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NCDMB Boss Tasks Staff on Productivity, Professionalism

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NCDMB simbi wabote

NCDMB Boss Tasks Staff on Productivity, Professionalism

By Modupe Gbadeyanka

Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Wabote, has charged staff of the agency to discharge their duties with diligence and professionalism so as to reinvigorate the tempo of Nigerian Content implementation for the benefit of Nigerians.

In his New Year message to staff, the Executive Secretary harped on the need for all personnel to adhere strictly with the Board’s core values, policies and processes and adopt positive work attitudes and culture, describing the attributes as necessities for achieving the Nigerian Content mandate.

He assured that the Board’s position and role in the oil and gas industry would be strengthened under his leadership, stressing that staff must become pragmatic in their tasks to avoid the Board getting blamed for slippages in the contracting cycle.

He promised a holistic review of the Board’s Human Resources processes in the first quarter of the year with a view to enhancing employee development and performance delivery.

On projects for 2017, Mr Wabote reconfirmed plans to carry out an urgent review of the Board’s performance from inception to date in order to identify areas of possible improvement, develop a 5-year road map for Nigerian Content development and implementation and incorporate the Federal Government’s “7 Big Wins’’ and other change initiatives.

 He further disclosed that NCDMB will extend its operations to the midstream and downstream sectors of the industry and support 3rd party investors that intend to domicile value-adding activities in-country like the Egina FPSO Integration Yard project, GE Multi-modal Complex, Yulong Pipemill among others.

On the status of the Board’s legacy projects, the Executive Secretary pledged that the tempo of execution will be increased this year, adding that the Headquarters Building project will be completed on schedule in 2018 while the actual construction of the Oil and Gas Parks will be placed on a fast track.

He said, “the five parks to be constructed are expected to create about 2,000 direct and indirect jobs each and link community entrepreneurs to the oil and gas supply chain. This is an immense contribution to the economic development of the respective areas that must be expedited.

“Our strategy will be to engage stakeholders especially IOCs to support some aspects of the infrastructure development while also collaborating with leading energy companies like General Electric to provide power solutions in the parks.”

He also announced that changes will be introduced with regards to the Nigerian Content Development Fund (NCDF) to ensure compliance by contributors and enhanced access by qualified Nigeria Oil and Gas Service Providers.

According to him, “We shall entrench transparency in the collection of NCDF one per cent remittances by stakeholders as well as the support given to stakeholders in this regard. We shall also commence an on-lending scheme with the Bank of Industry and/or other Entrepreneurial Banks for financing manufacturing initiatives in the Industry at a fixed single-digit interest rate of eight percent per annum.”

Dwelling on the low crude oil price regime which had led to suspension of new projects and affected the tempo of Nigerian Content implementation, Mr Wabote admonished NCDMB staff to see the current price regime as a window of opportunity to do things better and differently, tasking them to galvanize the industry to maximize local content benefits from operations and maintenance services in already developed fields.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

Introduction of Capital Gains Tax Could Discourage Investors—Popoola

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capital gains tax

By Aduragbemi Omiyale

As part of efforts to raise more funds for the provision of critical infrastructure in the country, the federal government recently introduced the capital gains tax.

This was embedded in the 2021 Finance Act and it required the payment of capital gains tax on transactions worth over N100 million.

The chief executive of the Nigerian Exchange (NGX) Limited, Mr Temi Popoola, applauded this initiative of the government but warned that it could discourage investors, especially the high net-worth individuals (HNIs) and institutional investors, who carried out such heavy deals.

Mr Popoola, who spoke a few months ago at the Nigerian Economic Summit Group (NESG) Fiscal Policy Roundtable, called for a balance.

He admitted that the capital gains tax is in line with the government’s drive towards an increased tax bracket but was only worried about the adverse effect the laudable policy could have on the economy in the long run.

However, Mr Popoola commended the economic policy direction of the administration of President Muhammadu Buhari, noting that it was an indication of the government’s commitment to driving non-oil revenues into the country.

The NGX chief said the tenets of the 2021 Finance Act brought a lot more clarity on investment such as the Real Estate Investment Trust (REIT), Capital Gain Tax (CGT) and securities lending transactions.

According to him, investing in real estate investment brings a lot of potential gains and “if you look at our market today, all our assets class has helped to boost investors’ confidence.”

