The Nigerian naira recorded further gains against the United States dollar on Monday, appreciating to N1,408 per dollar in the parallel market, compared to N1,415/$ recorded at the close of trading last weekend.

The local currency also strengthened in the Nigerian Foreign Exchange Market (NFEM), where it appreciated to N1,365 per dollar, up from N1,368/$ at the end of last week.

According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate improved by N3, reflecting sustained appreciation of the naira in the official market.

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The latest gains also narrowed the gap between the parallel and official exchange rates to N43 per dollar, down from N47 per dollar recorded on Friday, indicating a gradual convergence between both markets.

Meanwhile, activity in the official foreign exchange market increased significantly, with interbank turnover surging by 132.3 per cent to N137.05 million, compared to N58.99 million recorded last weekend.

The improved performance of the naira across both markets comes amid continued efforts by monetary authorities to stabilise the foreign exchange market and enhance liquidity.

With a view to improving operational efficiency, safety, compliance and service delivery across its operations, Pinnacle Oil & Gas Limited has reaffirmed commitment to building stronger relationships with its vendors.

The company made the commitment at its 2026 Vendors’ Forum held in Lagos under the theme, “Partnering for Operational Excellence,” with the sub-theme, “Strengthening Partnerships Through Compliance, Safety, Performance and Innovation.”

The forum brought together more than 100 existing and prospective vendors as well as key stakeholders, both physically and virtually, to strengthen collaboration and align suppliers with the company’s operational standards and growth strategy.

Speaking at the event, Managing Director and Chief Executive Officer of Pinnacle Oil & Gas, Adenike Labinjo, described vendors as strategic partners whose commitment to quality, innovation, safety and compliance is critical to the company’s success.

She said as Pinnacle continues to expand its operations, it has become increasingly important for the company and its vendors to share a common understanding of expectations, responsibilities and performance standards.

Labinjo stressed that safety, regulatory compliance and ethical business practices remain non-negotiable in all engagements with suppliers.

She noted that stronger collaboration with vendors would help the company deliver greater value to customers and other stakeholders while supporting sustainable business growth.

The forum featured technical presentations by senior executives from the company’s Procurement, Engineering, Compliance, Finance, Legal, Health, Safety and Environment (HSE), and Sales and Marketing departments.

Participants received guidance on Pinnacle’s procurement procedures, vendor onboarding and prequalification processes, Know Your Customer (KYC) requirements, tax invoicing, payment processes, contractual obligations, technical specifications, contractor responsibilities, supplier performance expectations and Service Level Agreements.

The company also unveiled improvements to its Purchase Order (PO) process aimed at improving efficiency, transparency and ease of doing business with vendors.

A major highlight of the event was an interactive question-and-answer session where vendors engaged directly with the company’s leadership on procurement procedures, compliance requirements, project execution, HSE standards and areas for continuous improvement.

According to Pinnacle, the session reinforced its commitment to transparency, open communication and stronger collaboration with suppliers.

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The company also recognised outstanding vendors whose contributions have supported its operational performance over the past year. Five companies received Certificates of Recognition for exceptional service delivery, innovation and partnership.

The award recipients were Great Grace Enterprise for Outstanding Delivery Performance, Cevets Nigeria Limited for Excellence in Project Delivery, Ceezik Projekts for Outstanding Quality, Diadco Nigeria Limited for Outstanding Responsiveness, and Sephill Innovative Solutions Limited for Best Commercial Value.

On the significance of the forum, Head of Procurement and Administration, Oluseyi Ogunfowora, said the initiative reflects Pinnacle’s determination to build stronger partnerships through transparency, collaboration and shared accountability.

She explained that the procurement function coordinates the requirements of Engineering, Operations, Marine, Compliance, Legal, Finance, HSE and other business units to ensure a fair, efficient and transparent procurement process.

Ogunfowora urged vendors to submit complete and compliant documentation, communicate proactively and seek clarification whenever necessary.

“The success of our business depends on the strength of our partnerships,” she said. “When vendors clearly understand our expectations and we work together with transparency, compliance and open communication, we create a high-performing vendor ecosystem that benefits everyone.”

She added that the 2026 Vendors’ Forum forms part of Pinnacle’s broader strategy to strengthen supplier engagement, improve operational efficiency and reinforce a culture of compliance, safety, innovation and continuous improvement throughout its value chain.

Poised to help in addressing the shortage of skilled technical manpower locally, the Nigerian Content Development and Monitoring Board (NCDMB) has graduated 50 Nigerians as certified crane operators under a specialised training programme, which empowers them with global standards in the trade.

The four-week Crane Operations Operator Level I and II Training Programme, implemented in partnership with Zigma Limited, equipped participants with internationally recognised technical knowledge, practical operating skills and safety competencies required for crane operations across the oil and gas, construction and industrial sectors.

During the graduation ceremony, the Executive Secretary of NCDMB, Felix Ogbe, represented by Halvin Okonmah, explained that the initiative forms part of the Board’s commitment to developing Nigerian professionals capable of meeting the industry’s growing technical manpower needs.

He said the programme aligns with the Board’s statutory mandate under the Nigerian Oil and Gas Industry Content Development Act (NOGICD) to build human capital, expand opportunities for Nigerians in specialised technical roles and deepen local participation in the energy sector.

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According to him, the training will strengthen industry capacity while fostering innovation, partnerships and sustainable growth.

“This event will foster stronger partnerships, inspire fresh ideas and deepen the development of skilled local capacity for the benefit of our industry and our nation,” he said.

He urged the graduates to uphold the Board’s core values of patriotism, professionalism, integrity, creativity, passion and teamwork.

The Managing Director of Zigma Limited, Funmi Ogbue, represented by the company’s Chief Operating Officer, Ojinika Mba-Kalu, described the graduation as a milestone in developing Nigeria’s technical workforce, stressing that the country’s industrial future depends on investments in skilled manpower.

She said participants received intensive classroom and practical training covering crane operating principles, lifting operations, equipment inspection, load handling techniques, signalling and communication, hazard identification, risk assessment, and Health, Safety and Environment (HSE) standards. “This is a testament to what can be achieved when institutions, industry and individuals unite around a common purpose of building the capacity of Nigerians to compete, excel and lead within our nation’s oil and gas industry,” she said.

Ogbue added that Zigma would continue collaborating with government agencies and industry stakeholders to deliver more capacity-building programmes capable of producing globally competitive Nigerian professionals.

Presenting the project report, Zigma’s Project Manager, Amy Nwadiaro, disclosed that the programme attracted significant interest nationwide, with 355 applications received. Following a rigorous selection process, 65 applicants were shortlisted for screening, while 50 participants were eventually admitted into the training.

She said all 50 trainees successfully completed the programme, representing a 100 per cent completion rate.

“The response to this initiative was overwhelming. We received 355 applications, shortlisted 65 candidates for screening and admitted 50 participants, all of whom successfully completed the programme,” she said.

On behalf of the graduating trainees, Evidence Ojie described the programme as practical proof that Nigerian Content development extends beyond policy declarations to tangible investment in local talent.

He said the training provided participants with critical competencies in boom set-up, working range calculations, load chart interpretation and safety margins required for offshore and industrial crane operations.

According to him, the knowledge acquired would enable the graduates to compete effectively for technical roles on rigs, offshore platforms and industrial facilities both within Nigeria and internationally.

Industry stakeholders at the event also underscored the importance of certified crane operators in improving workplace safety, reducing operational accidents and enhancing efficiency in high-risk sectors such as oil and gas, construction and heavy industry.