General
NCDMB to Host African Local Content Investment Forum
By Adedapo Adesanya
The Nigerian Content Development and Monitoring Board (NCDMB) is set to host the African Local Content Investment Forum (ALCIF) in Lagos on March 7, 2022.
This was disclosed by the Executive Secretary of the Board, Mr Simbi Wabote in a statement, on Saturday in Abuja. He said the event will foster sustainable funding of African oil and gas projects, noting that the current energy transition agenda was posing new challenges to Africa.
Mr Wabote said the forum would also provide a platform for African leaders in the oil and gas industry, financial sector, regulators, and regional bodies to meet and shape the industry’s future in Africa amidst energy transition realities.
He said that it would elevate Africa’s indigenous oil producers and national oil companies as the next generation of project producers involved in the equity financing of exploration and field development activities.
This, he said, also positions Africa’s oil and gas service companies as funding blocks for research and development of technology required for exploration and production operations.
The NCDMB boss further said that it would position Africa’s financial institutions as providers of debt financing for oil and gas projects.
“The ongoing global energy transition is driving most International Oil Companies (IOCs) to declare commitments to reduce carbon emissions thereby scaling down investments in hydrocarbons development in favour of expanding renewable portfolios.
“Leading global financial institutions are also reducing or eliminating portfolio allocations to oil and gas projects,” he said.
According to him, the board’s sponsorship of the forum is in furtherance of the Nigerian Content 10-Year Strategic Roadmap.
Mr Wabote said that it had a key aspiration to promote local content across the African continent and ensure access to the market for oil and gas capacities that have been developed locally.
The board, he said, consistently provided guidance to several African countries on the implementation of local content policies in their jurisdictions.
According to the organisers, the local content policy which has been implemented successfully in the Nigerian Oil and Gas Industry offers the most appealing economic development models for a self-reliant and resilient African economy.
Africa accounts for eight per cent of the world’s hydrocarbon reserves with an estimated 126.388 billion barrels equivalent.
The continent contributes three per cent of global Gross Domestic Production (GDP) despite having a population of over 1.373 billion people and being the second largest and second most-populous continent on earth.
Analysts believe that the continent has the human resource base to leverage its hydrocarbon, minerals, and other natural resources to improve its GDP contribution.
Expected at the event are delegates from 18 countries mostly from the African Petroleum Producers Association (APPO), 140 financial institutions, and 400 participants from around the continent.
The event is being facilitated by the Heritage Times and has as its theme: “Developing a Pan African Strategy towards Sustainable Funding of Africa Oil and Gas Projects”.
The ALCIF is sequel to the first African Local Content Roundtable hosted by the board in June 2021 at the NCDMB Towers in Yenagoa, Bayelsa.
By Adedapo Adesanya
Justice Emeka Nwite of the Federal High Court in Abuja has affirmed the final forfeiture of $13 million linked to a Lagos socialite, Ms Aisha Achimugu, and her company, Oceangate Engineering Oil & Gas Limited, to the federal government of Nigeria.
Delivering judgment, Justice Nwite held that the Economic and Financial Crimes Commission (EFCC) established that the foreign currency was proceeds of fraud and unlawful activities.
The judge further held that Oceangate Engineering Oil & Gas Limited failed to establish how it came by the money, saying the anti-money laundering agency satisfied all requirements for the funds to be classified as proceeds of fraud and to be forfeited to the appropriate authority.
He dismissed the claims that the $13 million was gifts received into the Oceangate Engineering Company by Ms Achimugu, adding that the woman never came to the court to show cause why the huge amount of money should not be forfeited to the government.
He held that no single person who gave the monetary gift to Aisha Achimugu to the tune of $13 million was called to testify.
The judge further held that the burden to establish genuine ownership of the money was not established by the applicant to counter the claims of the anti- graft agency that the money was the proceeds of fraud based on its investigation.
According to the judge, Oceangate Engineering Company did not show the business it undertook that fetched it the money, nor did it show whether any payment was made to it by any of its customers.
Justice Nwite had, on August 22, 2025, granted the anti-graft agency’s motion ex parte for an interim order forfeiting the sum of $13 million linked to Oceangate Ltd to the Federal Government over allegations that the fund was proceeds of unlawful activity.
