Economy
NCDMB Intervention Fund Grows 75% to $350m in One Year
By Adedapo Adesanya
The Nigerian Content and Development Board (NCDMB) intervention fund has increased by 75 per cent to $350 million in one year.
This was revealed by the Executive Secretary of the board, Mr Simbi Wabote, at the Nigerian Bar Association-Section on Business Law (NBA-SBL) and NCDMB Colloquium on Wednesday.
The NCDMB chief, while delivering his keynote address at the conference titled NOGICD Act: Strides Challenges and Opportunities, said that the Nigerian Content Intervention Fund (NCIF) increased from $200 million to $350 million in the last 12 months.
According to him, the increment came with additional products for working capital and for women in the oil and gas sector.
Mr Wabote also revealed that a forensic audit of the Nigerian Content Development Fund (NCDF) remittances has been held, leading to recoveries close to $100 million.
He said that the agency had successfully exited appropriation since 2018 and that it intends to maintain its self-funding status through the prudent management of the NCDF entrusted in its care.
Listing some of NCDMB’s achievements since its establishment in 2010, Mr Wabote said the Nigerian Oil and Gas Industry Content Development (NOGICD) Act has restored hope to the nation’s oil and gas industry as no country can survive under the negative trend of capital flight, loss of jobs and community discontentment.
“Since inception in 2010, the implementation of the act has resulted in 35 per cent of in-country value retention compared to the less than 5 per cent value retention before the NOGICD Act.
“Before the act, we had an annual spend of $20 billion with little or nothing retained in-country. Today, I can confidently say that we spend over $6 billion in-country annually,” Mr Wabote said.
He continued, “We have 2 world-class pipe mills and five impressive pipe coating yards. About 40 per cent of marine vessels used in the oil and gas industry are owned by Nigerians. We have four active dry docking facilities in Port Harcourt, Onne, and Lagos. In cable manufacturing, all cables required in the oil and gas sector are manufactured in-country. Over 50,000 direct jobs have been created on the back of the implementation of the NOGICD Act.
“We have 76 operating companies and over 8,000 oil and gas service companies pulling their weight in the industry. Our indigenous operators are responsible for 15 per cent of our oil production and 60 per cent of our domestic gas supply.”
“In fabrication, today Nigeria can handle fabrication of more than 120,000 tonnes per year. In cable manufacturing, all cables required in the oil and gas sector are manufactured in-country.
“Over 10 million training manhours have been delivered via our human capacity development programs. No surprise that our indigenous workforce was able to sustain oil production at the peak of the COVID-19 pandemic lockdown,” he said.
Furthermore, he said that NCDMB in the last four years, had delivered on the completion and commissioning of a 17-storey headquarters building complete with a 1,000-seat auditorium and multi-level car park; completion of 10MW power plant at Elebele Bayelsa State for the supply of electricity to its new headquarters building and the oil and gas park in Bayelsa State, completion and commissioning of the 5,000bpd Waltersmith modular refinery; the Egina FPSO which is the largest in the world was integrated into the SHI-MCI yard in Lagos, STEM Education training for 1,500 teachers in Bayelsa and Katsina States; among other achievements.
Mr Wabote implored members of the bar to position themselves towards taking full advantage of the copious opportunities present in the sector, adding that it would play its part in ensuring proper utilisation.
Despite the challenges present in the global business environment, he said the board will continue to make concerted efforts towards tackling them.
By Aduragbemi Omiyale
The deadline for filing of employers’ annual tax returns in Lagos State has been extended by one week from February 1 to 7, 2026.
This information was revealed in a statement signed by the Head of Corporate Communications of the Lagos State Internal Revenue Service (LIRS), Mrs Monsurat Amasa-Oyelude.
In the statement issued over the weekend, the chairman of the tax collecting organisation, Mr Ayodele Subair, explained that the statutory deadline for filing of employers’ annual tax returns is January 31, every year, noting that the extension is intended to provide employers with additional time to complete and submit accurate tax returns.
According to him, employers must give priority to the timely filing of their annual returns, noting that compliance should be embedded as a routine business practice.
He also reiterated that electronic filing through the LIRS eTax platform remains the only approved method for submitting annual returns, as manual filings have been completely phased out. Employers are therefore required to file their returns exclusively through the LIRS eTax portal: https://etax.lirs.net.
