NCDMB Meets Stakeholders on Local Content Enforcement

Image

By Modupe Gbadeyanka

In a bid to galvanise collaboration with key stakeholders and ensure broad compliance with the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, the Nigerian Content Development and Monitoring Board (NCDMB) has organized a workshop with the Nigeria Export Processing Zones Authority (NEPZA) and Lekki Free Trade Zone (LFTZ).

The Board also held a separate workshop with the Nigerian Civil Aviation Authority (NCAA) and other aviation stakeholders.

The workshop with NEPZA and LFTZ was held in Lagos recently, with the intent to create a modality for effective monitoring of expatriates deployed by oil and gas companies operating in free trade zones.

Executive Secretary of NCDMB, Mr Simbi Wabote, delivered the keynote address and underscored that Nigerian Content does not encourage Nigerianisation of the industry but promotes the domestication and domiciliation of value adding activities.

According to him, Nigerian Content implementation led to the establishment of two pipe mills in the country, five pipe coating plants, mega fabrication yards, engineering design houses and created over 30,000 direct jobs, with over 6 million training man-hours among other numerous achievements.

He added that the Board’s efforts also made significant impact in the free zones like the establishment of the SHI-MCI yard in LADOL and major fabrication projects executed at the Nigerdock FZE.  He underlined that “it is crucial for NCDMB, NEPZA and LFTZ to fashion out a suitable framework for managing expatriate deployment in the free zones to ensure that we achieve the full aspirations of government and enhance capacity utilization of oil and gas facilities within and outside the free zones.”

Mr Wabote affirmed that a framework will be developed to capture the approval process for expatriates deployed by such oil and gas facilities, outline a hitch free process to grant the Board access to free zones in other to conduct statutory performance reviews and assessment visits to oil and gas facilities and outline actions to encourage oil and gas companies to set up free zones.

In his remarks, Managing Director of NEPZA represented by the General Manager, Private Zones, Mr Muazu Mohammed Ruma, commended the Board for the initiative, assuring that NEPZA was ready to collaborate with the Board in the implementation of the Nigerian Content Act.

At a similar workshop with aviation stakeholders, the Board charged them to kick start the process of forming the Aviation Sectorial Working Group, which would operate as a member of the Nigerian Content Consultative Forum (NCCF), so they could address specific issues relating to their sector, especially with respect to capacity development and harnessing of opportunities in the Nigerian oil and gas industry.

The group would also utilize the NCCF platform to develop action plans, timelines and strategy that would advance the aviation subsector of the oil and gas industry.

He listed compliance issues in aviation subsector to include expatriates deployment offshore and Nigerianisation of overdue expatriate positions by aviation companies

The Director, Planning, Research and Statistics Division, NCDMB, Mr Patrick Obah, who represented the Executive Secretary, also charged the aviation stakeholders to submit a proposal that would enable the Board to carry out categorization of players in the aviation service sector. Such categorization, he said, would ensure that companies that demonstrate local capacity and Nigerian Content Compliance are given first consideration in oil and gas opportunities.

The Director General of NCAA, represented by the Director General Aviation, Captain Ayodele Sasegbon thanked the Board for seeking to synergize with the aviation sector and promised the support of the agency towards development of the oil and gas industry. Major aviation companies participated in the workshop and they included Bristow Helicopters, Caverton Helicopters, Atlantic Aviation, Flying Doctors, Aero contractors, Heliserve, Taucan Aviation, Tropical Artics Logistics, Arik Air, Glory Airline Services and Anap Jets.

Share
Related Stories
Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s

Image
28-February-2024

Nigeria’s Stock Market Stands Still to Honour Ogunbanjo’s Legacy

By Aduragbemi Omiyale The stock market in Nigeria stood still for the late former chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo, on Tuesday, February 27, 2024. The day was set aside to pay homage to the enduring legacy of the esteemed luminary, who died in a helicopter crash in the United States a few weeks ago along with the group chief executive of Access Holdings, Mr Herbert Wigwe, his wife and son. The NGX Group held an Afternoon of Tributes and Closing Gong Ceremony yesterday for him in collaboration with the Coronation Group. In a poignant

Image
29-February-2024

Crude Oil Mixed on Undecided US Interest Rates Move, High Inventories

By Adedapo Adesanya Crude oil futures settled mixed on Wednesday after the US Federal Reserve held firm on its decision to hold off cutting interest rates soon while growing crude stockpiles in the world’s largest producer added further pressure. Brent crude futures settled 3 cents higher, or up 0.04 per cent at $83.68 a barrel while the US West Texas Intermediate futures (WTI) settled 33 cents lower, or down 0.42 per cent at $78.54. The market was unsteady over signs that interest rates in the world’s largest economy would remain elevated. US Federal Reserve Bank of New York President John