The judge had then directed the commission to publish the order in a national daily for interested people to show cause within 14 days why the fund should not be permanently forfeited to the federal government.
By Adedapo Adesanya
The federal government has inaugurated a 17-member Planning Committee to coordinate the National Flag-Off of the Energise Commercialisation Now (ECoN) Initiative, a flagship programme aimed at transforming research outputs into economic value.
Speaking at the inauguration in Abuja, the Permanent Secretary of the Ministry of Innovation, Science and Technology, Mr Philip Ndiomu Ebiogeh, described the initiative as a strategic intervention to convert Nigeria’s vast research and innovation outputs into market-ready products, scalable enterprises, and job-creating opportunities.
He noted that ECoN will mobilise stakeholders nationwide to identify bankable innovations and accelerate their transition from laboratories to the marketplace, stressing that the country must move beyond theoretical research to practical solutions that drive industrial growth and national prosperity.
The Permanent Secretary disclosed that the Minister of Innovation, Science and Technology, Mr Kingsley Tochukwu Udeh, had earlier briefed the First Lady, Mrs Oluremi Tinubu, on the initiative and proposed her as a champion of the programme, with the national flag-off scheduled for Kano State.
He explained that Kano was deliberately selected due to its historic role as a commercial and industrial hub, offering strong potential to attract investment, stimulate enterprise, and create jobs.
The Committee is chaired by the Minister, with the Permanent Secretary as Co-Chairman, while the Director-General, National Biotechnology Research and Development Agency, NBRDA, and the Director-General, Sheda Science and Technology Complex, SHESTCO, serve as Alternate Chairmen.
Members include Professor Nnayelugo Ike-Muonso, Dr Kazeem Kolawole Raji, Dr Jummai Adamu, Dr (Mrs) Obiageli Amadiobi, Dr Kabiru Mu’azu, Dr Anwal Mustapha, Engr Ibiam Oguejiofo, Mr Moses Fatogun, Mr Adamu Sulaiman (a representative of SMEDAN), Dr Prince Lawrence Eze, Mr Sani Garba, Dr Muhammad Mustapha, Dr Chioma Okeke, Mr Luther Onyemkpa, Mr Charles Egumgbe, and Dr Nwankwo Nnenna serving as Secretary.
The national flag-off is proposed for late April or early May 2026, subject to Presidential approval.
The Ministry reaffirmed its commitment to positioning innovation as a key driver of economic diversification and sustainable development, in line with President Bola Tinubu’s Renewed Hope Agenda.
By Adedapo Adesanya
Switzerland-headquartered global shipping giant, Mediterranean Shipping Company (MSC), has complied with the directive of the Nigerian Shippers’ Council (NSC) to suspend the implementation of its new tariff pending consultations with stakeholders.
In a customer advisory titled Temporary Suspension of New Tariff Implementation, the shipping line stated that the tariff regime in place before the recent increase would remain effective until further notice.
Business Post reported a few days ago that freight forwarders picketed the offices of MSC, protesting the recent increase in shipping line tariffs. They blocked the regulators from accessing the MSC premises to address the matter.
Despite the protests, the council’s attempt to engage the aggrieved freight forwarders in discussions was resisted, as the protesters insisted that there was no basis for dialogue and vowed to continue the protest until the increased charges were immediately reversed.
In the latest directive, the shipping company said, “We wish to inform our esteemed customers that the recently implemented tariff adjustment has been temporarily suspended, following a directive from the NSC. This suspension is pending the conclusion of ongoing engagements and resolution with the regulator.”
“Accordingly, the tariff regime applicable prior to the recent increase will remain in force until further notice, as mandated.”
The company further assured customers that updates would be communicated once a final decision is reached by the Nigerian Shippers’ Council.
“We remain fully committed to regulatory compliance, transparency, and protecting the interests of our customers. Further updates will be communicated promptly once a definitive position is issued by the Nigerian Shippers’ Council. We appreciate your understanding and continued cooperation,” the advisory added.
NSC had warned that prolonged industrial disputes within the maritime sector could disrupt port operations and negatively impact trade and economic activities.
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