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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.
Senate President Godswill Akpabio has revealed that he spent the night inside the Dangote Cement factory in Obajana, Kogi State, on the day of Senator Natasha Akpoti-Uduaghan’s wedding due to poor lighting at the Kogi airport.
“I slept in Dangote Cement factory in Obajana, Kogi State, on the night of Senator Natasha’s wedding because the Kogi airport lights were in a poor state,” Akpabio stated during plenary at the National Assembly on Thursday.
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Akpabio, a former Minister of the Niger Delta, described Natasha’s husband as his “good friend” and emphasized that his presence at the wedding was a testament to his close relationship with the family.
Meanwhile, the Senate has suspended Senator Natasha Akpoti-Uduaghan for six months following the recommendations of the Senate Committee on Ethics, Privileges, and Public Petitions.
The committee found her guilty of “disrespecting the Senate” and directed that she must issue an apology.
As part of the suspension, the committee stated that her salary and security details would be withdrawn.
Additionally, the Kogi Central lawmaker has been barred from the National Assembly premises for the duration of the suspension.
Following the committee’s recommendations, the Senate adopted the resolution, and Senate President Akpabio officially announced her suspension.
A Catholic priest, Rev. Fr. Sylvester Okechukwu, who was abducted from his residence on Tuesday night, has been killed by his captors in Kaduna State.
The Catholic Diocese of Kafanchan confirmed his death in a statement signed by its Chancellor, Rev. Fr. Jacob Shanet.
According to the statement, Fr. Okechukwu, who served as the pastor of St. Mary Catholic Church in Tachira, Kaura Local Government Area, was murdered in the early hours of Wednesday.
“After being taken by his abductors, we regret to inform you that Fr. Sylvester was cruelly killed in the early hours of Wednesday, March 5. It is yet to be determined why he was killed,” Shanet said.
READ ALSO: Gunmen Abduct Catholic Priest Along Enugu Road Despite Security Checkpoints
The Diocese described the late priest as a selfless and dedicated servant of God, whose sudden death has left the church and community in deep sorrow.
“This untimely and brutal loss has left us broken and devastated. He was always available and accessible to his parishioners. His untimely death has left an indelible void within our diocesan family, and we share in the pain of his passing with his family, friends, and all those who loved him,” the statement read.
Shanet urged the Takad community to remain calm and prayerful, warning against any form of retaliation.
He assured that funeral arrangements for the late priest would be communicated in due course.
Kenyan athlete Edwin Koech has emerged as the champion of the 2025 Access Bank Lagos City Marathon, claiming victory in the men’s category with a record time of 2 hours and 14 minutes.
The win, secured on Saturday, marks his second title in the prestigious race after his triumph in 2023.
Koech takes home the $50,000 first-place prize, further cementing his dominance in the competition.
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The 10th edition of the marathon saw an impressive turnout, with 37,000 runners competing in both the 10km and 42km races.
Race General Manager and retired Nigerian long jumper Yusuf Ali confirmed the figure, explaining that it was based on the number of race kits distributed, out of more than 60,000 registered participants.
The 42km race commenced at 6:30 am from the National Stadium in Surulere, while the 10km race began at 9:30 am from Grace Garden Event Centre in Lekki. Both events concluded at Eko Atlantic City, the official finish line.
As the Lagos City Marathon celebrated its 10th anniversary, organisers reiterated their goal of securing a World Athletics platinum label, which would make it the first marathon in Africa to achieve the prestigious status.
Currently classified as a gold label race, the event has continued to attract elite athletes from across the globe.
In preparation for the race, the Lagos State Government announced an eight-hour road closure and traffic diversion, restricting movement along key routes from 5:00 am to 1:00 pm on Friday.
Since its inception in 2016, the Access Bank Lagos City Marathon has grown into one of Africa’s premier road races, drawing international attention and fostering a strong culture of long-distance running in Nigeria.
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