Economy
NCDMB to Launch New Contracting Cycle Guidelines to Boost Oil Production
By Adedapo Adesanya
The Nigerian Content Development and Monitoring Board (NCDMB) has announced plans to launch new Contracting Cycle Guidelines for the oil and gas industry.
This is in line with President Bola Tinubu’s directives for acceleration of oil and gas contract timelines, incentivising investments in the sector and increasing Nigeria’s crude oil production, according to the Executive Secretary of the NCDMB, Mr Felix Omatsola Ogbe.
He announced this at the two-day Contracting Cycle Guidelines Sensitization Workshop organized by the Project Certification and Authorization Directorate of the Board for international and indigenous oil and gas companies operating in the country.
The workshop provided a platform for NCDMB to explain the provisions of the guidelines and how it would implement them in alignment with the Nigerian Oil and Gas Industry Content Development, NOGICD, Act and the Presidential Directives.
Mr Ogbe represented by the Director of Project Certification and Authorization at the commission, Mr Abayomi Bamidele, emphasised that NCDMB was a business enabler hence the decision to get stakeholders’ feedback before finalizing and launching the guidelines at the forthcoming Practical Nigerian Content Workshop slated for December 3-5, 2024 at the Nigerian Content Tower, Yenagoa, Bayelsa State.
To further assist the companies, he promised that NCDMB would convene a technical workshop in the first quarter of 2025 to train personnel of operating and service oil and gas companies on how to efficiently complete various technical documents utilized in oil and gas contracting process.
“The three Presidential Directives are the Presidential Directive on Local Content Compliance, Presidential Directive on Reduction of Petroleum Sector Contracting Cost and Timelines; and Presidential Directive on Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc).”
Commenting on the objectives of the Presidential Directives, Mr Ogbe canvassed that for Nigeria to deepen local content practice and grow the sector, it must eliminate premium margins charged by some service companies, stop frequent policy changes and ensure that final investment decisions were signed regularly, to catalyse new projects.
He recommended that at least one or two FIDs should be signed at the annual oil and gas conferences, to create activities in the sector.
“The Presidential Directive on Local Content Compliance addressed issues pertaining to NCDMB, while the Presidential Directive on Reduction of Petroleum Sector Contracting Cost and Timelines referred to NCDMB and the Nigerian National Petroleum Company and its investment arm, the NNPC Upstream Investment Services, NUIS.
“NCDMB is working to support oil firms to accelerate their projects and take advantage of the incentives provided by the Presidential Directive on Oil and Gas Companies (Tax Incentives, Exemption, Remission,) etc,”
“The Board was mandated to develop templates to collapse its touchpoints on the contracting cycle to enhance the business environment within the provisions of the law.
“Accordingly the Board has reduced its touchpoints from nine to five for open tenders and selective tenders, while retaining only four touchpoints for single source contract.
“Another goal of the Presidential Directive is to eliminate intermediaries with no demonstrable capacity and to develop structured processes to determine, verify and document in-country capacities and capabilities.
“The Board has adopted robust pre-qualification and technical evaluation process, policy revisions to provide clarity on in-country value addition for OEM representatives and in-country capacity audit every two years.
“Another objective of the Presidential Directive is to target global benchmarks. Thus, NCDMB is proposing the co-creation of tender cost templates/tariffs, the promotion of joint venture of local/foreign service companies, the adoption of robust waiver management system by the Board and conveyor belt of at least two final investment decision (FID) per year.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange increased by 0.59 per cent in Trading Week 16 of 2026, with the market capitalisation adding N13.58 billion to settle at N2.329 trillion compared with the previous week’s N2.315 trillion, and the NASD Unlisted Securities Index (NSI) up by 22.70 points to 3,893.15 points from 3,870.45 points in week 15.
Over the course of five trading sessions of the week, the total volume of stocks transacted by market participants went down by 50.2 per cent to 3.87 million units from 7.77 million units, but the value increased by 20.9 per cent to N150.9 million from N124.9 million. These trades were carried out in 162 deals across 20 stocks.
The most traded stock by value for the week was Okitipupa Plc with N46.7 million, followed by Central Securities Clearing System (CSCS) Plc with N36.3 million. Friesland Campina Wamco Nigeria Plc recorded N31.9 million, MRS Oil Plc posted N14.6 million, and 11 Plc achieved N12.6 million.
The most active stock by volume was Geo-Fluids Plc with 1.5 million units, and trailed by UBN Property Plc with 0.828 million units. CSCS Plc traded 0.609 million units, Friesland Campina Wamco Nigeria Plc quoted 0.325 million units, and Okitipupa Plc sold 0.26 million units.
Last week, 11 securities recorded movements, with eight on the green side and three on the red side.
