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Increased Crude Oil production: NCDMB Advocates Annual FID Week
As part of the strategies to increase Nigeria’s crude oil production and enhance revenue accruing to the national treasury, the Nigerian Content Development and Monitoring Board (NCDMB) has advocated for a week in each year to be dedicated to signing final investment decisions (FIDs) on new oil and gas projects.
The Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe made the proposal on Tuesday in his presentation at the 2024 African Energy Week (AEW), at Cape Town, South Africa.
A final investment decision is the final point in an energy project, in which the company or partners owning and operating a project give the final approval for the development, releasing the funding for the commencement.
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Ogbe stated that the FID Week, if adopted, could be incorporated into the existing annual international oil and gas conferences and would feature international and indigenous operating companies.
He posited that dedicating a week every year for FID signing could compel companies and relevant regulators to fast-track their processes to meet the deadline.
He also indicated that the proposal for the annual FID Week has already been broached to Special Adviser on Energy to President, Mrs. Olu Verheijen and the leadership of the Nigerian National Petroleum Company Limited and international operating companies and was being considered.
Represented at the African Energy Week (AEW) by the Director, Projects Certification and Authorization Division (PCAD) Engr. Abayomi Bamidele, the NCDMB boss said the proposal for an annual FID Week was geared to address the insufficient FIDs signed by the operating companies and the limited number of new projects being developed in the Nigerian oil and gas industry. These worrisome developments contributed to Nigeria’s dwindling crude oil production and the negative impact on revenue, he said.
He suggested that the Nigerian oil and gas industry needed to have at least one or two final investment decisions on major projects to be signed every year, to catalyze activity in the local service sector and the national economy and ultimately increase crude oil and gas production and revenue for the country.
He made reference to the three Presidential Directives (PDs) rolled out by President Bola Ahmed Tinubu in March 2024, for the oil and gas industry, stating that NCDMB had complied fully with the directives as it relates to fast-tracking the contracting cycle and eliminating middlemen with no demonstrable capacity from participating in the oil and gas value chain.
The PDs included Presidential Directive on Local Content Compliance, Presidential Directive on Reduction of Petroleum Sector Contracting Cost and Timelines and Presidential Directive on Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc)
Ogbe announced that NCDMB had applied the Presidential Directives in approving five oil and gas projects which are currently in the funnel.
He hinted that the expected production values of those projects are 1 billion standard cubic feet of gas per day and 350 million barrels of crude oil per day.
Commenting on strategies that would ensure sustainable local content development in African nations, the Executive Secretary stated that local content has to be promoted as a national agenda and supported by all institutions, businesses, decision makers, investors and citizens.
Some other personnel of the NCDMB made presentations at the 2024 edition of the African Energy Week (AEW) on core operations and initiatives of the agency.
The officials included Director of Finance and Personnel Management, Mr. Ifeanyi Ukoha, the Manager, Institutional Strengthening, Engr. Obongo Dokubo and the Supervisor Upstream, Engr. Bashir Ahmed.
Human rights activist Omoyele Sowore and several legal practitioners on Monday escorted a Lagos-based National Youth Service Corps (NYSC) member, Ushie Uguamaye, popularly known as Raye, to the office of her Local Government Inspector (LGI) after she was summoned for a viral video criticizing President Bola Tinubu’s administration.
Raye had gained widespread attention after posting a video on her TikTok account, #talktoraye, in which she lamented the country’s worsening economic crisis and blamed President Tinubu for the hardship faced by Nigerians.
She further described the president as a “terrible leader.”
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In a subsequent video, Raye claimed that NYSC officials had begun to threaten her following her public outbursts.
She was then summoned to appear at the NYSC office in Eti-Osa, Lagos, for questioning on Monday.
However, Sowore, alongside legal practitioners including Festus Ogun, Yinka Oyesomi, and Justice Ojienoh, accompanied Raye to the NYSC office in a show of solidarity.
According to an update shared by Sowore on his official X handle, the NYSC officials failed to show up for the meeting.
“We arrived at the Eti-Osa LGI offices of the @officialnyscng with youth corper, Ushie Rita Uguamaye, in Lagos. She was scheduled to appear before the LGI today, and we escorted her to their offices with attorneys.
@mrfestusogun, @yinka_oyesomi, and @justiceojienoh, but the LGI official had absconded, failing to show up throughout our stay,” Sowore posted.
The Ogun State Police Command has confirmed the tragic death of Inspector Ajele Oloyede, who was on special duty at Goodwill Ceramic Company in Igbesa, Ado Odo-Ota Local Government Area.
In a statement on Sunday, the Police Public Relations Officer, Omolola Odutola, disclosed that the incident occurred on March 14, 2025, around 1:20 p.m.
Oloyede, who was attached to the 78 PMF, Zamfara State, was found dead from a gunshot wound under unclear circumstances.
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According to preliminary reports, another officer, Tolorunloju Stephen, attached to the Force Headquarters Annex in Lagos, recounted that he had just returned from Ikeja when he saw Inspector Oloyede resting his head on a table in the security office.
After exchanging pleasantries, Oloyede reportedly assured Stephen that he was fine.
Moments later, Stephen went to the restroom but was startled by the sound of a gunshot. He rushed back to find Oloyede lying in a pool of blood.
With the help of private security personnel, the injured officer was immediately transported to Ota General Hospital, where he was pronounced dead by doctors.
The police confirmed that the firearm used in the incident has been recovered, and the body has been deposited for an autopsy.
Reacting to the incident, Ogun State Commissioner of Police, Lanre Ogunlowo, ordered a full-scale investigation to determine whether foul play was involved or if mental health issues contributed to the tragedy.
The case has been transferred to the State Criminal Investigation Department (SCID), Eleweran, for further inquiry.
“The Nigeria Police Force expresses its deepest condolences to the family, colleagues, and loved ones of Inspector Ajele Oloyede. The command remains committed to the well-being of its officers and will ensure that all necessary support is provided during this difficult time,” Odutola stated.
Authorities assured the public that the findings of the investigation would be made known once concluded.
Nine surveyors abducted in the Akure North Local Government Area of Ondo State have been released after their families paid a ransom of N20 million.
Recall that the victims were kidnapped a week ago while working at a site in Ilu-Abo.
Their captors initially demanded N100 million for their release.
However, following negotiations, market women intervened, pleading for a reduction to N50 million.
READ MORE: Ondo Market Women Block Governor’s Office Over Nine Abducted Surveyors
The kidnappers initially rejected the appeal before eventually settling for N20 million.
Confirming their release, Pastor Ajibade Owolanke, brother to the Ejemikin of Akure, High Chief Oluwole Omotayo, said: “The victims have joined their individual family members.”
It was gathered that after regaining their freedom, the surveyors were taken to different hospitals for medical examinations.
The abduction sparked widespread outrage in the state, prompting market women and youths in Akure to stage a protest.
The demonstrators urged Governor Lucky Aiyedatiwa and security agencies to take decisive action against the rising wave of kidnappings in the state.
Security authorities have yet to comment on any arrests related to the incident.
More to follow………..
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