Business & Economy
ADC to Tinubu:Your Port Rehab Agreement is a ‘Mugu’Deal -Says Nigeria taking loans of £746m to fund British Economy
By George Mgbeleke
The African Democratic Congress (ADC) has described the £746 million agreement signed by President Bola Tinubu during his state visit to the UK as a ‘mugu’ deal, which disproportionately favoured the United Kingdom and its economy, while leaving Nigeria with a massive debt.
In a statement signed by its National Publicity Secretary, Bolaji Abdullahi, the ADC said while the APC government has tried to pass off the deal as President Tinubu’s major achievement, it is in fact an achievement of the UK Government, which, through this deal, has managed to save its steel industry, protect thousands of UK jobs, and get Nigeria to pay for it.
The party calls on the Federal Government to provide full transparency by disclosing comprehensive details of the agreement, including the applicable interest rates, repayment terms, and any local content provisions or obligations associated with the deal.
The full statement read:
“The African Democratic Congress (ADC) views the £746 million agreement between the Government of the United Kingdom and the Federal Government of Nigeria, concluded during President Bola Tinubu’s state visit to London, as disproportionately skewed in favour of the UK, which already enjoys a significant balance of trade advantage over Nigeria.
“Although the APC Government has tried to hoodwink Nigerians by portraying the agreement to rehabilitate the Tin Can and Apapa Ports in Lagos as a diplomatic success, it is, in reality, a commercial loan arrangement with conditionalities that ensure that a substantial portion of the funds either remains within the United Kingdom or is repatriated back to it.
“Based on information available on the UK Government website, which described the deal as a “major vote of confidence in UK manufacturing,” the £746 million agreement will be delivered through UK Export Finance’s (UKEF) Buyer Credit Facility and arranged by Citibank, N.A., London Branch.
“UKEF is the UK Government’s export credit agency. Its Buyer Credit Facility enables foreign buyers to access financing from commercial banks to procure UK goods and services, typically for projects that require significant UK content participation.
“In simple terms, UKEF guarantees a loan obtained by a foreign buyer from a commercial bank, which is then used to pay for UK goods and services, with the bank paying the UK exporter directly on behalf of the buyer.”
It further reads,”Under this agreement, at least £236 million of the £746 million in supplier contracts will be awarded to British companies, while British Steel will supply 120,000 tonnes of steel billets under a £70 million contract, representing its largest UKEF-backed export order, for port rehabilitation projects.
“The ADC is particularly concerned that the Nigerian government has entered into an agreement that leaves the country at a clear disadvantage, seemingly in exchange for a few hours of pomp and pageantry, and as part of a broader attempt to secure foreign validation, even as millions of Nigerians continue to face poverty, unemployment, and worsening insecurity.
“There are still several unanswered questions regarding this agreement. These include: what are the repayment terms of the commercial loan, including its duration and applicable interest rate? What percentage of local goods, services, and subcontracting is involved in the port rehabilitation project? How many direct and indirect jobs will be created for Nigerians? What is the project timeline, and when will the ports become fully operational? What provisions exist for training, apprenticeships, and skills transfer? Finally, what are the limits on expatriate staff, and are there defined quotas for SMEs and community benefit obligations?
“If the APC government has answers to these questions, it should make them available to Nigerians. Otherwise, Nigerians are justified in concluding that, 66 years after independence, President Bola Tinubu has travelled to London to sign an agreement that resembles a colonial-era treaty, one that risks mortgaging the country’s future for limited value and symbolism.”
Business & Economy
NCDMB, SNEPCo, LADOL Launch Human Capacity Development Programme for Supply Base Services
By David Owei
The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with Shell Nigeria Exploration and Production Company (SNEPCo) and Lagos Deep Offshore Logistics (LADOL), has commenced a 12-month Human Capacity Development (HCD) programme aimed at equipping young Nigerians with critical competencies required to support supply base operations within the oil and gas industry.
The programme, which kicked off on Tuesday, at the LADOL free zone, Apapa, Lagos, will train 12 beneficiaries through a structured combination of classroom learning and practical industry exposure in specialised areas that support logistics, trade, procurement, and supply chain operations.
Speaking at the ceremony, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, represented by the General Manager, Human Capacity Development, Ms. Alexis Emelle, described the initiative as more than a training programme, noting that it is an investment in people and the future of Nigeria’s energy industry.
She stated that the programme reflects the Board’s commitment to building a skilled workforce capable of meeting the evolving needs of the industry and creating opportunities for young Nigerians to thrive in specialised fields.
