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NCDMB Receives N450m Interim Dividend from Waltersmith Modular Refinery…. Firm declares N4.5bn Dividend for 2023

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Nigerian Content Development and Monitoring Board (NCDMB) announced on Monday that it had received an interim dividend payment of N450 million out the
N1.5bn declared by the Waltersmith Refinery and Petrochemical Company Limited.

This payment represents NCDMB’s 30% share in the company for the year ended 2023.

The NCDMB had in July 2018 invested $10m to acquire 30% stake in the 5000 barrels per day (bpd) modular refinery project located at Ibigwe, Imo State, to support the Federal Government’s policy on modular refinery, stimulate investment and create employment opportunities.

Rising from a Board Meeting of Waltersmith Refinery and Petrochemical Company Limited, the Executive Secretary NCDMB, Engr. Felix Omotsola Ogbe confirmed that a total dividend of N4.5bn had been approved for the year 2023, pending final approval at the Annual General Meeting (AGM). The company reported a total profit of N23.6bn as profit after tax for the same year.
The Executive Secretary hinted that NCDMB expects to receive additional 30% of the outstanding N3bn dividend after the AGM is convened later this year.

He added that the receipt of this interim dividend payment is a testament to the strong performance and profitability of Waltersmith Refinery and Petrochemical Company Limited. “The NCDMB is proud to be a part of this success and looks forward to continued collaboration with the company in the future,” he stated.
He affirmed that the company is upscaling the refinery capacity from 5000 bpd to 10,000bpd and the expansion project is 44% completed and on time to be commissioned by early 2025.

NCDMB’s investment in the Waltersmith project was also geared to catalyse the industrialisation of the Nigerian oil and gas industry and its linkage sectors and deepen Nigerian Content in the oil and gas industry. It was the first third-party investment embarked by the Board, and it provided proof of concept and paved the way for other successful investments by the Board.

Two weeks ago, NCDMB received a cheque of $1 million from Nedogas Development Company Limited (NDCL), being part of the return on investment (ROI) on one of the Board’s strategic investments.

The cheque was presented by the Chairman of the company, Engr. Emeka Ene when he visited the Nigerian Content Tower in Yenagoa Bayelsa State, where he was received by the Executive Secretary, Engr. Felix Omatsola Ogbe and other members of the Board’s management.

Nedogas Development Company Limited (NDCL) is a joint venture company between Xenergi Limited and NCDMB Capacity Development Intervention Company and it culminated in the construction and commissioning of a 300 MMscfd Capacity Kwale Gas Gathering (KGG) and injection facility located in the Umusam Community, near Kwale in Delta State, Niger Delta, Nigeria.

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Fidelity Bank Renovates Nasarawa PHC Clinic, Donates Water Facility

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Fidelity Bank Renovates Nasarawa PHC Clinic, Donates Water Facility

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

As part of its Corporate Social Responsibility (CSR) initiatives, leading financial institution, Fidelity Bank Plc, has renovated the Primary Healthcare Clinic along the Workers Village in the Tudun Amba Community of Lafia Local Government Area of Nasarawa State.

The bank also provided water facilities to ameliorate issues of water scarcity being experienced in the community in recent times.

Speaking at the inauguration ceremony, the Divisional Head, Brand and Communication Plc, Fidelity Bank, Meksley Nwagboh, said the dignity of every human person is a shared responsibility. The bank decided to embark on the project as a means of improving the living condition of people in the community and as part of the bank’s social responsibility to its host community.

Expressing gratitude to the leadership of the community for giving the bank the opportunity to execute the project, Nwagboh said, “What we are doing today is not different from what we have been doing in communities, local governments and states across the country over the years. As a socially responsible organisation, we take it upon ourselves to impact our host communities positively through developmental initiatives such as these.

“On behalf of the management and staff of Fidelity Bank, I want to say thank you to everyone who made it possible for us to touch the lives of the people positively in this community and we remain committed to playing our part in helping individuals grow, thrive and prosper”.

On his part, the Honourable Commissioner of Health, Nasarawa State, Gaza Gwamna, while commending Fidelity Bank for the donation of a water facility and the renovation works at the Primary Healthcare Clinic, reiterated the state government’s commitment to continue to support commercial banks to boost the economy of the state.

The Commissioner who was represented by the Permanent Secretary of the ministry, John Damina, further called on the Nasarawa State Primary Healthcare Development Agency to utilise the upgraded facility with care to encourage the bank and other private investors to continue to support the less-privileged people of the state.

“I want to use this opportunity to call on the management of the NAPHDA to ensure proper utilization of this facility for the good of the host community and beyond. This will go a long way in encouraging other private sector players to extend the same gesture to other communities in the state,” he said.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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Exec Sec NCDMB, Felix Ogbe Bags Fellowship of Engineering Society

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Exec Sec NCDMB, Felix Ogbe Bags Fellowship of Engineering Society


AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe was on Wednesday inducted into the Fellowship of the Nigerian Society of Engineers.

