Economy

NCDMB Meets Stakeholders on Local Content Enforcement

Published

8 years ago

19/06/2018

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.

Economy

MRS Oil, FrieslandCampina Wamco Shrink NASD Index by 0.68%

Published

11 hours ago

06/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The duo of MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.

MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.

As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.

The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.

Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.

When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.

GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.

Economy

NGX Index Rebounds 0.15% on Renewed Interest in Financial Stocks

Published

11 hours ago

06/06/2026

Dipo Olowookere

By Dipo Olowookere

Renewed interest in financial stocks and others lifted the Nigerian Exchange (NGX) Limited by 0.15 per cent on Friday.

Customs Street closed higher yesterday despite the 1.37 per cent loss recorded by the consumer goods sector as a result of profit-taking.

This was offset by gains in the other key sectors of the local bourse, as the insurance counter chalked up 1,14 per cent. The banking space appreciated by 0.90 per cent, the industrial goods segment grew by 0.46 per cent, and the energy sector expanded by 0.01 per cent.

Consequently, the All-Share Index (ASI) went up by 366.00 points to 242,593.31 points from 242,227.31 points, and the market capitalisation gained N235 billion to close at N155.594 trillion compared with the previous day’s N155.359 trillion.

The trio of International Energy Insurance, Abbey Mortgage Bank, and DAAR Communications improved by 10.00 per cent each yesterday to N7.26, N9.35, and N1.98, respectively, while Zichis advanced by 9.39 per cent to N32.38, with Sovereign Trust Insurance up by 8.70 per cent to N2.50.

On the flip side, Academy Press lost 9.84 per cent to quote at N8.25, University Press depreciated by 9.73 per cent to N5.10, Africa Prudential dipped by 2.63 per cent to N12.95, Chams crumbled by 2.44 per cent to N4.00, and International Breweries slipped by 1.59 per cent to N12.35.

Business Post reports that the market breadth index was positive during the session after recording 37 appreciating equities and 14 depreciating equities, implying strong investor sentiment.

Abbey Mortgage Bank led the activity chart with a turnover of 164.1 million units worth N1.5 billion, Ellah Lakes sold 76.7 million units for N767.2 million, Access Holdings transacted 44.8 million units valued at N1.1 billion, Linkage Assurance exchanged 23.0 million units worth N41.2 million, and The Initiates traded 20.2 million units for N562.1 million.

At the close of trades, market participants transacted 608.5 million units worth N32.0 billion in 53,826 deals versus the 588.5 million units valued at N27.9 billion executed in 57,352 deals in the previous session. This showed that the number of deals eased by 6.15 per cent, the volume of transactions rose by 3.40 per cent, and the value of transactions soared by 14.70 per cent.

Economy

Naira Depreciates to N1,362/$1 at Official Market

Published

11 hours ago

06/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira further depreciated against the United States Dollar by N3.46 or 0.25 per cent to N1,362.21/$1 from N1,358.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 5.

However, it appreciated against the Pound Sterling in the same market window during the session by N4.47 to trade at N1,823.59/£1 compared with the previous day’s N1,828.06/£1, and gained N7.00 against the Euro to sell at N1,574.58/€1, in contrast to Thursday’s closing price of N1,581.58/€1.

For another trading session, the Nigerian Naira maintained stability against the Dollar in the parallel market and the GTBank forex counter on Friday at N1,375/$1 and N1,372/$1, respectively.

The Naira is expected to remain strong in the near term, backed by a rise in external reserves, which are nearing $50 billion, enhancing analysts’ confidence about its outlook in the second half of 2026.

Heightened global uncertainty has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.

As for the cryptocurrency market, prices remained depressed following a strong US jobs report that spurred markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks, especially AI-related names. Crypto markets saw heavy leverage washouts with about $1.6 billion in positions liquidated over 24 hours.

Ethereum (ETH) gave up 4.9 per cent to trade at $1,584.68, Solana (SOL) fell by 3.3 per cent to $63.22, Bitcoin (BTC) crashed by 1.9 per cent to $61,333.23, Dogecoin (DOGE) slipped by 1.8 per cent to $0.0821, and Ripple (XRP) moderated by 1.8 per cent to $1.09.

Further, TRON (TRX) dropped 1.6 per cent to sell at $0.3197, Binance Coin (BNB) slumped by 1.0 per cent to $581.18, and Cardano (ADA) declined by 0.4 per cent to $0.1589, while the US Dollar Tether (USDT) gained 0.07 to sell at $0.9997, and US Dollar Coin (USDC) closed flat at $0.9998.