More Stories
Image
11-November-2020

NERC Names EKEDC Best Performing DisCo in Nigeria

By Adedapo Adesanya The Eko Electricity Distribution Company (EKEDC) has been rated as the best performing Electricity Distribution Company in Nigeria. This was made known by the Chairman and Chief Executive Officer of the Nigerian Electricity Regulatory Commission (NERC), Mr James Momoh, during an oversight visit to the corporate headquarters of the organisation in Marina, Lagos. Mr Momoh noted that based on some parameters, the company, one of the two DisCos that serves Lagos State and some parts of Ogun State, emerged the pacesetter among its peers. In his words, “Since I assumed office as the Chairman of NERC, Eko

Image
10-December-2017

FGN Bond Prices Rise on Buy Pressure

By Cowry Asset Against the backdrop of boost in financial system liquidity, local OTC bond prices appreciated (and yields decreased) across the maturities tracked following renewed bargain hunting activity. Specifically, the 20-year, 10.00% FGN July 2030 bond, the 10-year, 16.39% FGN JAN 2022 paper, the 7-year, 16.00% FGN JUN 2019 paper and the 5-year, 14.50% FGN JUL 2021 paper increased by N1.29, N0.50, N0.09 and N1.32 respectively while their corresponding yields declined to 14.51% (from 14.66%), 14.36% (from 14.52%), 14.98% (from 15.05%) and 14.56% (from 15.05%). Elsewhere, FGN Eurobonds prices tanked across the maturities amid sustained profit taking activity on

Image
27-April-2022

Nigeria to Bolster FX Reserves via Local Production of Bitumen

By Aduragbemi Omiyale The external reserves of Nigeria may soon begin to make a steady journey northwards without looking back when the country fully commences the local production of bitumen. The country has about 42.74 billion metric tonnes (MT) of bitumen untapped and a significant amount of foreign exchange (FX) is taken from the forex coffers to bring this commodity into the country for the construction of roads and others. But the Minister of Mines and Steel Development, Mr Olamilekan Adegbite, believes the scarce FX would be saved and more income generated for the nation at this critical time when

Image
30-January-2020

Senate Confirms Kingsley Obiora Deputy Governor of CBN

By Dipo Olowookere Mr Kingsley Obiora has been confirmed by the Senate as the Deputy Governor of the Central Bank of Nigeria (CBN). Mr Obiora was nominated for the position by President Muhammadu Buhari two weeks ago. At the plenary on Thursday, Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Mr Senator Sani Uba, submitted a report on the confirmation of the nominee to his colleagues and was seconded by ‪Senator Sandy Onor. Mr Uba said findings showed that the nominee was capable of being a Deputy Governor of the nation’s central bank, urging members of

Image
14-May-2021

Remittance Inflows into Nigeria Dips 28% in 2020

By Adedapo Adesanya As economies faced the downturn of the coronavirus pandemic, the World Bank has disclosed that remittance inflows into Nigeria declined by 28 per cent in 2020 to $17.2 billion. The Bretton Wood Institution also said remittance flows fell for Sub-Saharan Africa by 12.5 per cent, according to its Migration and Development Brief 33 Phase 11 report titled COVID-19 Crisis Through a Migration Lens published on Thursday. The report said the decline in remittance flows to Nigeria was largely responsible for the fall in remittance flows to Sub-Saharan Africa as it alone accounted for over 40 per cent

Image
22-January-2019

FedEx Trade Networks Changes to FedEx Logistics

By Dipo Olowookere The management of FedEx Corporation has announced the rebranding of FedEx Trade Networks as FedEx Logistics. A statement issued by the firm explained that the new name describes the company’s ability to meet its customers’ increasingly complex and industry-specific supply chain, transportation, value-added services, and brokerage needs. FedEx Logistics provides specialty solutions that complete a simple, seamless and powerful global trade experience for FedEx customers around the world. “We’re adding tremendous value by bringing all of the specialty services we offer under the FedEx Logistics banner,” said Richard Smith, president & CEO of FedEx Logistics. “The global

Image
18-March-2021

DMO Lists N162.6bn Sovereign Sukuk on Stock Exchange

By Dipo Olowookere The N162.557 billion Ijarah Sovreign Sukuk with a 7-year maturity issued by the federal government of Nigeria on June 16, 2020, has been listed on the Nigerian Exchange (NGX) Limited. The debt instrument, with a rental rate of 11.20 per cent, was brought to the exchange for listing by the Debt Management Office (DMO) on Thursday, March 18, 2021. “We are excited that the trading of this Sukuk is now permissible having fulfilled the condition for listing stipulated by the Financial Regulatory Advisory Council of Experts (FRACE) of the Central Bank of Nigeria (CBN),” the Director-General of

Image
25-February-2018

Payfort Gets Licence to Operate as Payments Solutions Firm in Saudi

By Dipo Olowookere An Amazon company, Payfort, has been registered and licenced in Saudi Arabia to operate as ‘Payments Solutions’ firm. It is the first license of its kind to be issued to a payment services operator and has further strengthened the company’s aggressive growth and expansion plans in the country. “PAYFORT’s new company registration as a foreign investor in the Kingdom of Saudi Arabia is a sign of our long-term commitment to the market and comes as a result of our efforts to support the rapid growth in the country’s online sectors,” said Omar Soudodi, Managing Director of PAYFORT.