Emelle reminded the trainees that being selected for the programme comes with responsibility and urged them to approach the training with discipline, commitment, and a willingness to learn.
According to her, the industry requires professionals who are dependable, adaptable, and solution-oriented, adding that every assignment, lesson, and practical experience should be seen as an opportunity to build competence and character.
Speaking on behalf of SNEPCo, the Nigerian Content Manager, Mr. Obiajulu Onochie, described human capital development as a key component of operational excellence.
He noted that the success of Nigerian Content is closely linked to the work of NCDMB and commended the Board for establishing itself as one of the most professional institutions driving capacity development in the industry.
Onochie added that SNEPCo remains passionate about developing Nigerian talent and has implemented several training initiatives this year in areas including cybersecurity, NEBOSH, blockchain architecture, and subsea disciplines.
He reiterated the company’s commitment to local content development, stressing that investing in people is essential to building a sustainable energy industry.
In her remarks, a representative of LADOL underscored the significance of Nigerian Content to indigenous businesses, stating that without local content, “LADOL would not exist in its present form”.
The representative added that the organisation remains committed to supporting initiatives that strengthen local capacity and prepare young Nigerians for meaningful careers within the sector.
Following a rigorous two-stage selection process, the 12 beneficiaries will undergo training designed to equip them with practical skills required to support supply base operations and strengthen Nigeria’s local content capacity.
Speaking on behalf of the trainees, Mr. Olaniye Sodiq expressed appreciation to NCDMB, SNEPCo, LADOL, and all the training partners for investing resources in their development.
He said the beneficiaries were eager to learn and looked forward to contributing meaningfully to LADOL and the wider oil and gas industry upon completion of the programme.
The Human Capacity Development initiative reinforces NCDMB’s commitment to building sustainable local capacity by aligning training programmes with industry needs and creating pathways for young Nigerians to access high-value career opportunities within the energy sector.
Business & Economy
NCDMB Hosts Ghana National Oil Coy on Local Content Benchmarking Study
By David Owei,Bayelsa
A NCDMB Hosts Ghana National Oil Coy on Local Content Benchmarking Study
) has visited the Nigerian Content Development and Monitoring Board (NCDMB) on a knowledge sharing and local content benchmarking study, with a view to deepen their understanding of the Board’s local content development practices in the areas of policy frameworks and implementation strategies, among other things.
The delegation, led by the Director of Corporate Affairs at GNPC, Mr. Eric Pwadura, is on week tour of the NCDMB corporate headquarters, Yenagoa, Bayelsa State and was received on Monday by the Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe.
Welcoming the delegation, the Executive Secretary remarked that Africa has evolved over the last three to four decades, growing its hydrocarbon resources to over 120 billion barrels of crude oil reserves and 800 trillion standard cubic feet of gas, which constitute over 10 per cent of hydrocarbon resources globally.
He pointed out that as a hydrocarbon resource continent, it is in the national interest of the producing countries to prioritise local content development, paying particular attention to the necessity of reversing the trend of dependency on foreign technology for exploration, field development and production activities. The countries have to look inward for the capabilities to exploit their resources, he said.
Represented by the Director, Corporate Services of the NCDMB, Dr. Abdulmalik Halilu, the NCDMB boss explained the potential of “crude oil as commodity for economic transformation,” noting that Africa has the advantage of a huge youth population, that is,
the labour force, which should be made to acquire the requisite skills for industry operations.
He recalled that Nigeria’s local content journey began with the Local Content Division in the defunct Nigerian National Petroleum Corporation (NNPC), managing local content issues in the oil and gas industry through mere policy directives, and transformed into the NCDMB we have today. “We have evolved from a policy to an institution,” he enthused, adding, “NCDMB is the sole agency responsible for local content” in Nigeria.
He disclosed that NCDMB Board introduced the Nigerian Content 10-Year Strategic Roadmap, which comprises five strategic pillars, namely, Technical Capability Development, Compliance and Enforcement, Enabling Business Environment, Organisational Capability, and Sectoral and Regional Markets, as well as five enablers, namely, Funding, Regulatory Environment, Collaboration and Stakeholder Engagement, and Research and Development.
Among strategies for capacity building, Engr. Ogbe listed the Nigerian Content Intervention Fund (NCI Fund), which it operates through development finance institutions like the Bank of Industry (BOI) and Nigerian Export-Import Bank (NEXIM) to provide single digit loans to service companies. “What we have done is to create that access to make the local service companies competitive,” he explained, adding that the facility has enabled indigenous companies to acquire critical assets and facilities, including marine vessels operating in Nigeria.
