Economy

NCDMB Lauds Nigerdock as 49 Trainees Graduate

Published

9 years ago

19/08/2017

By Dipo Olowookere

Leading indigenous energy services company, Nigerdock, has been applauded by the Nigerian Content Development and Monitoring Board (NCDMB) for its persistent efforts toward promoting local content and developing the nation’s human capacity, as 49 vocational trainees recently graduated from the Nigerdock Training and Development Academy.

The vocational trainees comprising 47 young men and 2 ladies are secondary school leavers, who commenced their on-the-job training (OJT) in May 2016 and 24 trainees acquired skills in welding with (international: 6G and 6GR certifications and Nigerdock Certification of Completion -NDCC).

At the academy, 19 of them were trained in fitting and 6 were trained in machining.

At the graduation ceremony held at the Nigerdock facility located at Snake Island Integrated Free Zone (SIIFZ), the Executive Secretary of the NCDMB, Engr. Simbi Wabote, who was represented by Manager, Capacity Development Division, Engr. Iwhiwhu Maurice Kelly, appreciated Nigerdock, Samsung Heavy Industries and TOTAL for further deepening local content and improving Nigeria’s Human Capacity Development through its world class training academy.

“We commend Nigerdock, Samsung Heavy Industries Ltd and TOTAL Upstream Nigeria Limited because we are confident that these vocational trainees have been trained in various skillsets that empower them to provide the necessary manpower and services for the sector and they can compete with their counterparts in other parts of the world,” he noted.

Engr. Iwhiwhu also appealed to the graduating trainees to be good ambassadors of the Academy. He commended all the stakeholders for completing the training safely.

The National Human Capacity Development (NHCD) plan for the training was designed as an on-the-job training model. As such the trainees witnessed the fabrication of various structures on Egina FPSO Project and provided support during the project. In addition, some of the trainees witnessed activities in other areas of Nigerdock’s operations like the shipyard division and offshore logistics division.

Egina NHCD trainees fortuitously happen to be the first set of trainees to graduate from the recently rebranded Nigerdock Training and Development Academy. The former Training Centre was established in 1986, and has as so far trained about 30,000 Nigerians in various skillsets and discipline in the oil and gas industry, awarding globally recognized certificates.

Group Corporate Affairs Director, Jagal, Mrs Joy Okebalama, reaffirmed Nigerdock’s commitment to continuously champion local content development in Nigeria. She also lauded Samsung Heavy Industries Nigeria LTD, TOTAL and NCDMB for supporting the program.

Present at the graduation ceremony were Group MD, Jagal Energy, Mr Chris Bennett; Human Capacity Development Manager, Nigerdock, Mr Emeka Anazia; Nigerian Content Manager, Samsung Mr Imo Kalu Imo; Mrs Amarachi Chibundu Manager, Egina Partners and Authorities Relations, among others.

Sylvanus Unwene, a graduate who trained as a machinist, expressed gratitude to Nigerdock, Samsung, TOTAL and the NCDMB for providing the platform to empower young people. “I feel happy for this life-changing experience. We all appreciate the experience especially as we completed it in very safe environment. We are eager to utilize these skills both locally and internationally.”

The outstanding experience of a female employee of Nigerdock who rose to become a Captain, Noimot Akasan, was also related to the graduating students and guests. Akasan joined Nigerdock as an Industrial Training student, but later became a trainee Captain on Nigerdock boats in 2012

Through persistent efforts and support from the company, Akasan has acquired necessary certifications from industry certified Institutes including Higher National Diploma in Port Management; Post Graduate Diploma in Transport Management and she is currently undergoing a Master’s Degree in Maritime Transportation

Earlier this years, 48 professional trainees graduated from the Academy upon completion of their on the job training under EGINA FPSO Project. Nigerdock Training and Development Academy is Nigeria’s foremost indigenous training institution offering the highest quality and competence needs-based training for the oil and gas sector.

Economy

UAE to Leave OPEC May 1

Published

2 hours ago

28/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The United ‌Arab Emirates has announced its decision to quit the Organisation of the Petroleum Exporting Countries (OPEC) to focus on national interests.

This dealt ⁠a heavy ⁠blow to the oil-exporting group at a time when the US-Israel war on Iran had caused ⁠a historic energy shock and rattled the global economy.

The move, which will take effect on May 1, 2026, reflects “the UAE’s long-term strategic and economic vision and evolving energy profile”, a statement carried by state media said on Tuesday.

“During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all,” it added. “However, the time has come to focus our efforts on what our national interest dictates.”

The loss of the UAE, a longstanding OPEC member, could create disarray and weaken the oil cartel, which has usually sought to show a united ⁠front despite internal disagreements over a range of issues from geopolitics to production quotas.

UAE Energy Minister Suhail Mohamed al-Mazrouei said the decision was taken after a careful look at the regional power’s energy strategies.

“This is a policy decision. It has been done after a careful look at current and future policies related to the level of production,” the minister said.

OPEC’s Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a ‌narrow chokepoint between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas supplies normally pass, because of threats and attacks against vessels during the war.

