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NCDMB, BOI Sign Amendment of MoU on $50m NOGaPS Manufacturing Fund
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Angola, Namibia to replicate funding model
The Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BoI) have signed an amendment to the Memorandum of Understanding (MoU) on the $50million NOGaPS Manufacturing Fund.
Wabote
The Fund was created by the NCDMB and domiciled with BoI to attract oil and gas equipment manufacturers to the Nigerian Oil and Gas Parks Scheme (NOGaPS) facilities established by the NCDMB, and increase access to affordable finance by the manufacturing entities.
The signing of the amended MoU took place in Lagos on Friday at the 2023 second quarter Review Meeting of the Nigerian Content Intervention Fund (NCIFund).
In his remarks, the Executive Secretary, NCDMB, Engr Simbi Kesiye Wabote underlined the tremendous success of the NCIFund in catalyzing capacity development and investments in the Nigerian oil and gas industry.
He hinted that the Fund serves as a model for local content practice across the African continent and inspired the creation of the African Energy Bank by the African Petroleum Producers Organization (APPO), in partnership with the African Export Bank (Afreximbank).
He added that countries like Angola and Namibia are currently engaging the Board, with a view to understand the workings of the NCI Fund, so as to replicate same in their jurisdictions.
In Wabote’s words “today, Angola is thinking of establishing a similar credit line for their oil and gas companies. I think the parliament recently approved some sum of money for them to manage in that respect. Namibia is planning to do the same with the potential enactment of a Local Content Act.”
Wabote further commended the Bank of Industry for the successes being recording in the management of the NCI Fund, assuring that the Board will continue to look for other opportunities to increase its partnership with BoI.
He said: “Considering the effectiveness and success recorded by BoI, NCDMB may consider inviting BoI to send a nominee that will act as independent Director to the Board of Directors of some of the companies that we have invested equity in.
This will help them overcome some of the prevailing issues around governance, liquidity and technical optimization.”
On his part, the Managing Director of the Bank of Industry, Mr Olukayode Pitan expressed confidence in the future performance of the Board’s funds domiciled in the bank while noting that these quarterly review meetings will impact on sustaining the effective disbursements and recovery of these funds.
According to him, the NCI Fund is performing excellently with 194 applications equalling US$1 billion /₦80.6 billion with 69 disbursements totalling US$324 million /₦38.4 billion as at the day of reporting.
The Board established the NCI Fund in 2018 with the purpose of financing Oil and Gas companies to increase capacity and grow Nigerian Content in the Industry Presently, the NCI Fund has five product lines which are being managed by the Bank of Industry.
They include – Manufacturing Finance -$10m; Asset Acquisition Finance -$10m; Contract Finance -$5m; Loan Refinance -$10m and Community Contractor Finance – ₦20 million.
The US$50 million NOGaPS Fund was launched as a separate product in March 2023 to incentivize companies that will be domiciled and manufacture oil and gas equipment components within the NCDMB oil and gas parks being established at different locations across the country, with the sites in Bayelsa and Cross River State open for occupation.
The Board also has a US$30 million Working Capital Fund for oil and gas service companies and US$20m Fund for Women in Oil and Gas Intervention Fund. The last two facilities are administered by the Nexim Nigerian Export-Import Bank and the agreements were signed in mid-2021.
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Eid-el-Kabir: JANDOR Felicitates with Lagosians, Expresses Hope in Nigeria’s Future
Eid-el-Kabir: JANDOR Felicitates with Lagosians, Expresses Hope in Nigeria’s Future
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The Lead Visioner of the Lagos4Lagos Movement and former PDP Governorship Candidate in Lagos State, Dr. Abdul-Azeez Olajide Adediran (JANDOR), extends warm greetings to all Muslim faithful and the good people of Lagos State on the occasion of Eid-el-Kabir.
Dr. Adediran describes the essence of the celebration as an act of obedience and total submission to the will of the Almighty Allah. He notes that the unwavering trust exhibited by Prophet Ibrahim by his willingness to sacrifice his son as a show of total respect to God is an assurance to all Lagosians that whosoever put his trust in God will not be put to shame.
He acknowledges the Nigerian economic rebound as a fulfillment of promises made by Mr. President at the early stage of this administration when the removal of the fuel subsidy and Forex unification took their toll on the Nation’s economy.
JANDOR posits that while the road may seem tough today, there are genuine efforts being made by the President Bola Ahmed Tinubu-led administration to reposition the country and make life better for all Nigerians.
