Month: August 2021

JUST IN: Record Losses for 3 Yrs, Get fired, Kyari Tells NNPC Refinery Board

ADEOLA YUSUF

NNPC Chief, Mele Kyari, inaugurates NGRL board, Tasks members on fuel importation and other tough task ahead     The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has painted a vivid picture of new business environment of the Petroleum Industry Act to the Board of the NNPC Greenfield Refinery Limited, declaring that if the company continues to post negative for three years, the board is out. Platforms Africa reports that a statement by the Group General Manager, Group Public Affairs Division of the NNPC,…

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Minister, Sanwo-Olu, EKEDC CEO underscore power relevance to Nigeria’s prosperity

ADEOLA YUSUF

EKEDC CEO, Adeoye Fadebiyi, highlights improvements in power sector at NSE Annual Business Luncheon   The Nigeria’s Minister of interior, Engineer Rauf Aregbesola, Governor of Lagos, Nigeria’s commercial capital, Babajide Sanwo-Olu, and the Chief Executive Officer, Eko Electricity Distribution Company, Enginewr Adeoye Fadebiyi, have underscored the relevance of power sector to Nigeria’s economic prosperity. Platforms  Africa reports that the trio spoke at the Nigerian Society of Engineers (NSE) Ikeja Branch 2021 Engineering week, Annual Business Luncheon. Hon. Bola Ilori, who spoke on behalf of the Minister of Interior, Engr. Rauf…

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‘Nigeria loses $50bn to Oil Industry’s stagnation, uncertainty in 10 years’

ADEOLA YUSUF

President Muhammadu Buhari Wednesday in Abuja said Nigeria lost an estimated $50billion worth of investments in ten years, created by the uncertainty of non-passage of the Petroleum Industry Bill (PIB), lack of progress and stagnation in the petroleum industry. In his remarks at a ceremony on passage of the PIA, which preceded the Federal Executive Council (FEC) meeting, the President said the stagnation affected growth of the economy, citing lack of political will on the part of past administrations to actualize the needed transformation. Platforms Africa reports that President Buhari…

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NCDMB Holds Workshops on Community Content Guidelines in Rivers, Edo and Delta States

ADEOLA YUSUF

The Nigerian Content Development and Monitoring Board (NCDMB) recently conducted one-day workshops on the Community Content Guidelines (CCG) for contractors, youths and host communities in Port Harcourt, Rivers State; Benin, Edo State; and Warri, Delta State. The workshops were aimed at enlightening host communities of their rights, obligations and privileges in order to increase local capacities and community participation in the oil and gas industry in line with the Board’s mandate. Delivering the keynote address, the Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote, represented by the General Manager, Corporate…

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NCDMB, Total Energies Ikike AMD 2 Module project creates 30,000 jobs, first oil in 2022

ADEOLA YUSUF

NCDMB, Total Energies Ikike AMD 2 Module project creates 30,000 jobs, first oil in 2022 Senior officials of the Nigerian Content Development and Monitoring Board (NCDMB), Total Energies Nigeria and the Department of Petroleum Resources on Saturday in Port Harcourt, Rivers State celebrated the load out of the AMD 2 Module of the Ikike Development Project, describing it as another remarkable Nigerian Content accomplishment by Total Energies Nigeria Ltd. The AMD 2 Module is a component of the Brownfield package of the Ikike project, and the contractor is Sudelettra Nigeria…

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NCDMB recovers $100m NCDF Remittance

ADEOLA YUSUF

The Nigerian Content Development and Monitoring Board (NCDMB) has recovered about 100million dollars of undisputed obligations from the Third-Party Forensic Audit of remittances of the Nigerian Content Development Fund (NCDF) between years 2010 to 2017. The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote revealed this recently at the Nigerian Oil and Gas Conference held in Abuja. Section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act stipulates the deduction of one percent of the value of contracts awarded in the upstream sector of the oil and…

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NCDMB boss lauds PEARL Industry, Pledges Industry Support

ADEOLA YUSUF

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote has lauded Pacegate Energy and Resources Limited (PEARL) for massive investment in the nation’s oil and gas industry and pledged continuous support from the Board and other International Oil Companies (IOC’s). He made this statement recently during a recent facility tour of the PEARL ultra-modern manufacturing plant located at Ilupeju, Lagos. In his words: “I want to commend PEARL for adding value to the chemical business in the oil and gas sector of the economy.…

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NCDMB, NEXIM Bank Deploy US$40m Fund for Women in Oil Sector

ADEOLA YUSUF

Qualified women entrepreneurs in the Nigerian Oil and Gas industry can now benefit from the US$40m Women in Oil and Gas Intervention Fund deployed by the Nigerian Content Development and Monitoring Board (NCDMB) and Nexim Nigerian Export-Import Bank. The NCDMB is contributing US$20m to the pool and it will be matched by the same amount in Naira by NEXIM, to be converted at prevailing official exchange rate. The Executive Secretary NCDMB, Engr. Simbi Kesiye Wabote and the Managing Director of Nexim Nigerian Export-Import Bank, Mr. Abubakar Bello signed the memorandum…

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NCDMB, NEXIM Bank sign deal on US$30m Working Capital Fund for Oil Firms

ADEOLA YUSUF

The Nigerian Content Development and Monitoring Board (NCDMB) and Nexim Nigerian Export-Import Bank on Wednesday in Abuja signed a memorandum of understanding on the administration of US$30 million Working Capital Fund for oil and gas service companies. The Fund was conceived by the NCDMB to support the operations of local oil companies against the adverse effects of COVID-19 Pandemic, loss of contracts due to low oil price and ensure the companies retain their personnel in employment. The Working Capital Scheme is one of the newly introduced products in the Nigerian…

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