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EFCC, NGX RegCo Strengthen Partnership On Market Integrity

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NGX: Transactions maintain bearish trend with 0.0% loss

 

The NGX Regulation Limited (NGX RegCo), the independent regulation subsidiary of Nigerian Exchange Group (NGX), and the Economic and Financial Crimes Commission (EFCC) have called for enhanced partnership to enhance market surveillance and combat financial crimes in Nigeria’s increasingly digitalized capital market.

This strategic initiative was discussed during a high-level meeting between NGX RegCo’s Chief Executive Officer, Olufemi Shobanjo, and EFCC’s Executive Chairman, Ola Olukoyede, at the Commission’s Abuja headquarters on Tuesday, January 28, 2025.

During the meeting, Shobanjo highlighted the critical need to adapt regulatory frameworks to address sophisticated digital financial crimes emerging in today’s evolving market landscape. “The digitalization of our markets has brought new challenges, necessitating a more robust collaborative approach,” he stated. “While our 2013 MoU established initial cooperation parameters, the substantial market growth in 2024 demands an enhanced partnership framework. As a frontline regulator, we recognize the EFCC’s crucial role in providing enforcement support and specialized expertise to combat market abuse and protect investor interests.”

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Shobanjo emphasized NGX RegCo’s dedication to maintaining market integrity and expressed confidence that reinforced collaboration with the EFCC would strengthen investor protection mechanisms.

Responding, Olukoyede commended the desire to strengthen the existing relationship between the two agencies and assured that the Commission was ready and willing to collaborate.

“I know you are also concerned with regulatory compliance because the issue of compliance is a key issue. It is part of our mandate to enforce compliance. Under my administration, we have strengthened our bond with different regulatory bodies. Let’s see how we can have a desk where we can work better and attend to you. I have a special interest in the capital market in respect of the abuse of assets and trades. We will try to review the MoU, make our observations in line with the relevant laws and regulations, and communicate our views to you. We pledge our commitment to this”, he said.

The strategic dialogue highlighted both organizations’ shared commitment to fostering a secure, transparent, and globally competitive Nigerian capital market that instils investor confidence and promotes sustainable economic growth.

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Shell Outlines Steps To Boost Local Content In Oil & Gas Operations

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Shell reiterates commitment to lower CO2 emissions in Nigeria

 

With the belief that strategic partnerships, capacity building and adherence to regulations would help Nigeria to derive more value from the participation of local business in such operations, Shell has identified key enablers for boosting local content in the oil and gas industry.

The remark was made by the General Manager, Nigeria Content Development of The Shell Petroleum Development Company of Nigeria Limited (SPDC) Olanrewaju Olawuyi, at a panel session on “on “Local Content Private Sector” at the ongoing Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos.

Drawing lessons from the experience of Shell Companies in Nigeria, Olawuyi said it was necessary to encourage indigenous companies to form partnerships to deliver major work scopes. “By awarding contracts worth $1.98 billion to Nigerian businesses in 2023, Shell has bolstered the capabilities of local firms, enabling them to become regional contractors,” he said.

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According to him, there is also the need to improve the expertise of local companies through training and provision of resources. “At Shell, we have implemented projects like the Nigerian Diving school to increase divers capacity in Nigeria, domestication of 3D printing technology and research work to develop synthetic base fluid for drilling. These are among many efforts to develop the capacity of suppliers.”

He said compliance with local content policies was essential as this had helped to ensure Shell’s operations benefit the local economy while at the same time fostering trust and collaboration with host communities.

Olawuyi explained that “Shell has learnt that the local content race is not a sprint, but a marathon and it makes a lot of business sense and creates value long term. As the energy sector evolves, local content strategies will shift from simple compliance to value-driven partnerships, technology adoption, and sustainable economic impact. Companies that invest in innovation, digital transformation, and workforce development will lead in shaping the next phase of local content growth.”

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ALLEGED 7.7 BILLION NAIRA EXPENDITURE ON CONSULTANCY: SAHARA REPORTERS REPORT IS FALSE AND MALICIOUS

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NCDMB Emerges Best MDA In Ease Of Doing Business Ranking

 

*NCDMB OBSERVES THE HIGHEST STANDARDS OF ACCOUNTABILITY, TRANSPARENCY, AND DUE PROCESS IN ITS OPERATIONS

 

The Nigerian Content Development and Monitoring Board (NCDMB) wishes to firmly and unequivocally rebut the false, malicious, and misleading publication by Sahara Reporters on February 12, 2025, titled – EXCLUSIVE: NIGERIAN CONTENT BOARD NCDMB BOSS OGBE SPENDS N7 BILLION ON CONSULTANCY, OVER 580 MILLION ON 5-DAY LONDON TRAINING, LOGISTICS, ALLOWANCES.

The publication is riddled with falsehoods, gross inaccuracies and baseless inferences.

We wish to state that neither the Board nor the Executive Secretary spent the amount stated in the headline of the referenced statement.

It is a fact that in 2017, the Board developed a 10-Year Strategic Roadmap underpinned by five pillars and four enablers. The 10-Year Strategic Roadmap targets in-country retention of 70% spend in the oil and gas industry by 2027, amongst other measurable targets.

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One of the four enablers of the 10-Year Strategic Roadmap is Stakeholder Collaboration and Engagement, borne out of a need to ensure harmonious policy and regulatory implementation by all agencies and institutions of government. It is against this background that the Board has every two years organised a Strategic Workshop with Heads of Ministries, Departments, and Agencies of government that pertain to the oil and gas industry to interrogate and find areas of alignment in the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010.

