General News
Diamond Advocates Capacity Building in Nigerian Oil & Gas Industry
To entrench a culture of sound corporate governance practices in the Nigerian oil and gas industry, there has to be a consistent investment in capacity building across board in companies operating in the sector.
Mr. Samuel Egube, director, Corporate Banking, Diamond Bank Plc gave this advice at the recently concluded Nigerian Oil and Gas Conference (NOG 13) held in Abuja, the Federal Capital Territory (FCT). Diamond Bank Plc, one of Nigeria’s leading commercial banks was the platinum sponsor of the conference.
Egube who presented a paper titled “Domestic & International Funding for Energy Projects in Nigeria (Current Realities/ Charting the Way Forward)” told the distinguished audience that there was need to invest in future growth through structured capitalisation of profit as well as the need to periodically create windows for additional investment through additional equity and other forms of capital investment into the business.
The banker also highlighted the need to constantly deepen the integrity of business processes through ISO Certification and by bench-marking them against other forms of international best practices.
On how to maximise indigenous participation, who are potential game changers in the industry, Egube observed that the passage of the highly anticipated Petroleum Industry Bill (PIB) was expected to engender reduced contract processing and approval cycles through an industry wide adoption and deployment of contracting and bidding vehicles such as the Nigerian Petroleum Exchange (NIPEX).
Other benefits of the PIB, according to him are increased contract tenures from the current 2+1 contract cycles to 5 and 10 years cycles, to encourage long-term project and contract financing as well as simplified tax regime and fiscal structure.
He also stressed the need for investment in long-term technical and professional training, capacity building for operators in the industry and regulators, adding that the Nigerian Content Development Monitoring Board (NCMDB) could introduce mandatory capacity development programmes for top and medium level management of indigenous oil companies while IOCs and other production companies use these benchmarks for contract grading.
Egube also reiterated the need for insistence on ISO certification of internal processes as a pre-condition for specific contracts.
Diamond Bank has played a major investment role in the Nigerian oil and gas industry over the years. Some of its landmark energy transactions include Neconde Energy Limited $94 million reserve base lending for asset acquisition and field development, Caroil Drilling $110 million acquisition of three land and swamp rigs and the facilitation of the financing of field development for Orient Petroleum Limited and the construction of a new refinery to the value of $100 million. The bank was part of the consortium of banks that won the Project Finance Magazine’s Deals of the Year Awards for the financing of last year’s NNPC /ExxonMobil RDP.
The bank has also put together OGCF $500 million Oil and Gas Financing Commitment, Oando’s $100 million for the development of Qua Ibo field- OML 13 and $20 million for the development of the Apapa SPM facility.
The bank’s other exposures to the Nigerian gas and oil industry are its appointment in 2010 as partner bank by the Nigeria Content Development Monitoring Board (NCDMB) for the Nigerian Content Development Fund, a key partner in a $200 million deal to finance an independent power plant -Geometric Power Limited- in Aba, Abia State; Depthwize’s $42 million acquisition of drilling barge and marine spread and Spectrum $50 million construction of oil gas fabrication plant amongst others.
National Identity Management Commission (NIMC), has explained why kidnappers and terrorists are not always traceable despite the country’s expanding digital identity infrastructure.
NIMC explanation pointed to a simple but significant gap in the system.
Abisoye Coker-Odusote, director-general of the agency said that: “A lot of the time, you find out the kidnappers use the phones of the people they have abducted, which means how do you trace them because they are not using their own phones?” she said.
Coker-Odusote spoke during an appearance on Channels Television, where she was asked to explain why criminals remain difficult to trace despite the mandatory NIN-SIM linkage policy.
She said criminals frequently frustrate investigations by using mobile phones belonging to their victims, instead of their own registered lines.
“We already know the NIN is the foundational identity for the security architecture, but a lot of the time, you find out the kidnappers use the phones of the people they have abducted. Which means, how do you trace them because they are not using their own phones?” she said.
She also suggested that some criminal elements involved in kidnapping operations may not even be captured in Nigeria’s identity database.
“There is a theory that it may be possible that these kidnappers are not Nigerians and are brought into the country 48 or 72 hours before a kidnapping takes place specifically for that purpose. I’m not insinuating anything, but if that were the case, they naturally would not be captured in our database,” she added.
The comments have revived questions about whether expectations placed on the NIN-SIM linkage have exceeded what the system was designed to deliver.
The NIN-SIM linkage exercise was introduced by the Nigerian Communications Commission (NCC) in collaboration with NIMC to strengthen identity management, eliminate anonymous SIM ownership and support national security.
Over the years, the exercise resulted in millions of subscribers linking their SIM cards with their National Identification Numbers, while telecom operators also deactivated millions of lines that failed to comply with regulatory directives.
Earlier, the NCC maintained that the policy was aimed at improving the integrity of Nigeria’s SIM registration database, strengthening identity verification and supporting security agencies in criminal investigations.
The regulator also described the exercise as an important component of the country’s digital economy and national security framework.
Telecommunications operators have consistently maintained that while they play a critical role in implementing the NIN-SIM linkage policy, they are not responsible for tracking criminals.
Quest Merchant Bank recently hosted the second edition of the Great Place to Work® Nigeria Study Mission, reaffirming its commitment to fostering a high-performance workplace culture and advancing people-centric leadership practices.
The Study Mission serves as a collaborative learning platform that brings together Great Place to Work® Certified organizations to exchange insights, share best practices, and strengthen workplace cultures.