He pointed out that when capacities are built, they must be utilised, hence the Board incentivises investments through a policy of First Consideration that favours indigenous companies with demonstrable capabilities.
He advised African countries seeking to broaden indigenous participation in the oil and gas industry that “local content does not compromise standards…it does not mean you have African spec, European spec,” adding, “It’s one global spec.”
In focused presentation on the Nigerian Content 10-Year Strategic Roadmap, Assistant Manager in the Strategy and Transformational Projects, NCDMB, Dr. Zuwairat Asekome, gave highlights of the journey of the Board, beginning with the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010, through successive
stages of growth in the implementation of local content policy and monitoring to the present, when it has successfully raised in-country value addition in the industry to 61 per cent.
In his response, Mr. Eric Pwadura expressed profound appreciation for the privilege to participate in a programme for knowledge sharing at the NCDMB, stating, “Even though we have the legislation guiding local content, we have not had the benefit of having a robust local content environment like you have.”
According to him, “If we take our organization (Ghana National Petroleum Corporation), for example, what we have is a local content unit. That’s currently the structure that we have,” adding, “We want to have a deeper understanding of your local content development programme.”
In his remarks, the Director, Monitoring and Evaluation of the NCDMB, Esueme Dan Kikile Esq. noted the high interest of African oil producing countries in local content. “It’s important that we work together; we are happy to continue to share our experience in oil and gas, share our experience in local content,” he stated.
In an opening address, the General Manager, Corporate Communications Division (CCD), NCDMB, Dr. Obinna Ezeobi, explained that “Nigeria and Ghana have had a long history of collaboration in the energy sector, and that the NCDMB and the GNPC have had fruitful interactions at international conferences. He said NCDMB had mentored several African organsations on local content. NCDMB, he added, has a Memorandum of Understanding (MOU) with the Petroleum Commission Ghana, the National Content Monitoring Committee of Senegal (ST-CNSCL), as well as partnerships with related agencies in Mozambique, Angolan, and Namibia.
Other delegates from the Ghana National Petroleum Corporation are Mrs. Jennifer Boateng, Adviser, General Services; Mr. Augustine Bayivella, Principal, Supply Chain and Local Content Development Officer, and Mr. Seidu Salim Braimah, Manager, Supply Chain and Local Content Development.
Business & Economy
Audit Report : Senate clears Customs of N62.2billion under remittance …sets up committee for reconciliation of 76 other queries
By George Mgbeleke
The Senate Tuesday through its Public Accounts Committee ( SPAC) , vacated query of N62.2billion underremittance , slammed on Nigeria Customs Service ( NCS) by the office of Auditor General of the Federation in the 2019 audit report.
The committee which had an investigative session on the entire 77 queries on financial infractions raised against Customs in the 2019 and 2020 audit reports , with the Comptroller General of Customs , Bashir Adewale Adeniyi , also resolved to set up a small committee for reconciliation of the remaining 76 queries.
Customs smooth sail at the investigative session , followed convincing responses made to queries one , two and three read to him by representative of the Auditor General of the federation .
Representative of Auditor General as directed by Chairman of the committee , Senator Ibrahim Dankwabo ( Gombe North ) , read to the Customs CG that in 2017 , while N691.242billion was the total revenue collection by Customs , N629.23bilion was remitted, leaving balance of N62.2billion unremitted into the Federation Account .
In his response to the query , the Customs CG said the N62.2billion classified as unremited or underremittance in the 2019 audit report , was the total sum of levies collected by Customs on behalf of other agencies which are not for remittance into federation account.
” The under remittance of N62.2billion leveled against Customs in the 2019 audit report , was wrongly arrived at through misclassification of levies collected .
” While most of the levies are to be collected and remited into federation account , others like the ones on local production of wheat , textiles and wines etc , do not go into federation account , totality of which accounted for the alleged unremited N62.2billion “, he said .
Similar explanations were offered by the Customs CG on queries two and three , which made a member of the committee , Senator Babangida Hussaini ( Jigawa North West ) , to wonder why Customs allowed the queries to get to the level of committee’s investigation .
” I was in the civil service just like the Chairman of the Committee , Senator Ibrahim Dankwabo ( Gombe North ) , before venturing into politics . Queries one, two and three that you have responded to , supposed to have been trashed out at reconciliation level with the auditors and not allowed to get to this stage “, he said
The Customs boss however reminded the committee members that the years under review , were period when the Senate and Customs had frosty relationship .
The committee on the strength of his explanation , resolved to set up a small committee to meet with customs for reconciliation of issues raised in the remaining 74 queries .
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