equity stake has been acquired by Odu’a Investment Company Limited in a subsidiary of FCMB Group Plc, FCMB Pensions Limited.
The move is aimed at strengthening its presence in Nigeria’s growing pension industry.
The company disclosed that the transaction was completed after receiving all required regulatory approvals from the National Pension Commission (PenCom) and the Central Bank of Nigeria (CBN), while the Securities and Exchange Commission (SEC) has also been duly notified.
Odu’a Investment said the acquisition represents a strategic investment in a resilient and steadily expanding segment of Nigeria’s financial services sector.
The company added that the deal also reinforces FCMB Pensions’ shareholder base through the entry of a long-term institutional investor.
Chairman of Odu’a Investment Company Limited, Mr Bimbo Ashiru, said the investment aligns with the organisation’s strategy of partnering with strong institutions operating in sectors critical to Nigeria’s long-term economic stability.
“This investment reflects Odu’a’s strategy of partnering with strong institutions operating in sectors that are central to Nigeria’s long-term economic stability and growth,” he said in a statement.
“The pension industry plays a critical role in mobilising long-term savings and strengthening the financial system. FCMB Pensions has built a solid platform serving contributors across Nigeria, and we see a significant opportunity to support its continued growth and impact,” he added.
Also commenting on the transaction, the Managing Director of Odu’a Investment Company Limited, Mr Abdulrahman Yinusa, described the deal as a vote of confidence in FCMB Pensions’ leadership and long-term prospects.
“Our partnership with FCMB Group Plc reflects confidence in FCMB Pensions’ strategy, leadership, and long-term potential. Together, we will work to expand its reach, support its strategic objectives, and deliver sustained value to contributors and other stakeholders,” Mr Yinusa said.
The investment brings together two established institutions with complementary strengths and a shared focus on long-term value creation. According to the company, the partnership positions FCMB Pensions to deepen market penetration and enhance service delivery within Nigeria’s contributory pension scheme.
Odu’a Investment Company Limited is an investment holding company jointly owned by the governments of the six South-West states of Nigeria.
The firm manages a diversified portfolio spanning real estate, financial services, hospitality, agriculture, and industrial investments, with a mandate to generate sustainable economic value and support regional development.
By Aduragbemi Omiyale
The chief executive of the Nigerian Exchange (NGX) Group Plc, Mr Temi Popoola, has said Nigeria’s capital market is undergoing a re-rating as global investors begin to reassess the country’s economic trajectory and investment potential.
“What we are seeing is a gradual re-rating of Nigeria. investors are beginning to look at the data more closely, the returns, the reforms, and the improving macroeconomic direction, and that is changing sentiment,” he said during a live interview on BBC Newsday in London.
He is in the United Kingdom as part of broader investor and stakeholder engagements during President Bola Tinubu’s state visit to Buckingham Palace.
Mr Popoola explained that Nigeria’s equity market has delivered strong returns in recent months, positioning it more competitively among emerging and frontier markets. According to him, this performance is helping to recalibrate long-held risk perceptions and attract renewed interest from international investors.
He added that improvements in Nigeria’s energy landscape, including increased domestic refining capacity and ongoing sector reforms, are helping to reduce the economy’s exposure to external oil price shocks, further strengthening investor confidence.
Mr Popoola emphasised that beyond short-term market movements, consistency in policy implementation will be critical in sustaining this shift in perception. “Global capital responds to clarity and consistency. As those elements become more evident, Nigeria naturally becomes more investable.”
He also highlighted the importance of sustained engagement with global financial centres, noting that platforms such as London play a key role in connecting Nigeria’s capital market to international pools of capital.
According to him, Nigeria’s evolving market structure, combined with ongoing reforms, is strengthening its position as a viable destination for long-term investment. “There is a broader recognition that Nigeria offers significant opportunities. The focus now is ensuring that this recognition translates into sustained capital flows.”
The NGX group chief concluded that Nigeria’s capital market is increasingly being viewed through a more balanced and data-driven lens, reflecting both its resilience and its long-term growth potential.
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