The event welcomed Human Resources leaders and representatives from FITC, Princeps Credit Systems, Tonic Technologies and Esentry Limited for an engaging and insightful session focused on building thriving workplace cultures, promoting continuous learning, and advancing employee-centric practices that drive organizational success.
Speaking at the event, Tolulope Dayo-Peters, Head of People Management, emphasized the importance of continuous learning and collaboration in building sustainable workplace cultures.
“We are delighted to host the second edition of the Great Place to Work® Nigeria Study Mission. At Quest Merchant Bank, we believe building a great workplace is an ongoing journey rooted in trust, purposeful leadership, and a genuine commitment to our people.
“We are pleased to share the practices that have shaped our culture and look forward to more opportunities to learn and collaborate with like-minded organizations.”
Also speaking at the event, Afolabi Olorode, Acting Managing Director/CEO, Quest Merchant Bank Limited, highlighted the critical role workplace culture plays in driving long-term business success.
“We recognize that a strong workplace culture is fundamental to sustainable business success. Creating an environment where our people are empowered to grow, innovate, and perform at their best enables us to consistently deliver value to our clients and stakeholders. We are proud to support initiatives like the Great Place to Work® Nigeria Study Mission that encourage organizations to learn from one another and collectively raise the standard of workplace excellence in Nigeria.”
The Study Mission reinforced the importance of collaboration among organizations committed to creating exceptional employee experiences.
By providing a platform for open dialogue, peer learning, and the exchange of practical ideas, the initiative enabled participants to explore innovative approaches to employee engagement, organizational culture, leadership development, and talent management while strengthening a growing community of employers dedicated to workplace excellence.
Hosting the Great Place to Work® Nigeria Study Mission further strengthens Quest Merchant Bank’s position as a thought leader in workplace culture and talent management.
It also enhances the Bank’s employer brand and demonstrates its unwavering commitment to creating an environment where employees can grow, innovate, and achieve their full potential.
Quest Merchant Bank remains committed to championing initiatives that promote learning, innovation, and people-centric leadership. Through strategic partnerships and knowledge-sharing platforms such as the Great Place to Work® Nigeria Study Mission, the Bank continues to contribute to the advancement of exceptional workplace cultures and the future of work across Nigeria’s corporate landscape.
Nigeria Hydrological Service Agency (NIHSA) has warned of possible floods in parts of Adamawa, Bauchi, Edo, Imo, Enugu, Akwa Ibom, Cross River, Kaduna, Plateau, Niger, Benue, and Borno states within the next seven days.
According to information posted on NIHSA X handle, the Agency announced medium flood advisory in force for the next 7 days across Adamawa, Bauchi, and 11 other States.
“Localised inundation is forecast along the main channel; named communities below sit on the projected footprint. Stations: Saminara on the Karam river, Waya Dam Site on the Waya river, Amber on the Amber river.
“Adamawa; Lemsa, Lamurde, Numan Exposure: 147 comm. 49 schis 40 hith 6 mkts17 relig. Bauchi-Bauchi, Ningi, Shira. Exposure: 4 comm. Kaduna; Chikun, Giwa, Igabi, Jaba, Jema’a, Kachia, Kaura, Kauru, +6 more. Exposure: 1 comm.
“Borno-Gubio, Mobbar. Exposure: 680 comm. 8 schls 6 hith 5 mkts 21 relig. Edo-Akoko-Ed, EtsakoEa, EtsakoWe, Ikpoba-Okha, Orhionmw, OviaNort, OviaSo.. Exposure: 3 comm.
“Imo-Aboh-Mba, Oguta, Ohaji/Eg, Okigwe, Owerri North, Owerri West. Exposure: 3 comm. 7 more states affected and severity LGAs”.
NIHSA advised people in the affected areas to “do NOT cross flooded roads, bridges, or fast-moving water on foot or by vehicle.
“Clear drainage channels and river-mouth blockages; avoid building or living in the floodplain and move people, livestock and valuables from the floodplain to pre-identified higher ground,” NIHSA stated.
NBC Scraps Annual Digital Access Fee on DSO
Surge in Fibre Cuts Hobbles Service Provisioning
Why Bandits, Kidnappers are Hard to Trace despite NIN-SIM Linkage – FG
First Securities Brokers Empowers Nigerians to Trade in the Stock Market with the Launch of FirstInvest App
Quest Merchant Bank Hosts Great Place to Work® Nigeria Study Mission
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
Nigeria Launches FreeTV Nationwide
NASENI Moves to Digitize CCB’s 5m Assets Declaration and Operations
Lebara Nigeria Launches Lebara Play, Africa’s First Telecom-Owned Micro-Drama Platform
CANAL+ Partners Samsung to Pre-Load DStv Stream on New Samsung TVs In Nigeria, Other African Countries
Telecom2 days agoMTN Nigeria Slashes Cost of Broadband Internet Router, Unwraps New Data Bundles for Low-Budget Users
E-Financial2 days agoNigerians Accumulate $59Bn in Cryptocurrency Assets —FDC
E-Financial2 days agoFlutterwave Partners Xoom on Transfers into Nigeria
General News2 days agoNearpays, Nigerian Fintech Becomes First African Startup to Win UN’s AI for Good Innovation Factory
News2 days agoDataPro Upgrades Dangote Cement’s Credit Rating to AA+
Telecom2 days agoNokia’s 14 Years of Mobile-Phone Supremacy Ended in an Afternoon
General News2 days agoFintech Brands Should Communicate Right in a VUCA Economy
General News2 days agoLASG Signs PPP Concession Agreements to Advance Digital Services, Others