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
Pastor Ogbueli’s Abuja Night of Glory Holds Today
By Blaise Udunze
Momentum is gathering for the Abuja Night of Glory taking place today, Friday, December 5, 2025, at the main bowl of the Moshood Abiola National Stadium.
The crusade is being hosted by Dominion City Church headed by Pastor David Ogbueli and it starts by 7pm.
The all-night programme will feature dynamic worship leaders like Nathanial Bassey, Dunsin Oyekan, Theophilus Sunday, Chioma Jesus, Kaestrings, Sunmisola Agbebi Okeleye, Minister GUC, Ebuka Songs, Anthony Kani, and DC Angels.
Reputed as a teacher of righteousness and anointed minister of the gospel, evidenced by the miracles that have trailed his ministry, and one who champions the cause of the poor through empowerment initiatives, Dr. David Ogbueli will be joined by renowned ministers from within and outside Nigeria, including Evangelist Andres Bisonni, Dr. Charles Ndifon, Evangelist Dan Scott, Apostle Ikechukwu Nnajiofor, and several others.
Night of Glory has, in previous editions held across Nigeria’s cities, recorded remarkable results, such as immediate healings and freedom from chronic ailments, recovery of vision and movement after many years of paralysis, along with liberation from dependencies and emotional distress. Numerous participants have also shared testimonies of breakthroughs and big personal changes after the experience. Organisers state that this year’s event, in Abuja, is anticipated to exceed previous editions.
The event is intended for all individuals trusting God for divine intervention in any area of life.
Understanding the role of faith in the destiny of individuals and nations, a dedicated prayer session for Nigeria will take place during the crusade to tackle some of the current challenges being faced in the country and also to uplift he leaders and institutions before God.
Attendance is free, and registration is encouraged via the QR codes on event banners. Organisers expect a massive turnout as worshippers travel from across the country for what is anticipated to be a transformative encounter.
Adequate security and free transportation have been put in place ALL over the city of Abuja, while those outside Abuja are expected to join online.
General
Rivers Speaker, 15 Other Lawmakers Leave PDP for APC
By Modupe Gbadeyanka
The Speaker of the Rivers State House of Assembly, Mr Martin Amaewhule, has defected to the All Progressives Congress (APC).
At the plenary on Friday, Mr Amaewhule joined the ruling party from the opposition Peoples Democratic Party (PDP), along with 15 other members of the state parliament.
This development comes some months after they had earlier declared their support for the APC in the wake of a crisis with the state governor, Mr Sim Fubura.
The lawmakers had an issue with Mr Fubura, which led to a state of emergency declared on the oil-rich state by President Bola Tinubu in March 2025.
This embargo was only lift in September 2025 after the duration of the six-month emergency rule in the state.
A few days ago, members of the Rivers Assembly passed a vote of confidence on President Tinubu, backing him to remain in office till 2031, when he would have spent eight years in office if re-elected in 2027.
Announcing their defection today, the lawmakers pinned their decision on the crisis rocking the PDP at the national level.
It is not certain if their political godfather, Mr Nyesom Wike, who is the current Minister of the Federal Capital Territory (FCT), will join them in APC.
Mr Wike, who governed Rivers State from 2015 to 2023, has been accused of instigating the crisis in the opposition PDP. He was expelled from the party last month at a national convention held in Ibadan, Oyo State.
General
Nigeria Risks Brain Drain in Energy Sector—PENGASSAN
By Adedapo Adesanya
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has warned that Nigeria risks massive brain drain in the oil and gas sector due to poor remuneration.
The president of PENGASSAN, Mr Festus Osifo, said at the end of the National Executive Council (NEC) meeting of the union on Thursday in Abuja that the industry was facing challenges arising from Naira devaluation and inflation, noting that, oil and gas skills remained globally competitive.
Painting an example, he said, “A drilling engineer in Nigeria does the same job as one in the US or Abu Dhabi,” noting that the union must take steps to bridge the wage gap to prevent members from leaving the country for better opportunities abroad.
“If we don’t act, the brain drain seen in other sectors will be child’s play,” he said.
According to him, PENGASSAN has recorded significant gains through collective bargaining across oil and gas branches.
“We signed numerous agreements across government agencies, IOCs, service and marketing sectors,” he said.
He said the agreements brought relief to members facing rising costs of living, adding that, the association’s duty is to protect members’ jobs and enhance their pay.
Mr Osifo urged companies delaying salary reviews and those foot-dragging as a result of the prevailing economic realities, to do the needful.
He said the industry employed some of the nation’s best talents, making competitive pay critical to retaining skilled workers.
“This industry recruits the best. Companies must provide the best conditions,” he said.
On insecurity, Mr Osifo urged government to take decisive action against terrorism and kidnappings across the country.
“We are tired of condemnations. government must expose sponsors and protect citizens,” he said.
He urged government at all levels to prioritise tackling insecurity through better funding and equipment for security agencies.
Mr Osifo said PENGASSAN supported calls for state police to improve local security response, adding that decentralising policing will protect citizens better than rhetoric.
He also said economic indicators meant little, if food prices remained high and farmers could not return to farms due to insecurity.
“Nigerians want to see food on the table, not macroeconomic figures,” he said, urging the government to coordinate fiscal and monetary policies to ensure economic gains reach households.
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