He urges citizens to remain steadfast and supportive of initiatives aimed at reforming key sectors of the economy, improving infrastructure, and ensuring security across the country.
“Let us continue to stay united and resilient as we journey toward a more prosperous Nigeria. Lagosians have always shown strength in difficult times, and I believe our collective resolve will help shape a brighter tomorrow. I wish all Muslim Ummah a peaceful and joyous celebration as we pray for continuous peace, progress, and prosperity in Lagos State and Nigeria at large,” he said.
News
Ileya Festival: Olori Afolabi launches food bank, distributes rice to Apomu people
Ileya Festival: Olori Afolabi launches food bank, distributes rice to Apomu people
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Olori Janet Afolabi, CNN award winning journalist and Queen of Apomu Kingdom, has distributed 150 bags of 50kg rice to Apomu people for the celebration of Ileya Festival, just as she launched a foot bank in the ancient city in Osun State.
Olori Afolabi said the food distribution is in response to the pressing issue of hunger in rural communities.
She said: “It is aimed at providing immediate relief to those in need and support rural families.
“Every package of rice represents a moment of relief.
“As we distribute the food we are not just meeting a basic need we are offering compassion, care and kindness.
“We are not just filling stomachs, we are filling hearts with hope because every act of kindness no matter how small can have a profound impact.”
The rice was distributed at the launch of Olori Janet Afolabi Foundation Food Bank on June 3, 2024 at the palace of the Alapomu of Apomu, the headquarters of Isokan Local Government Area of Osun State.
Olori Afolabi said: “We are honoured to launch this food bank to address hunger and promote well being in our community.
“We recognise that hunger is a reality for many in our community and we want to do something about.
“The food bank will offer a range of services, which include: food distribution to indigent families and support programmes on nutrition education and counselling.
“Our Food bank is more than a pantry.
“It is a symbol of hope.
“We are reminding those in need that they are seen, heard, and valued.
“The food bank is a testament of our dedication to serve the community.”
News
Minister of Information to Chair GOCOP Book Launch in Abuja
Minister of Information to Chair GOCOP Book Launch in Abuja
Lago
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The Minister of Information and National Orientation, Alhaji Mohammed Idris, is to chair the public presentation of the book Nigeria Media Renaissance: GOCOP Perspective on Online Publishing, a publication of Guild of Corporate Online Publishers (GOCOP).
The event is scheduled for 110am on Tuesday June 17, 2025 at the Continental Hotel, Abuja.
President of GOCOP, Maureen Chigbo, who confirmed this development said the book presentation will be graced by eminent personalities from all walks of life, including government officials, captains of industry, media practitioners and other professionals, representatives of international organisations, directors of non-governmental organisations.
Alhaji Idris was sworn in as Minister of Information and National Orientation on August 21, 2023, following his appointment by President Bola Ahmed Tinubu. With over three decades of experience in broadcasting, newspapering, public relations, and advertising, Idris has brought a wealth of expertise to the role.
His academic background includes degrees in English Studies from Uthman Danfodio University, Sokoto, and Bayero University, Kano. As an entrepreneur, he established notable media outlets such as Blueprint, WE FM radio station, and Rapid Television in Abuja. He is a prominent figure in professional associations such as National Institute of Public Relations, African Public Relations Association, Public Relations Consultants Association of Nigeria, and Newspaper Proprietors Association of Nigeria.
As the founder of Bifocal Communications, a leading public relations and communications consultancy, Idris has served both local and transnational corporations.
Beyond his professional endeavours, Idris is committed to social responsibility through the Mohammed Idris Malagi (MIM) Foundation, which has positively impacted many lives. As a reward for his contributions to the development of his immediate environment and beyond, The Etsu Nupe conferred “Kaakaki Nupe” on him.
A press statement by the GOCOP Publicity Secretary, Ogbuefi Remmy Nweke, quoted the GOCOP president as saying that the proceeds of the book will be used to fund the N2.3 billion GOCOP MEDIA CENTRE, a multi-purpose resource centre comprising a secretariat, a 21st Century library and event halls, among others.
Nweke further noted that the Guild of Corporate Online Publishers (GOCOP) was established to promote professionalism in online publishing, ensuring its members uphold the fundamental principles of journalism.
Comprising seasoned editors and senior journalists with distinguished career in print and electronic media, GOCOP’s membership has traversed the online publishing, recognizing its pivotal role in shaping the future of journalism globally. With 120 corporate publishers as members, GOCOP continues to uphold the highest standards of online journalism
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