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Increased Crude Oil production: NCDMB Advocates Annual FID Week

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NCDMB Emerges Best MDA In Ease Of Doing Business Ranking

 

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.

ALSO READ: AMCON Not In Dispute With Heyden Petroleum

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.

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LASTMA Alerts Motorists to Traffic Delays on Ogunnusi Road

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The Lagos State Traffic Management Authority (LASTMA) has alerted motorists to traffic delays along Ogunnusi Road towards Ojodu-Berger due to ongoing rehabilitation work.

LASTMA disclosed this in a post on its official X account on Sunday, stating that the road rehabilitation was being carried out by the Lagos State Public Works Corporation (LSPWC).

According to the agency, “The ongoing work is affecting traffic flow, with vehicles moving at a slower pace in both directions.”

ALSO READ: Chaos On Lagos-Ibadan Expressway As LASTMA Shuts Otedola Bridge

To ease the situation, LASTMA said a contraflow arrangement had been introduced for motorists travelling from Omole Junction towards Vis Junction.

“A contraflow arrangement is in place for vehicles coming from Omole Junction towards Vis Junction to facilitate the movement of traffic,” the agency stated.

LASTMA added that its personnel had been deployed to manage traffic and ensure the continuous movement of vehicles around the affected area.

“Our personnel are on ground managing the traffic situation and ensuring the continuous flow of vehicular movement,” the agency said.

The traffic management authority advised motorists to remain patient and exercise caution while the rehabilitation work continues.

“Motorists are advised to exercise patience and drive with caution while the rehabilitation work continues,” LASTMA stated.

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Dangote Investments are Catalysts for Africa’s Economic Growth – AFC

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Leading economists, financial experts and industry stakeholders have described the Dangote Group’s investments as major drivers of industrialisation and economic transformation across Nigeria and Africa.

The experts cited the Group’s impact on job creation, import substitution, foreign exchange conservation and economic competitiveness.

They voiced their thoughts at the Lagos Economic Summit themed “The Real Deal: Africa’s Greatest Investment Opportunity,” where they urged governments to implement policies that strengthen local industries and accelerate economic diversification.

President and Chief Executive Officer of the Africa Finance Corporation (AFC), Samaila Zubairu, commended the Dangote Group’s sustained investments across Africa, describing them as critical to unlocking the continent’s economic potential.

He noted that while recent economic reforms have improved foreign exchange stability, strengthened reserves and eased inflationary pressures, the focus must now shift to growth in industry, productivity and employment.

READ ALSO: NMDPRA Shares July Domestic Cooking Gas Supply Details

Also speaking, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, said industrialisation remains the most effective path to sustainable economic development.

He called for better alignment of trade and industrial policies, stressing that local manufacturers require strategic support to compete effectively and drive broader economic benefits.

Founder and CEO of Nairametrics, Ugodre Obi-Chukwu, said Africa’s growing population presents a significant industrial opportunity, noting that investments such as the Dangote Refinery are helping to retain capital within the continent while strengthening local production capacity.

In his keynote address, Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, said Nigeria is gradually transitioning from a consumption-led economy to one driven by investment and production.

He added that sustained investments in productive sectors will continue to stimulate growth, create jobs and improve living standards.

Participants at the summit also advocated stronger credit infrastructure, improved national identification systems and increased investment in skills development to enhance the productivity and global competitiveness of Africa’s growing youth population.

Photo Caption: From Left – Chief Economist, Dangote Industries Limited, Dr. Hassan Mahmud; Lady Maiden Alex-Ibru; Chairman of Occasion/Special Guest of Honour, Samaila Zubairu; Key Note Speaker Session 1, Bismarck Rewane; during the Real Deal: Africa’s Greatest Investment Opportunity, Sponsored by Dangote Industry Limited in Lagos on Thursday 3, September 2026.

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VDM Fires Back at Police, Releases First ‘Evidence’ Over Kidnap Claims

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#Nigeria Decides: 10,000 Security Personnel Deployed In Plateau

Social media critic Martins Vincent Otse, popularly known as VeryDarkMan (VDM), has released what he described as his first piece of evidence after the Nigeria Police Force challenged him to substantiate his allegations that some police officers allegedly collaborate with kidnappers.

VDM released a video on his Instagram handle on Thursday, August 27, 2026, shortly after the police invited him to provide evidence supporting the claims he made at the 66th Annual General Conference of the Nigerian Bar Association (NBA) in Port Harcourt.

SEE MORE: ‘Provide Evidence’ — Police React to VDM’s Explosive Kidnap Allegation

The activist captioned the video: “My evidence number 1.”

Recalled that VDM, who was a panellist at the NBA conference on Tuesday, had alleged that some police officers manning checkpoints along major highways provide kidnappers and bandits with information about travellers.

According to him, the officers allegedly relay details about the identities and movements of travellers to criminal groups, thereby facilitating abductions for ransom.

The allegation triggered a response from the Nigeria Police Force, which denied the claim and challenged VDM to substantiate his allegations.

The police invitation came as the force sought evidence to support the serious claims made by the social media critic.

In response, VDM released the video, describing it as his “evidence number 1”, signalling that he may provide further material to support his allegations.

The development has continued to attract attention, with the controversy placing renewed focus on allegations of possible collaboration between security personnel and criminal groups involved in kidnapping and banditry.

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