General
NCDMB, BoI Adjust MoU on $50m NOGaPS Manufacturing Fund
By Adedapo Adesanya
The Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BoI) have signed an amendment to the Memorandum of Understanding (MoU) on the $50 million Nigerian Oil and Gas Parks Scheme (NOGaPS) Manufacturing Fund.
The fund was created by the NCDMB and domiciled with BoI to attract oil and gas equipment manufacturers to the NOGaPS facilities established by the NCDMB and increase access to affordable finance by the manufacturing entities.
The signing of the amended MoU took place in Lagos at the 2023 Second-Quarter Review Meeting of the Nigerian Content Intervention Fund (NCIFund) on Friday, August 25.
Speaking on the fund, the Executive Secretary of NCDMB, Mr Simbi Kesiye Wabote, underlined the tremendous success of the NCIFund in catalysing capacity development and investments in the Nigerian oil and gas industry, adding that it served as a model for local content practice across the African continent and inspired the creation of the African Energy Bank by the African Petroleum Producers Organization (APPO) in partnership with the African Export Bank (Afreximbank).
He added that countries like Angola and Namibia are currently engaging the board with a view to understanding the workings of the NCI Fund so as to replicate the same in their jurisdictions.
“Today, Angola is thinking of establishing a similar credit line for their oil and gas companies. I think the parliament recently approved some sum of money for them to manage in that respect. Namibia is planning to do the same with the potential enactment of a Local Content Act.”
Mr Wabote further commended the Bank of Industry for the successes being recorded in the management of the NCI Fund, assuring that the Board will continue to look for other opportunities to increase its partnership with BoI.
“Considering the effectiveness and success recorded by BoI, NCDMB may consider inviting BoI to send a nominee that will act as independent Director to the Board of Directors of some of the companies that we have invested equity in. This will help them overcome some of the prevailing issues around governance, liquidity, and technical optimization.”
On his part, the Managing Director of the Bank of Industry, Mr Olukayode Pitan, expressed confidence in the future performance of the Board’s funds domiciled in the bank while noting that these quarterly review meetings will impact sustaining the effective disbursements and recovery of these funds.
According to him, the NCI Fund is performing excellently with 194 applications equalling $1 billion (N80.6 billion) with 69 disbursements totalling $324 million (N38.4 billion).
The Board established the NCI Fund in 2018 with the purpose of financing Oil and Gas companies to increase capacity and grow Nigerian Content in the Industry. Presently, the NCI Fund has five product lines, which are being managed by the Bank of Industry. They include – Manufacturing Finance -$10 million; Asset Acquisition Finance -$10 million; Contract Finance -$5 million; Loan Refinance -$10 million and Community Contractor Finance – N20 million.
The $50 million NOGaPS Fund was launched as a separate product in March 2023 to incentivize companies that will be domiciled and manufacture oil and gas equipment components within the NCDMB oil and gas parks being established at different locations across the country, with the sites in Bayelsa and Cross River State open for occupation.
The Board also has a $30 million Working Capital Fund for oil and gas service companies and a $20 million Fund for Women in Oil and Gas Intervention Fund. The last two facilities are administered by the Nigerian Export-Import Bank (Nexim), and the agreements were signed in mid-2021.
General
SERAP in Court to Force INEC to Account for N55.9bn for 2019 Elections
By Modupe Gbadeyanka
The failure of the Independent National Electoral Commission (INEC) to account for about N55.9 billion earmarked for the purchase of some materials for the 2019 general elections has forced the Socio-Economic Rights and Accountability Project (SERAP) to file a lawsuit against the commission.
In the suit number FHC/ABJ/CS/38/2026 filed last Friday at the Federal High Court in Abuja, SERAP asked the court for an order of mandamus to compel INEC to disclose the names of all contractors paid the sum of money.
It was claimed that the N55.9 billion was meant for the purchase of smart card readers, ballot papers, result sheets and other election materials for the 2019 general elections, which produced the late Mr Muhammadu Buhari as President for a second term in office.
SERAP is relying on the latest annual report published by the Auditor-General on September 9, 2025, to ask for the use of the funds, which is said to be missing or diverted.
The organisation argued that the electoral umpire “must operate without corruption if the commission is to ensure free and fair elections in the country and uphold Nigerians’ right to participation.”
“INEC cannot ensure impartial administration of future elections if these allegations are not satisfactorily addressed, perpetrators including the contractors involved are not prosecuted and the proceeds of corruption are not fully recovered,” a part of the statement issued by the group stated.
“INEC cannot properly carry out its constitutional and statutory responsibilities to conduct free and fair elections in the country if it continues to fail to uphold the basic principles of transparency, accountability and the rule of law.
“These allegations also constitute abuse of public office and show the urgent need by INEC to commit to transparency, accountability, clean governance and the rule of law,” it further declared.
