Economy
NCDMB to Stay Away from Competitive Businesses
By Adedapo Adesanya
The Nigerian Content Development and Monitoring Board (NCDMB) has explained that it would only partner with strategic policies and projects that are promoted by the federal government and would not invest or interfere in private sector oil and gas businesses that are competitive.
This was disclosed by its Executive Secretary, Mr Simbi Wabote, when he hosted members of the Women in Energy Oil and Gas (WEOG) Nigeria, led by the President, Mrs Oladunni Owo, at the board’s liaison office in Abuja.
He clarified that the board would not invest in competitive businesses because such investments would compromise its position as a regulatory agency.
“Our role is to act as a catalyst of strategic government policies and programmes. We exit once those businesses become successful,” he noted.
He also stated that NCDMB is a regulatory agency and not an interventionist organisation and would not get involved in programmes outside its mandate.
In line with the board’s vision to catalyse the development of the Nigerian oil and gas industry and its linkage sectors, it has partnered investors in modular refineries, Liquified Petroleum Gas (LPG) cylinder manufacturing, LPG depots, gas processing facilities, lube oil production plant and methanol plants.
Mr Wabote listed some policies introduced by the board to support women in the oil and gas industry to include the inauguration of the Diversity Sectoral Working Group in the Nigerian Content Consultative Forum (NCCF) and the creation of the Women in Oil and Gas Product in the Nigerian Content Intervention (NCI) Fund.
He explained that the Bank of Industry (BoI) is responsible for managing the NCI Fund, assessing applications and disbursing loans to approved companies, adding: “The NCI Fund is one of the most successful loan schemes. About 98 per cent of the borrowers are paying back because we go through a rigorous process.”
The Executive Secretary explained that the Project 100 Initiative of the board was designed to nurture 100 wholly-owned oil and gas service providers through targeted interventions into larger-scale players that create high impacts.
He confirmed that some Project 100 companies are owned and managed by women and that the participants were selected through a transparent process without a recommendation from any quarters.
The NCDMB boss commended women for creating a platform to advance their cause in the oil and gas industry and advised them against operating in splinter groups, stressing: “Do not see yourselves as rivalries because there are not even many women in the sector.”
While calling for the inclusion of more women in decision-making positions, Mr Wabote stated that the board’s governing council and the top management committee had implemented a policy of having at least one lady to ensure gender balance and provide unique perspectives in decision making.
In her remarks, the president of WEOG, Mrs Oladunni Owo, said the group visited the board in furtherance of International Women Day and to appreciate it for the laudable policies to support women in the oil and gas.
By Adedapo Adesanya
Oil traded lower on Wednesday after US President Donald Trump eased fears of disruptions to Iranian supplies, indicating that killings in Iran’s crackdown on civil unrest were subsiding.
Yesterday, the price of Brent futures declined by 92 cents or 1.41 per cent to $64.55 per barrel while the US West Texas Intermediate (WTI) futures slipped 96 or 1.57 per cent to $60.19 a barrel.
Prices had risen on fears of Iranian supply disruptions due to a potential US attack on Iran and possible retaliation against US regional interests.
President Trump said on Wednesday afternoon he had been told that killings in Iran’s crackdown on nationwide protests were subsiding and he believed there was currently no plan for large-scale executions.
Still, tensions between Iran and the US remained high after Iran had warned US allies in the Middle East it would strike American bases on their soil if the US attacked it. The US began evacuating military personnel from a key Qatar air base on Wednesday.
While markets may have cooled somewhat on the back of President Trump’s comments, protests in Iran have persisted, and there remains plenty of uncertainty over what might come next.
Market analysts noted that continued protests in Iran risk tightening global oil balances through near-term supply losses, but mainly through rising geopolitical risk premium.
However, this remains somewhat minimal as the protests had not spread to the main Iranian oil-producing areas, which had limited the effect on actual supply.
Also supporting oil prices, Federal Reserve Bank of Minneapolis President Neel Kashkari said on Wednesday he was optimistic about the economic outlook and expected inflation to ease.
It is also looking increasingly likely that Venezuela’s oil supply is set to return to markets, with the US completing its first sale of Venezuelan oil on Wednesday.
Two supertankers departed Venezuelan waters on Monday with about 1.8 million barrels each of crude in what may be the first shipments of a 50 million-barrel supply deal between Venezuela and the US to get exports moving again following the capture of Venezuelan President Nicolas Maduro.
Crude oil inventories in the US increased by 3.4 million barrels during the week ending January 14, according to new data from the US Energy Information Administration (EIA) released on Wednesday.
The EIA’s data release follows figures by the American Petroleum Institute (API) that were released a day earlier, which suggested that crude oil inventories grew by 5.27 million barrels.
By Adedapo Adesanya
TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Company Limited (55 per cent), Renaissance Africa Energy Company Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent) and Agip Energy and Natural Resources Nigeria (5 per cent), which holds 18 licences in the Niger Delta.
In a statement by TotalEnergies on Wednesday, it was stated that under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil.
Production from these licences, it was said, represented approximately 16,000 barrels equivalent per day in company’s share in 2025.
The agreement also stated that TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the three other licences of Renaissance JV which are producing mainly gas, namely OML 23, OML 28 and OML 77, while TotalEnergies will retain full economic interest in these licences, which currently account for 50 per cent of Nigeria LNG gas supply.
Business Post reports that the conclusion of the deal is subject to customary conditions, including regulatory approvals.
“TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the sale of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
“Under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell to Vaaris its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil. Production from these licences represented approximately 16,000 barrels equivalent per day in the company’s share in 2025.
“TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the 3 other licenses of Renaissance JV, which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licenses, which currently account for 50 per cent of Nigeria LNG gas supply. Closing is subject to customary conditions, including regulatory approvals,” the statement reads in part.
The development is part of TotalEnergies’ strategies to dump more assets to lighten its books and debt.
By Aduragbemi Omiyale
The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.
Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.
The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.
“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.
Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.
However, with the latest development, the firm is no longer authorised to perform this function.
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