Describing the platform as secure, user-friendly, and accessible 24/7, Mr Subair advised employers to ensure that the Tax ID (Tax Identification Number) of all employees is correctly captured in their submissions.
By Adedapo Adesanya
The chief executive of Airtel Africa Plc, Mr Sunil Kumar Taldar, has disclosed that the company is still on track to list its mobile money business, Airtel Money, before the end of June 2026.
Recall that Business Post reported in March 2024 that the mobile network operator was considering selling the shares of Airtel Money to the public through the IPO vehicle in a transaction expected to raise about $4 billion.
The firm had been in talks with possible advisors for a planned listing of the shares from the initial public offer on a stock exchange with some options including London, the United Arab Emirates (UAE), or Europe.
However, so far no final decisions have been made regarding the timing, location, or scale of the IPO.
In September 2025, the telco reportedly picked Citigroup Incorporated as advisors for the planned IPO which will see Airtel Money become a standalone entity before it can attain the prestige of trading on a stock exchange.
Mr Taldar, noted that metrics continued to show improvements ahead of the listing with its customer base hitting 52 million, compared to around 44.6 million users it had as of June 2025.
He added that the subsidiary processed over $210 billion in a year, according to the company’s nine-month financial results released on Friday.
“Our push to enhance financial inclusion across the continent continues to gain momentum with our Mobile Money customer base expanding to 52 million, surpassing the 50 million milestone. Annualised total processed value of over $210 billion in Q3’26 underscores the depth of our merchants, agents, and partner ecosystem and remains a key player in driving improved access to financial services across Africa.
“We remain on track for the listing of Airtel Money in the first half of 2026,” Mr Taldar said.
Estimating Airtel Money at $4 billion is higher than its valuation of $2.65 billion in 2021. In 2021, Airtel Money received significant investments, including $200 million from TPG Incorporated at a valuation of $2.65 billion and $100 million from Mastercard. Later that same year, an affiliate of Qatar’s sovereign wealth fund also acquired an undisclosed stake in the unit.
The mobile money sector in Africa is expanding rapidly, driven by a young population increasingly adopting technology for financial services, making the continent a key market for fintech companies.
By Dipo Olowookere
A cryptocurrency investor and owner of Polyfarm, Mr Bamu Gift Wandji, is currently cooling off in the custody of the Economic and Financial Crimes Commission (EFCC).
He was handed over to the anti-money laundering agency by the Nigerian Security and Civil Defence Corps (NSCDC) on Friday, January 30, 2026, after his arrest on Monday, January 12, 2026.
A statement from the EFCC yesterday disclosed that the suspect was apprehended by the NSCDC in Gwagwalada, Abuja for running an investment scheme without the authorisation of the Securities and Exchange Commission (SEC), which is the apex capital market regulator in Nigeria.
It was claimed that Mr Wandji created a fraudulent crypto investment platform called Polyfarm, where he allegedly lured innocent Nigerians to invest in Polygon, a crypto token that attracts high returns.
Investigation further revealed that he also deceived the public that his project, Polyfarm, has its native token called “polyfarm coin” which he sold to the public.
In his bid to promote the scheme, the suspect posted about this on social media platforms, including WhatsApp, X (formally Twitter) and Telegram. He also conducted seminars in some major cities in Nigeria including Kaduna, Lagos, Port Harcourt and Abuja where he described the scheme as a life-changing programme.
Further investigation revealed that in October, 2025, subscribers who could not access their funds were informed by the suspect that the site was attacked by Lazarus group, a cyber attacking group linked to North Korea.
Further investigations showed that Polyfarm is not registered and not licensed with SEC to carry out crypto transactions in Nigeria. Also, no investment happened with subscribers’ funds and that the suspect used funds paid by subscribers to pay others in the name of profit.
Investigation also revealed that native coin, polyfarm coin was never listed on coin market cap and that the suspect sold worthless coins to the general public.
Contrary to the claim of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was never attacked or hacked by anyone and that the suspect withdrew investors’ funds and utilized the same for his personal gains.
The EFCC, in the statement, disclosed that Mr Wandji would be charged to court upon conclusion of investigations.
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