Economy
NCDMB Wants New Oil Industry Projects to Surpass In-Country Integration
By Dipo Olowookere
International oil companies and promoters of new deepwater projects in Nigeria must deliver Nigerian Content milestones that would exceed in-country integration of Floating, Production, Storage and Offloading (FPSO) platforms, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr Simbi Wabote has said this is because Total Nigeria’s Egina Deepwater project which will be integrated at the LADOL Free Trade Zone has become the benchmark for Nigerian Content on deepwater projects, hence forthcoming projects have to break new records.
The Executive Secretary spoke last week in Lagos after inspecting facilities of Samsung Heavy Industries (SHI), the main contractor for the Engineering, Procurement, Construction and Installation (EPCI) of the FPSO scope on the Egina project.
He confirmed that in-country integration of the FPSO and fabrication of six modules of the vessel created 5000 direct jobs and 5000 indirect jobs. Increased domiciliation of future FPSO projects through the fabrication of more modules would create additional jobs, estimated to reach 30,000, he added.
According to Mr Wabote, the Board would not rest on its oars with regards to the implementation of the Nigerian Content Act, adding that “new projects must look at doing FPSO integration and more; we must add something to our achievements.”
Six modules of the Egina FPSO were fabricated in-country across some yards whereas twelves modules were welded at Samsung’s base, Geoje, South Korea. He affirmed that, “for next FPSO, more modules must be fabricated locally.”
Mr Wabote, who expressed delight with level of investment and the utilization of local workforce, described the project as an example of possibilities, assuring that the Board will continue to work with industry stakeholders to develop new projects and domicile more work in-country.
In his presentation, the Chief Operating Officer, SHI Nigeria, Mr Frank Ejizu explained that the Quay side was ready to receive the FPSO, noting that the tracks have been certified.
Dwelling on the workforce, Mr Ejizu stated that 364 Nigerian welders have been qualified and awarded international certifications, with which they can work anywhere in the world.
Earlier in the week, the Executive Secretary visited the facilities of Dover Engineering, JC International and Thompson and Grace Limited, all located at Port Harcourt, Rivers State.
He explained that his visits to oil and gas facilities across the country were aimed at assessing capacities and confirming that Nigerian companies have firm footing in their areas of operations. Information gathered from the visits, he explained, will be used during tenders and in planning for capacity development. He also promised to enlighten international oil companies and project promoters on existing in-country capacities and ensure their utilization during projects.
Speaking at Dover Engineering, Mr Wabote noted that experts in offshore designs, FSPO designs and detailed engineering were in high demand and engineering companies must develop strategies to retain them so their competences will not be lost.
He commended the company for forming a consortium with other engineering firms to deliver major projects, charging other service companies to emulate the model.
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