Ad
Ad
Recent Stories
Image
01-March-2024

Nigeria Wants Share in $350bn Global Outsourcing Market

By Aduragbemi Omiyale The global outsourcing market is estimated to be worth about $350 billion and Nigeria is looking to take a slice of it to address the rising unemployment rate in the country. Before 2023, the National Bureau of Statistics (NBS) put the unemployment rate at about 33 per cent, but in its revised edition, the agency said the rate grew to 5.0 per cent in the third quarter of last year. The outsourcing market is becoming the new oil market and Nigeria, which prides itself as the largest economy in Africa because of its population size of over

Image
01-March-2024

Lokpobiri Charges New NCDMB Council on Growth of Nigeria’s Energy Sector

By Adedapo Adesanya  The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has charged the newly inaugurated fourth Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to continue advancing the country’s oil and gas industry. The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the energy sector. The fourth NCDMB Governing Council would be chaired by Mr Lokpobiri, while the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, would serve as the Secretary. Others are the

Image
01-March-2024

How to Protect Your Crypto From Scams, Hacks

In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.   Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.  1. Do not store your password and seed phrase on the Cloud   For many people, the best and most convenient way to access crypto is through

Image
01-March-2024

FX Crisis: Nigeria May Slam $10bn Fine on Binance

By Adedapo Adesanya The Nigerian government may be considering a $10 billion fine on Binance, a crypto exchange platform, amid a crackdown on crypto platforms in desperate moves to restore the nation’s battered foreign exchange (FX) market. This information was disclosed by Mr Bayo Onanuga, who is the Special Adviser on Information and Strategy to President Bola Tinubu, in an interview with the British Broadcasting Corporation (BBC) on Friday morning. According to the President’s aide, this was necessary as the Nigerian government believes Binance profited substantially from its “illegal transactions” in the country while the nation suffered huge losses. Mr

Image
01-March-2024

Business Confidence in Nigeria Falls in February Amid Rise in Input Costs

By Modupe Gbadeyanka Business conditions in Nigeria slowed to 51.0 in February 2024 from 54.5 in January 2024, as price pressures intensified in the private sector at an unprecedented pace in over a decade of data collection, the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has revealed. A statement from the lender disclosed that the improvement in business conditions was the weakest since the recovery in the private sector began last December. It stated that input costs surged higher in the period under consideration as a result of higher fuel prices and exchange rate weakness, which drove up material costs.

Image
01-March-2024

Harvard Business School Introduces Tony Elumelu Foundation Case Study

By Modupe Gbadeyanka A case study to spotlight the role of celebrated African businessman, Mr Tony Elumelu, in transforming the development agenda on the continent through his Tony Elumelu Foundation (TEF) has been introduced by the Harvard Business School. The case study, launched on Thursday, February 29, 2024, will critically look into how the former banker is catalysing entrepreneurship in Africa through his Africapitalism approach. At its unveiling before a class of graduate students at Harvard Business School, Mr Elumelu said, “TEF is creating economic hope and opportunity for African entrepreneurs. We know that entrepreneurship is the solution to youth

Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s

Image
01-March-2024

Naira Firms to N1,595/$1 at NAFEX, Weakens to N1,500/$1 at Black Market

By Adedapo Adesanya The Naira ended a tumultuous February as it recorded a price appreciation f 0.09 per cent or N14.40 against the US Dollar on Thursday, February 29, in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data obtained from the FMDQ Securities Exchange showed that the value of the local currency closed at N1,595.11/$1 during the session compared with the preceding day’s N1,609.51/$1. Also, the Nigerian currency improved its value against the Pound Sterling in the official market yesterday by N20.34 to close at N2,046.19/£1 compared with the preceding session’s N2,066.53/£1 and strengthened against the Euro by N16.5 to

Image
01-March-2024

Oil Down as US Inflation Signals Weak Crude Demand

By Adedapo Adesanya  Oil was down on Thursday as inflation data in the United States implied a softening of the world’s biggest economy that could weaken crude demand. Brent futures went down by 6 cents to $83.62 a barrel and the US West Texas Intermediate (WTI) futures depreciated by 28 cents to $78.26 a barrel. The US Federal Reserve’s preferred inflation gauge, the US Personal Consumption Expenditures (PCE) index, showed January inflation in line with economists’ expectations. The index rose 0.3 per cent last month, the Commerce Department’s Bureau of Economic Analysis said. Data for December was revised lower to

Image
01-March-2024

Local Stock Market Rebounds, Closes Last Day of February 0.68% Higher

By Dipo Olowookere The last trading session of February 2024 at the Nigerian Exchange (NGX) Limited ended on a positive note as it rebounded by 0.68 per cent after the interest rate hike scare. The growth posted on Thursday was triggered by bargain-hunting in financial stocks, especially those selling at cheaper prices after the sell-offs in the past few sessions. However, profit-taking persisted in the other sectors of the bourse, with the energy, and consumer goods indices closing lower by 0.33 per cent, and 0.18 per cent, respectively. Business Post reports that the banking space rose by 6.14 per cent,