General
Finance Ministry Directs Shippers, Airlines to Submit Manifests via Single Window Project
By Adedapo Adesanya
The Ministry of Finance has directed all shipping companies and airlines operating in Nigeria to submit their manifests through the Single Window Project (SWP) as part of efforts to strengthen cargo tracking and transparency.
The submission of shipping manifests before the change of policy was handled exclusively by the Nigeria Customs Service (NCS) for onward cargo processing and port clearance.
However, following a memo from late last year signed by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, all shipping firms and airlines were directed to integrate with the National Single Window platform to ensure seamless Manifests submission.
“I would like to bring to your attention that His Excellency, President Bola Ahmed Tinubu inaugurated the National Single Window (NSW) Project on the 16th of April 2024.
The NSW Project aims to streamline and automate import and export processes at Nigeria’s entry & exit ports, with the dual goals of enhancing trade facilitation and increasing government revenue.
“By integrating the operations of multiple government agencies involved in trade processes on one platform, the NSW platform will ensure faster clearance of goods and services, improve operational efficiencies at the imports and significantly reduce bureaucratic bottlenecks.
“Key components of the Single Window as defined by the World Trade Organisation (WTO) and World Customs Organisation (WCO) include: (a) a single-entry point i.e. traders, shipping lines, airlines and other stakeholders should submit all required import and export documentation through a single-entry point on a centralized digital platform, and (b) single submission i.e. all documentation should only be submitted once and data only entered once.
“As a result, the NSW Platform will be the single-entry point of submission for all Sea and Air Manifests. Therefore, all shipping lines and airlines are therefore directed to integrate with the NSW Platform to ensure seamless Manifests submission,” parts of the memo read.
The Comptroller-General of the NCS, the chairman of the Nigerian Revenue Service (NRS), the Managing Director of the Nigerian Ports Authority (NPA), the Managing Director of the Federal Airports Authority of Nigeria (FAAN) and the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) were copied in the memo.
General
Dangote Drags ex-NMDPRA Boss Farouk Ahmed to EFCC
By Aduragbemi Omiyale
The petition written against the immediate past chief executive of the Midstream Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed, which was withdrawn from the Independent Corrupt Practices and Other Related Offences Commission (ICPC), has now been taken to the Economic and Financial Crimes Commission (EFCC).
The letter was written by the chairman of Dangote Industries Limited (DIL), Mr Aliko Dangote. It contained allegations of allegations of abuse of office and corrupt enrichment against Mr Ahmed.
The petition led to the resignation of the former NMDPRA chief from office last month.
It was gathered that Mr Dangote, through his legal representative, filed a formal corruption petition against him at the headquarters of the EFCC, with specific plea of prosecuting Mr Ahmed if found culpable.
The businessman said the withdrawal of the petition from the ICPC was a strategic move aimed at accelerating the prosecution process.
In the petition signed by his lead counsel Mr O.J. Onoja (SAN), Mr Dangote noted that, “We make bold to state that the commission is strategically positioned along with sister agencies to prosecute financial crimes and corruption related offences, and upon establishing a prima facie case, the courts do not hesitate to punish offenders. See Lawan v. F.R.N (2024) 12 NWLR (Pt. 1953) 501 and Shema v. F.R.N. (2018) 9 NWLR (Pt.1624)337.”
He further urged the anti-money laundering agency, under the leadership of Mr Olanipekun Olukoyede, “…to investigate the complaint of Abuse of Office and Corruption against Engr. Farouk Ahmed and to accordingly prosecute him if found wanting.”
“The commission’s firm resolve in handling this matter with dispatch is not only imperative and expedient but will also serve as a deterrent to other public officers out there with such corrupt proneness and tendencies,” he added.
Recall that on December 14, 2025, Mr Dangote raised concerns about Mr. Ahmed’s financial dealings, alleging that the former regulator is living far beyond his legitimate means.
According to him, four of Mr Ahmed’s children attended elite secondary schools in Switzerland, incurring costs running into several millions of dollars—an expenditure that raises questions about potential conflicts of interest and the integrity of regulatory oversight in the downstream petroleum industry.
Mr Dangote listed the schools attended by Mr. Ahmed’s children: Faisal Farouk (Montreux School), Farouk Jr. (Aiglon College), Ashraf Farouk (Institut Le Rosey), and Farhana Farouk (La Garenne International School), noting that each child spent six years in these institutions. He estimated annual tuition, travel, and upkeep per child at $200,000, totaling approximately $5 million for their secondary education.
Additionally, he alleged that Mr Ahmed spent another $2 million on tertiary education for the four children, including $210,000 for Faisal’s 2025 Harvard MBA program.
“Nigerians deserve to know the source of these funds, especially when many parents in Mr Ahmed’s home state of Sokoto struggle to pay as little as N10,000 in school fees,” Mr Dangote stated.
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