He stated that the Finance Act will boost the capital market and the economy, reiterating NGX’s commitment to adhering to government policy and driving growth in the capital market.

However, he further stressed that the introduction of excise taxes on non-alcoholic beverages and the education tax could also affect the economy.

According to him, these taxes could hamper the ability of companies affected by these developments to raise capital and pay dividends to investors because the policies are coming at a time the economy was undergoing a recovery.

Business Post reports that the event, which precisely took place in March 2022, was put together by NESG to access the impact of the 2021 Finance Act on the economy.

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Economy

Inflation in Nigeria Jumps to 16.82% in April 2022

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inflation rate Nigeria

By Aduragbemi Omiyale

The National Bureau of Statistics (NBS) on Tuesday disclosed that inflation in Nigeria increased by 16.82 per cent in April 2022 from the 15.92 per cent recorded in March 2022.

However, on a year-on-year basis, the rate moderated by 1.3 per cent as inflation was 18.12 per cent in the corresponding month of 2021.

The NBS disclosed that the percentage change in the average composite consumer price index (CPI) for the 12 months period ending April 2022 over the average of the CPI for the previous 12 months period was 16.45 per cent, 0.1 per cent lower than the 16.54 per cent recorded in March 2022.

It also stated that in the month under review, the urban inflation rate increased to 17.35 per cent (year-on-year) in April 2022 from 18.68 per cent recorded in April 2021, while the rural inflation rate increased to 16.32 per cent in April 2022 from 17.57 per cent in April 2021.

On a month-on-month basis, the urban index rose to 1.78 per cent in April 2022, up by 0.02 from the rate recorded in March 2022 at 1.76 per cent, while the rural index also rose to 1.74 per cent in April 2022, up by 0.01 from the rate that was recorded in March 2022 at 1.73 per cent.

The corresponding 12-month year-on-year average percentage change for the urban index is 17.01 per cent in April 2022, lower than 17.10 per cent reported in March 2022, while the corresponding rural inflation rate in April 2022 is 15.91 per cent compared to 16.00 per cent recorded in March 2022.

In the report, the stats agency said in April 2022, the composite food index rose by 18.37 per cent in contrast to the 22.72 per cent achieved in April 2021, attributing the increase to a hike in the prices of bread and cereals, food products n.e.c, potatoes, yam, and other tubers, wine, fish, meat, and oils.

On a month-on-month basis, the food sub-index increased to 2.00 per cent in April 2022, up by 0.01 per cent points from 1.99 per cent recorded in March 2022, the report added.

It was further stated that the average annual rate of change of the food sub-index for the 12-month period ending April 2022 over the previous 12-month average is 18.88 per cent, 0.34 per cent points from the average annual rate of change recorded in March 2022 at 19.21 per cent.

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Economy

OTC Securities Exchange Closes 0.02% Lower

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NASD OTC Securities Exchange

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed marginally lower by 0.02 per cent on Monday on the back of a price depreciation in Central Securities Clearing Systems (CSCS) Plc.

The stock, which was the only price loser yesterday, went down by 5 kobo or 0.29 per cent to sell at N16.95 per unit compared to the previous session’s N17.00 per unit.

At the close of transactions, it reduced the market capitalisation of the OTC securities exchange by N250 million to N1.05 trillion from N1.06 trillion and sliced the NASD Unlisted Securities Index (NSI) by 0.19 points to 807.56 points from 807.75 points.

Business Post observed that the level of activity during the session was low as the volume of securities recorded a decline of 99.8 per cent to 61,131 units from 7.5 million units, the value of trades also depreciated by 99.8 per cent to N4.6 million from N2.2 billion, while the number of deals remained unchanged at 11 deals.

AG Mortgage Bank Plc closed the session as the most traded stock by volume (year-to-date) with 2.3 billion units worth N1.2 billion, CSCS Plc was in second place with 661.6 million units worth N13.9 billion, while Food Concepts Plc held the third position with 94 million units worth N77.8 million.

But the most active stock by value (year-to-date) was CSCS Plc with 661.6 million units valued at N13.9 billion, VFD Group followed with 9.4 million units valued at N2.9 billion, and AG Mortgage Bank Plc with 2.3 billion units valued at N1.2 billion.

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