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BREAKING: NCDMB Addresses Sterling Oil’s Non-Compliance Issues
The Nigerian Content Development and Monitoring Board (NCDMB) has commended the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) for whistleblowing the infractions of Sterling Oil Exploration and Energy Production Company (SEEPCO).
This was contained in a statement on its verified handle on micro-blogging site, X, on Monday.
The NCDMB pointed out that it “had sanctioned SEEPCO a few years ago for gross violations”, issued directives, which regrettably SEEPCO ignored, which saw the Board take legal action.
The statement was issued under the subject ‘Actions Taken by NCDMB Towards Addressing Sterling Oil’s Non-Compliance Issues’.
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“We are delighted that PENGASSAN served as a whistle blower over the alleged expatriate quota abuse by the management of Sterling Oil, and we assure the union and the general public that we would investigate the matter exhaustively and take necessary actions,” the Board stated.
It reads, “The Nigerian Content Development and Monitoring Board (NCDMB) has noted the comments made by the President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Mr. Festus Osifo, during the union’s recent protest at the headquarters of Sterling Oil Exploration and Energy Production Company (SEEPCO), at Victoria Island, Lagos, over alleged anti-labour practices and expatriate abuses by the company.
NCDMB commends the PENGASSAN leader for acknowledging that qualified Nigerian personnel are occupying top leadership and technical positions in most international and indigenous operating oil and gas companies, and are performing creditably in those roles.
He noted rightly that Nigerians are executing complex functions in the floating production and storage and offloading (FPSO) platforms like Bonga, Agbami, USAN, AKPO, Egina, etc. Indeed, Nigerian oil and gas workers performed almost all operations in the oil and gas industry during the COVID-19 pandemic and kept the industry afloat, after most expatriates returned to their home countries.
These feats were accomplished through NCDMB’s strategic implementation and enforcement of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010, particularly the Expatriate Quota, Succession Plan and Deployment of Expatriates Guidelines and Expatriate Work Temporary Work Permit Guidelines. The successes were also enabled by the several Nigerian Content capacity building interventions that prepared and placed qualified Nigerians in key positions in the oil and gas industry. Through enforcement and compliance oversight, the Board ensured that 609 technical positions were nigerianised for the period 2020-2024.
We are delighted that PENGASSAN served as a whistle blower over the alleged expatriate quota abuse by the management of Sterling Oil, and we assure the union and the general public that we would investigate the matter exhaustively and take necessary actions.
We can confirm that NCDMB had sanctioned SEEPCO a few years ago for gross violations of the NOGICD Act. Recently, we have been engaging the company for the same reasons. Our regulatory engagements with the firm are outlined below:
1. In 2017, the NCDMB identified five expatriates deployed by SEEPCO without obtaining the relevant NCDMB approvals. As a result, NCDMB penalized the company for this non-compliant deployment of expatriates. To remediate this, SEEPCO trained five Nigerians in Marine Engineering and Subsurface Drilling Engineering for nine months.
2. In 2018, NCDMB identified 402 expatriates deployed by SEEPCO without approval. Additionally, NCDMB discovered projects, contracts, and purchase orders from multiple projects that were awarded and executed without appropriate approvals. NCDMB penalized SEEPCO for these infractions and directed SEEPCO and its affiliates to take the following actions:
• Disengage the 402 expatriates and provide evidence of their disengagement and exit to the Board.
• Commence and comply with the NCDMB Expatriate Quota application process.
• Comply with the Board’s requirements for tendering and awarding projects, contracts, and purchase orders.
• Complete the Nigerian Content Development Fund (NCDF) reconciliation exercise and pay outstanding remittances.
• Submit up-to-date statutory reports on Nigerian Content and comply with the review process.
• Train and employ 40 Nigerians as part of the remediation/penalty.
3. Regrettably SEEPCO ignored those directives until the Board commenced legal proceedings against the firm, in line with section 68 of the NOGICD Act.
Shareholders of Nigerian Exchange Group Plc (NGX Group) have commended the Board and Management for the Group’s performance and strategic direction, urging continued focus on growth and long-term value creation.
At the Group’s 65th Annual General Meeting (AGM), shareholders approved the audited financial statements for the year ended 31 December 2025, alongside key resolutions including a final dividend of ₦2.00 per share, a one-for-three bonus share issue, and the corresponding increase in share capital. The re-election of Dr. Umaru Kwairanga, Group Chairman, Board of Directors, Dr. Okechukwu Itanyi, Independent Non-Executive Director and Mrs. Ojinika Olaghere, Independent Non-Executive Director reinforced continuity in governance and oversight.
They acknowledged the Group’s disciplined execution and its role in strengthening the Nigerian capital market, noting that recent developments reflect a more structured and better-regulated market environment.
Speaking during the meeting, the President, New Dimension Shareholders Association, Patrick Ajudua, commended the leadership of the Group for delivering a strong financial outcome, noting that the results reflect both improved market conditions and deliberate strategic execution. “The numbers speak to a business that is gaining strength and direction,” he said.
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Similarly, the Chairman of the Progressive Shareholders Association of Nigeria, Boniface Okezie, lauded the Group’s commitment to innovation and infrastructure development. “The market is becoming more forward-looking, supported by strong leadership at the Group level. Initiatives around market infrastructure and participation are yielding results, and this is positive for investors,” he noted.
