Business
NCDMB, NNPC, IOCs Sign Agreement, Target 6 Months Oil Industry Contract Cycle
Modupe ASUDO
With the goal of quickly ramping up Nigeria’s flagging crude oil production, ensuring compliance with the provisions of the Nigerian Content Act, and timely approvals of documents, the Nigerian Content Development and Monitoring Board (NCDMB) on Monday in Abuja signed a Memorandum of Understanding (MoU) cum Service Level Agreement (SLA) with the Nigerian National Petroleum Company Ltd (NNPC Ltd) and five international oil-producing companies.
The SLA was conceptualised by the NCDMB and is intended to optimize the contracting cycle in the oil and gas industry and spur the speedy development of new oil and gas projects, contributing to increased oil production and improved national economy.
The agreement was signed by the Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote, while the new Executive Vice President Upstream of the NNPC Ltd, Mr. Oritsemeyiwa A. Eyesan signed on behalf of the national oil company.
Other top industry officials who signed the agreement included the Managing Director of Shell Petroleum Development Company (SPDC) and Country Chair, of Shell Companies in Nigeria (SCiN) Mr. Osagie Okunbor, and the Chairman and Managing Director of ExxonMobil’s affiliates in Nigeria, Mr. Shane Harris. Others included the Director of Joint Ventures for Chevron Nigeria, Mr. Iwueze Cosmas; the Managing Director, Nigerian Agip Oil Company Ltd, Mr. Fabrizio Bloomfied, and the Executive Director, Joint Ventures, Total Exploration and Production Nigeria, Mr. Obi Imemba.
The Executive Secretary stated that the overall goal is to conclude the oil and gas industry’s tendering to contract award processes within six months, affirming his conviction that the target is realistic with all key parties now on board with the execution of the SLA. He expressed delight that NNPC Limited signed up to the MoU, being the senior partner of the joint ventures and concessionaire of the production sharing contracts (PSC) arrangements that govern the operations of the industry.
Wabote recalled that NCDMB first introduced the 15-day Rule to the industry in 2017, when it promised that it would respond within 15 working days to any formal request for approvals in relation to projects execution. He noted that the rule was later formalized with an SLA in May 2017 with Nigeria LNG Ltd pioneering the process and breaking approval records in respect of the NLNG Train7 project.
He added that “the industry found the outcome impressive leading to the Independent Petroleum Producers Group (IPPG) signing the SLA in 2018 and Oil Producers Trade Section (OPTS) thereafter.”
Wabote reaffirmed that NCDMB is a business-enabling regulator, hinting that “this is attested to by our being recognised and awarded as the most efficient amongst the MDAs in 2022 by the Presidential Enabling Business Environment Council (PEBEC).
”We are also rated PLATINUM by the Bureau for Public Service Reforms in recognition of the self-imposed reforms of our processes.”
The NCDMB boss assured the industry that the SLA would not be an exception, adding that the Board would deliver its own part of the deal.
The SLA signed with the Nigeria LNG in 2017 was the first of its kind to be entered between a regulator and another entity in the oil and gas industry. The template was adopted for managing documentation, contracting and expatriate quota applications between the Board and international and local operating companies.
The agreement obligated NLNG to submit to the NCDMB documents like the Quarterly Job Forecast, Nigerian Content Plan, Bidders List, Nigerian Content Evaluation Criteria, Nigerian Content Technical Bid among others, while the Board had to respond on specific timelines. Should the Board fail to respond in accordance with the provisions of the SLA, the company could proceed with its tendering process after informing the Board in writing or email.
In a sharp turn of events, the Nigerian Naira took a significant tumble on Tuesday, plunging to N1,416.57 against the US dollar at the official market.
This staggering drop of N62.36 from the previous trading day represents a 4.60 percent loss, sparking concerns among investors and analysts alike.
Data from the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed this unsettling trend.
Despite the currency’s downward spiral, trading activity surged, with the daily turnover soaring to $160.77 million, compared to Monday’s $84.83 million.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira’s performance remained volatile, trading between N1,445 and N1,301 against the dollar, underscoring the currency’s precarious position in the market.
The management of Dangote Cement Plc., Ibese Plant has assured that it would continue to complement the efforts of the Ogun State Government in the development of its host communities through capacity building for the people, especially the youths.
In a statement, the company declared its commitment to development for the prosperity of the people and host communities for which it is placing a premium on the developmental needs of the communities and empowerment of their indigenes.
During a capacity development workshop for Host Community Representatives, General Manager, Human Asset Management/Admin, Aina Olugbenga, said, Dangote Cement remained committed to implementing value-adding empowerment programs to uplift the people and develop the host communities.
The workshop themed: “Team Building, Inclusivity and Stewardship, a panacea to effective Community Representatives” according to him, was to equip the Community reps with the right skills to offer quality representation for their people. He stated: this capacity building workshop is aimed at developing and strengthening the skills, instincts, and abilities of the communities through their representatives adapt and thrive in a fast-changing world.
Olugbenga noted that the workshop is part of the management’s strategy to improve relationships with the host communities and urged the participants to leverage the knowledge acquired from the workshop to improve service delivery to their people and the Cement plant.
According to him, Dangote Cement, Ibese Plant is committed to building the capacity of the people and institutions in the communities by identifying skill gaps and partnering to up their skills for economic prosperity. This, he stated, was in anticipation that other stakeholders will continue to play their part by partnering and supporting the Company to ensure peaceful co-existence and shared prosperity for all.
Said he, “Apart from reciprocating the good gesture of Dangote Cement by ensuring peace at all times and keeping an open and trusting mind towards the organization, we also desire from our community leaders and representatives who are present here, the ownership of all Social Investment programme, be it training or infrastructure because they are meant for the betterment of our people.”
On behalf of the Community Representatives, Hon. Dayo Ogunyinka thanked the Dangote Cement management for the workshop while assuring continued commitment to effective, efficient and selfless discharge of their roles and responsibilities to their various communities and the Plant.
The Nigeria Deposit Insurance Corporation (NDIC) has announced revisions to the Maximum Deposit Insurance Coverage for banks operating within the country.
NDIC’s Managing Director, Bello Hassan, disclosed the updated coverage benchmarks during a media briefing in Abuja on Thursday.
The coverage for Deposit Money Banks has been increased from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.
Hassan underscored that the objective of the update is to enhance depositor safety, foster public trust, promote the inclusivity of financial services, and ensure the overall stability of the financial sector.
More to follow.. . .. .
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