In carrying out this Strategic Workshop and every other activity of NCDMB, due process was followed in ensuring that all financial expenditures were made following approved financial and procurement guidelines.

We wish to emphasize that NCDMB operates under strict government regulations and oversight bodies.

It is regrettable that Sahara Reporters, known for its sensationalism and lack of investigative rigour, has once again published unverified claims designed to mislead the public and tarnish the hard-earned reputation of our Executive Secretary and esteemed organization.

The NCDMB categorically refutes the false claims made in the publication.

The allegations of misappropriation to the tune of N7.7 billion without due approval are entirely baseless, mischievous, and aimed at tarnishing the reputation of the Board and the Executive Secretary.

There was no such expenditure of N7.7 billion naira by the Board for consultancy services.

We wish to emphasize that the NCDMB led by Engr. Felix Omatsola Ogbe, operates with the highest standards of accountability, transparency, and due process in all its operations. All expenditures in the Board are subjected to rigorous approval processes in accordance with the provisions of the Public Procurement Act 2007, our enabling law, the Nigerian Oil and Gas Industry Content Development Act (NOGICD) Act 2010 and other relevant statutes and policies. The Board remains committed to upholding the principles of good governance in line with its statutory mandate.

It is on account of our strict adherence to due process that the NCDMB achieved remarkable milestones, including ranking first three consecutive times in the Presidential Enabling Business Environment Council (PEBEC) Compliance Report in the Ease of Doing Business, Transparency and Accountability among Ministries, Departments, and Agencies (MDAs) of government in Nigeria.

Additionally, the Board received the Nigeria Govtech Award and the Distinguished Govtech Trailblazers Award from the Bureau for Public Sector Reform (BPSR) for excellence in digital governance and public sector innovation.

The NCDMB remains resolutely committed to its core mandate of building local capacity and empowering Nigerians to participate effectively in the Nigerian oil and gas industry. Our initiatives are aligned with the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR, aimed at empowering Nigerians and creating sustainable jobs.

We encourage members of the public and media houses to always verify their sources of information before rushing to publish the “so-called exclusive report.’’

The NCDMB has an open and accessible corporate communications team with verifiable addresses and contact details that if the above referenced online platform had bothered to reach out to for clarification, this undue sensationalism would not have happened.

We believe this is a hatchet job and thus avoided the time held journalism practice of hearing the other side.

We assure the public that this malicious, false, and misleading publication will not distract the Executive Secretary from his commitment to driving the Board’s mission.

The Executive Secretary remains steadfast in advancing the goals of the organization and delivering on its mandate for the benefit of all Nigerians.

 

Corporate Communications Department

Nigerian Content Development and Monitoring Board (NCDMB)

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Sustainability: Shell Partners Bayelsa To Protect Taylor Creek Forest Reserve

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The craving for environmental sustainability has seen the inauguration of the Gbaran Biodiversity Action Plan (Gbaran BAP), an initiative under which more than 150 people from Taylor Creek Forest Reserve communities were trained in alternative livelihood skills to reduce exploitation of forest resources.

Biztellers reports that the Gbaran BAP, is backed by the Shell Petroleum Development Company of Nigeria Limited (SPDC Joint Venture) and the Bayelsa State Government.

It was gathered that the trainees acquired skills in Aquaculture, Bee keeping, Goat rearing, snail farming, cassava/plantain farming and Grasscutter technology. They were also offered starter-packs to help them venture into the areas they were trained in.

The Director and Head, Corporate Relations, SPDC, Igo Weli, noted in a speech in Yenagoa, that the “SPDC is well placed to contribute to the protection of Taylor Creek Forest reserve having successfully implemented similar programmes at Gele-Gele and Urhonigbe forest reserves in Edo State.”

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Weli, represented by Corporate Relations Manager West, Amechi Ucheoma, touched on the purpose of the initiative, thus, “With the support of our joint venture partners – NNPC Limited, TotalEnergies and Nigeria Agip Oil Company – we have decided to embark on the latest biodiversity action plan to continue to support the government and people of Bayelsa State in order to maintain the balance of nature at Taylor Creek.”

Bayelsa State Commissioner for Environment, Ebi Ben-Ololo commended SPDC Joint Venture for its commitment to the action plan.

He said, “The State Government is interested in the success of the project and is ready to provide support. Strict laws would be enforced against illegal logging and this discipline will provide sanity on the environment, the earth, and Bayelsa State with sustainability.”

Ben-Ololo cautioned the trainees against selling their starter packs, adding, “Together, let us forge ahead with determination and resolve, united in our mission to protect and nurture the rich biodiversity of our land. May our collective efforts yield fruitful results and serve as a beacon of hope for a greener and more sustainable future.”

SPDC Joint Venture commenced the Gbaran Ubie Biodiversity Action Plan in 2016 with consultations involving community representatives, regulatory agencies, subject matter experts and Non-Governmental Ogranizations (NGOs). Implementation of the plan began in 2019 and included training of forest guards and nominees from Okordia and Biseni clans on alternative livelihoods skills and planting of trees. The implementation strategy was revised in 2023 as Gbaran BAP Expansion, which saw a refresher programme for the 151 trainees to sustain the reforestation initiative.

Biodiversity Action Plans are based on the United Nations Convention on Biological Diversity, which held in Rio De Janeiro, Brazil in 1992 and aim at protecting and restoring biological systems, especially threatened species and habitats. SPDC has been working closely with the International Union for Conservation of Nature (IUCN) to protect areas such as nature reserves, wilderness areas and habitats for certain species in the Niger Delta.

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