Commenting during the AGM, Chairman of NGX Group, Umaru Kwairanga, appreciated shareholders for their continued support and reaffirmed the Board’s commitment to sustainable value delivery. He said, “The progress recorded reflects the strength of the Group’s strategy and the performance of its operating businesses. As a Board, our responsibility is to ensure disciplined oversight, uphold strong governance standards, and position NGX Group to deliver sustainable, long-term value to shareholders.”
Temi Popoola, group managing director/chief executive officer, focused on execution priorities, noting that the Group is positioning for scale. He said, “This next phase is about deepening momentum. Our priority is to scale infrastructure, broaden participation, and unlock new pathways for capital formation.”
The meeting reflected strong shareholder confidence in NGX Group’s leadership, with the Group reaffirming its commitment to playing a central role in the evolution of Nigeria’s capital market while delivering sustained returns to investors.
Sierra Leone has announced the signing of a petroleum licence agreement with Nigeria‑based Marginal Energy Limited, granting the company offshore exploration and production rights as the government seeks to revive interest in its under‑explored upstream sector.
The licence, signed through the Petroleum Directorate of Sierra Leone (PDSL), covers offshore blocks G‑145, G‑146, G‑147, G‑160 and G‑161, spanning about 6,800 square kilometres, according to a government statement, a Reuters report said.
Marginal Energy, a Nigerian independent, has committed to a seismic and drilling programme with exploration spending expected to exceed $225 million.
Under the agreement, the state will hold a 10 percent carried interest in oil projects and 5 percent in gas during exploration and development, with an option to acquire an additional participating interest on a paid basis of up to 9 percent once production begins.
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The deal was signed at the Invest in African Energy conference in Paris, where Sierra Leone has been promoting offshore licensing opportunities to international investors, the report added.
NASCON Allied Industries Plc has rewarded its shareholders with a historic 200 per cent increase in dividend payout, underscoring a remarkable financial performance that saw profit after tax surge by over 100 per cent to N33.5 billion in the 2025 financial year, despite a challenging operating environment.
The strong performance was unveiled at the Company’s 2025 Annual General Meeting (AGM) held in Lagos, where shareholders applauded the resilience, focus and strategic discipline of NASCON’s management and Board.
Reflecting the robust results, the Board of Directors approved a dividend of N6 per share—the highest since the Company was listed on the Nigerian Exchange, signalling NASCON’s confidence in its financial strength and long-term growth prospects.
Earnings per share (EPS) rose sharply by 115 per cent, from 577 kobo in the previous year to 1,241 kobo. Describing the outcome as the best financial performance in NASCON’s history, the Chairman, Mr. Olakunle Alake, attributed the results to improved operational efficiency, strict cost management and the dedication of the Company’s workforce.
“The operating environment in 2025 was characterised by economic volatility, persistent inflation and structural changes across key sectors,” Alake said. “Yet, NASCON remained resilient and strategically focused, delivering outstanding value to shareholders.”
He noted that operational sustainability remains a core pillar of the Company’s strategy. During the year, NASCON introduced Compressed Natural Gas (CNG) trucks into its logistics fleet to reduce fuel costs and minimise exposure to diesel price volatility. In addition, the Company’s state-of-the-art salt refinery, its largest production facility, now runs entirely on natural gas, significantly boosting efficiency while reinforcing NASCON’s commitment to environmental sustainability.
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The Managing Director, Mrs. Aderemi Saka, highlighted key milestones recorded during the year, including a 27 per cent growth in revenue and exceptional returns to shareholders through dividends. She attributed the achievements to a clear strategic vision, disciplined execution and sustained focus on cost-saving initiatives across production, logistics and fleet management.
Looking ahead to 2026, Saka reaffirmed management’s determination to build on the current momentum. She outlined strategic priorities for the coming year, including deeper cost optimisation, expanded market penetration, strengthened energy diversification and sustainability initiatives, as well as accelerated digital transformation and process automation.
In her remarks, Director Mrs. Tonya Lawani emphasised that the Company remains firmly committed to the principles that have driven its excellent performance, noting that NASCON approaches the new financial year from a position of strength, with further opportunities for growth and improvement.
Speaking on behalf of shareholders, Dr. Faruk Umar expressed strong confidence in the Company’s trajectory, citing NASCON’s rising share price, which recently crossed the N100 mark, and projecting further appreciation. He commended the quality of the Board and management team, noting that strong leadership and recent executive appointments have positioned the Company to deliver even greater value to all stakeholders.
With its record-breaking profit, unprecedented dividend payout and forward-looking strategy, NASCON Allied Industries Plc continues to consolidate its position as a leading force in Nigeria’s manufacturing sector while delighting shareholders with sustained value creation.
Photo Caption:
From Left: Company Secretary, NASCON Allied Industries Plc, Oluseun Oluwole; Chairman, NASCON Allied Industries Plc, Olakunle Alake; Managing Director, NASCON Allied Industries Plc, Aderemi Saka; Non-Executive Director, NASCON Allied Industries Plc, Fatima Aliko Dangote; Independent Director, NASCON Allied Industries Plc, Tonya Lawani, at the NASCON Allied Industries Plc 2025 Annual General Meeting held in Lagos on Monday, April 27, 2026
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