The UAE had been a member of OPEC first through its emirate of Abu Dhabi in 1967 and later when it became its own country in 1971.

The oil cartel, based in Vienna, has seen some of its market power wane as the US has increased its production of crude oil in recent years.

Additionally, the UAE and Saudi Arabia have increasingly competed over economic issues and regional politics, particularly in the Red Sea area.

The two countries had joined a coalition to fight against Yemen’s Iran-backed Houthis in 2015. However, that coalition broke down into recriminations in late December when Saudi Arabia bombed what it described as a weapons shipment bound for Yemeni separatists backed by the UAE.

Economy

NASD OTC Exchange Inches Up 0.03% as CSCS Outshines Four Price Decliners

Published

14 hours ago

28/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Central Securities Clearing System (CSCS) Plc bested four price decliners on the NASD Over-the-Counter (OTC) Securities Exchange on Monday, April 27. The alternative stock market opened the week bullish during the session with a 0.03 per cent uptick.

According to data, the security depository company added N2.61 to its share price to close at N76.26 per unit compared with the preceding session’s N78.87 per unit.

As a result, the market capitalisation of the platform increased by N820 million to N2.425 trillion from N2.424 trillion, and the NASD Unlisted Security Index (NSI) gained 1.38 points to finish at 4,053.97 points compared with the 4,052.58 points it ended last Friday.

The four price losers were led by NASD Plc, which slumped by N3.80 to sell at N34.70 per share versus N38.50 per share. FrieslandCampina Wamco Nigeria Plc fell by N1.45 to N98.10 per unit from N99.55 per unit, Food Concepts Plc slid by 27 Kobo to N2.43 per share from N2.70 per share, and Geo-Fluids Plc dipped by 9 Kobo to N2.91 per unit from N3.00 per unit.

The value of securities transacted by market participants went down by 82.0 per cent to N7.4 million from N41.3 million units, the volume of securities declined by 28.5 per cent to 319,831 units from 447,403 units, and the number of deals dropped by 34.1 per cent to 29 deals from 44 deals.

Great Nigeria Insurance (GNI) Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 59.6 million units sold for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.

Also, GNI Plc was the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Resourcery Plc with 1.1 billion units traded for N415.7 million, and Infrastructure Guarantee Credit Plc with a turnover of 400 million units worth N1.2 billion.

Economy

Naira Opens Week Weaker at N1,364/$ at NAFEX After N5.80 Loss

Published

15 hours ago

28/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The first trading day of the week in the currency market was bearish for the Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, April 27.

Yesterday, it lost N5.80 or 0.43 per cent against the United States Dollar to trade at N1,364.24/$1, in contrast to the N1,358.44/$1 it was traded last Friday.

In the same vein, the Nigerian currency depreciated against the Pound Sterling in the official market by N13.70 to close at N1,847.72/£1 versus the preceding session’s N1,834.02/£1, and slumped against the Euro by N11.56 to sell at N1,602.29/€1 versus N1,590.73/€1.

Also, the Nigerian Naira tumbled against the greenback during the trading day by N5 to quote at N1,385/$1 compared with the previous rate of N1,380/$1, and at the GTBank FX desk, it traded flat at N1,370/$1.

The poor performance of the domestic currency could be attributed to liquidity shortage at the official currency market on Monday, which came amid surging demand for international payments. At $76.50 million, interbank liquidity printed higher across 79 deals, up from the $43.572 million reported on Friday.

Nigeria’s gross external reserves declined to $48.45 billion amid a month-long decline in inflows, amid uncertainties in the global commodity market. The depletion of foreign reserves could be partly attributed to the Central Bank of Nigeria’s intervention in the FX market.

The market remains perturbed by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market, while boosters, including oil prices, continue to look rocky due to stalled discussions and unclear ceasefire negotiations between the US and Iran.

A look at the cryptocurrency market, Bitcoin (BTC) has been rejected near $79,000 three times in eight sessions, leaving the level as the de facto ceiling of its current trading range even as major cryptocurrencies trade lower over the past day. It lost 0.9 per cent to sell at $77,003.61.

Analysts say that upcoming US Federal Reserve policy decisions and top tech firms’ earnings this week could provide the catalyst to push bitcoin decisively above $80,000.

The market also continued to weigh Iran’s interim deal proposal to reopen the Strait of Hormuz, which failed to advance over the weekend. The White House said US officials were discussing the latest Iranian proposal but maintained “red lines” on any deal to end the eight-week war.

Solana (SOL) dropped 1.8 per cent to $84.25, Ripple (XRP) went down by 1.6 per cent to $1.39, Ethereum (ETH) depreciated by 1.3 per cent to $2,290.00, Binance Coin (BNB) declined by 0.5 per cent to $625.18, and Cardano (ADA) fell by 0.2 per cent to $0.2480.

However, Dogecoin (DOGE) rose by 2.0 per cent to $0.1002, and TRON (TRX) appreciated by 0.2 per cent to $0.3242, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.