MRS Oil Plc gained N33.75 to close at N197.75 per unit versus N164.00 per unit, Nipco Plc which rose by N31 to N344.00 per share versus N313.00 per share, Okitipupa Plc appreciated by N20 to N280.00 per unit from N260.00 per unit, Friesland Campina Wamco Nigeria Plc improved by N5.21 addition to N97.21 per share from N92.00 per share, NASD Plc chalked up N1.14 to sell at N38.50 per unit versus N37.36 per unit, Food Concepts Plc appreciated by 26 Kobo to N2.94 per share from N2.68 per share, Industrial and General Insurance (IGI) Plc increased by 6 Kobo to 63 Kobo per unit from 57 Kobo per unit, and Lighthouse Financial Plc expanded by 6 Kobo to 72 Kobo per share from 66 Kobo per share.
Conversely, 11 Plc lost N10.22 to quote at N212.08 per unit versus N222.30 per unit, CSCS Plc declined by N5.50 to N58.00 per share from N63.50 per share, and First Trust Mortgage Bank Plc shrank by 2 Kobo to N2.30 per unit from N2.32 per unit.
By Aduragbemi Omiyale
The federal government has said there is no iota of truth in reports making the rounds that a significant portion of federation earnings is being “diverted”.
The claims came from a recent World Bank report, which the government said the media misinterpreted as “hidden spending.”
In a statement signed on Sunday by the Minister of State for Finance, Mr Taiwo Oyedele, the federal government emphasised that the characterisation of the Federation Account Allocation Committee (FAAC) deductions as “waste” or missing funds was “incorrect,” noting that the World Bank report presented the deductions as statutory transfers, savings and investments, security-related expenditures, cost-of-collection charges, refunds to Ministries, Departments and Agencies (MDAs), and transfers and interventions benefiting subnational governments.
“It is important to emphasise that refunds and transfers to states and other tiers of government are not leakages. They represent legitimate fiscal flows, including repayments of obligations and statutorily backed allocations,” the statement said.
It was further stressed that, “The World Bank explicitly notes that reforms implemented in early 2026, including the recently signed Executive Order to safeguard remittance of petroleum revenues, are already addressing concerns around deductions, and are expected to improve transparency while increasing revenues available to all tiers of government by about 0.4 per cent of GDP annually.”
“Misinterpreting one aspect of the analysis without acknowledging the progressive reforms and measures already introduced to enhance distributable federation revenues gives a distorted picture,” it submitted.
The Nigerian authorities averred that the broader message of the World Bank report is positive and forward-looking, as economic growth is becoming more broad-based across sectors, inflation is declining due to deliberate policy actions, Nigeria’s external position has strengthened, and debt indicators have improved.
The government declared that the World Bank did not say in the report that “Nigeria’s fiscal system is collapsing or that reforms have failed. Rather, it states that reforms are working, and they must be sustained and deepened to translate macroeconomic gains into inclusive growth.”
The statement appealed to “stakeholders, media organisations, and the public to engage constructively with fiscal information and avoid twisted interpretations that may undermine reform efforts and fuel public discord.”
By Dipo Olowookere
On the floor of the Nigerian Exchange (NGX) Limited last week, 3.588 billion shares valued at N195.313 billion exchanged hands in 254,553 deals, higher than the 3.361 billion shares worth N151.948 billion traded in 229,442 deals a week earlier.
Over a quarter of these transactions were centred around the trio of Sterling Holdco, Access Holdings, and Zenith Bank, which specifically accounted for 1.038 billion stocks worth N46.081 billion in 33,067 deals, contributing 28.92 per cent and 23.59 per cent to the total equity turnover volume and value, respectively.
They helped the financial equities to lead the activity chart with 2.498 billion units sold for N94.005 billion in 111,052 deals, contributing 69.62 per cent and 48.13 per cent to the total trading volume and value, respectively.
Services stocks traded 329.034 million units valued at N3.452 billion in 14,050 deals, and energy shares transacted 152.472million units worth N42.511 billion in 19,022 deals.
In the week, 61 equities appreciated versus 25 equities in the previous week, as 36 stocks depreciated compared with 54 stocks of the preceding week, while 49 shares remained unchanged, in contrast to 67 shares of the previous trading week.
Trans-Nationwide Express gained 60.48 per cent to sell for N6.05, Ecobank appreciated by 46.30 per cent to N67.30, Stanbic IBTC rose by 36.63 per cent to N188.55, Royal Exchange improved by 29.37 per cent to N1,85, and Aradel grew by 28.93 per cent to N1,649.00.
On the flip side, Coronation Insurance lost 14.38 per cent to close at N2.50, Ikeja Hotel declined by 14.36 per cent to N33.40, International Energy Insurance shrank by 13.80 per cent to N3.06, Academy Press slumped by 12.57 per cent to N7.65, and Honeywell Flour crumbled by 11.01 per cent to N19.00.
Business Post reports that the All-Share Index (ASI) went up by 6.57 per cent to 217,167.57 points, and the market capitalisation advanced by 6.60 per cent to N139.827 trillion, as the demand for Nigerian stocks soared.
Also, all other indices finished higher apart from the insurance and growth indices, which fell by 0.04 per cent and 0.99 per cent, respectively.
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