The investiture was performed by the President/Chair-in-Council of the NSE, Engr. Margaret Aina Oguntala, FNSE at a ceremony in Abuja.


In her remarks at the occasion, the President of NSE congratulated the 63 new inductees and urged them to uphold the values of their new position in their field of engineering.

She highlighted that engineers have been at the forefront of driving progress and development across various sectors of the economy, notably in the oil and gas industry.

She particularly lauded the Executive Secretary of NCDMB for his excellent leadership and expertise through the strategic development of local content and in-country value retention, which is a testament to his brilliance in the field of engineering.

She also applauded the strategic partnership between the NSE, the NCDMB and other stakeholders in the oil and gas industry.


Similarly, the chairman Board of Fellows/College of Fellows, Engr. Kamila Maliki, FNSE, commended the new inductees for their resilience, dedication, and contribution to the field of engineering.

He added that it was not a small feat to be chosen for the investiture due to the rigorous and thorough nature of the selection process.


The Executive Secretary later was joined by the Managing Director of Setraco Nigeria Limited, Engr. Ziad Mouannes and Senator Patrick Ndubueze for the unveiling of the very first edition of the 2024 NSE Quarterly Magazine.


Some senior officials of the Board who accompanied the Executive Secretary to the event included the Director, Monitoring and Evaluation, Mr. Abdulmalik Halilu, Director, Project Certification and Authorization, Engr. Abayomi Bamidele, and the General Manager, Corporate Communications and Zonal Coordination, Mr. Esueme Dan Kikile, Esq.


Before he was appointed the Executive Secretary of NCDMB, Engr. Ogbe had nearly 30 years top -level career in the field of engineering in the employment of Chevron Nigeria Limited (CNL), before retiring voluntarily to set up his private firm.


His last position at Chevron Nigeria was Construction Services Group Superintendent, and he oversaw 200 personnel, including Nigerian nationals and expatriates.

Other notable positions he held at the company included Offshore Projects Manager, Construction Manager (Lagos & Escravos -Warri), Construction Engineer (San Ramon) in California, United States of America.

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Nigeria’s Adekeye Emerges Chairperson, APPO Training Directors

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Nigeria’s Adekeye Emerges Chairperson, APPO Training Directors 

Nigeria’s Folashade Adekeye has emerged as the Chairperson, Forum of the Directors of Oil & Gas Training & Vocational Education Institutes of the African Petroleum Producers Organization (APPO). Adekeye, who is the Director, NNPC Academy, took over from the former chairperson, Mr. Abdelkader Guenone, the Managing Director of the Algerian Petroleum Institute (API), during the second meeting of the Forum, in Abuja, at the weekend. 

L-R: Secretary General, African Petroleum Producers Organization (APPO), Dr. Omar Farouk Ibrahim; Executive Vice President, Business Services NNPC Ltd (Representative of the GCEO NNPC), Mr. Inuwa Danladi; new Chairperson, Forum of the Directors of Oil & Gas Training & Vocational Education Institutes of APPO and Director NNPC Academy, Mrs. Folashade Adekeye and Managing Director, Algerian Petroleum Institute (API), Mr. Abdelkader Guenone, during the second meeting of the Forum, in Abuja, at the weekend

Adekeye, who heads the NNPC’s oil and gas training arm, brings into the role over 30 years of experience, and is expected to work with her colleagues from APPO Member Countries in order to foster more collaboration towards addressing the challenges of competences, skill gaps, infrastructure, and poor funding in the organization’s training institutions. 

Earlier in his keynote address at the opening ceremony of the meeting, the Group Chief Executive Officer of NNPC Ltd., Mele Kyari, represented by Inuwa Danladi, Executive Vice President (Business Services), emphasized the importance of a standardized educational and training approach to meet the changing demands of the oil and gas industry. 

L-R: Executive Vice President, Business Services NNPC Ltd (Representative of the GCEO NNPC), Mr. Inuwa Danladi exchange pleasantries with the Secretary General, African Petroleum Producers Organization (APPO), Dr. Omar Farouk Ibrahim, during the second meeting of the Forum of the Directors of Oil & Gas Training & Vocational Education Institutes of APPO, in Abuja, at the weekend.

Also in his keynote address, APPO’s Secretary General, Dr. Omar Farouk Ibrahim, charged the Member Countries to work towards further enhancing collaborative efforts to establish Oil & Gas Centres of Excellence across the African continent.

 Dr. Ibrahim, also from Nigeria, said having good knowledge of the Forum’s challenges would enable APPO Member Countries to make recommendations and provide solutions in areas such as Oil & Gas project funding, technology adoption, and the formation of Africa Energy Bank. 

He concluded that such collaboration by all member countries will guarantee Africa’s energy accessibility, affordability and sustainability, which overall, will strengthen her economies and bring prosperity to its citizens. 

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