Yemisi Izuora
The Nigerian Content Development Monitoring Board (NCDMB) has called on indigenous operators in the maritime industry providing services to the oil and gas industry to key into its $200 million intervention fund introduced by the Federal Government to grow local content capability in the country.
The Executive Secretary of NCDMB, Engr. Simbi Wabote, gave the advise in Lagos Thursday during the commissioning of Team Beleuzi, a vessel newly acquired for offshore oil and gas services by Team Offshore Nigeria, a wholly indigenous firm.
Wabote, who spoke through Mr. Adewale Adenugba, the Board’s manager project certification and authorization, during the ceremony at Naval Dockyard, said the fund, which is being managed by the Bank of Industry (BOI), has a single digit interest of eight percent for loans extended to the Nigerian oil and gas service industry, and a single digit interest rate of five percent for loans extended to community contractors.
He disclosed that the first 10 beneficiaries of the loan scheme would soon be announced.
“The board has launched a $200 million Nigerian Content Intervention Fund (NCIF) which is fully managed by the Bank of Industry.
“The NCIF will be applied to four key areas of oil and gas activities such as manufacturing including asset acquisition, asset/equipment acquisition which falls into rigs, marine vessels and whatever is required in terms of assets, project financing for the Nigerian oil and gas scheme, loans re-financing and contract financing for community contractors.
“I want to encourage entrepreneurs amongst us to take advantage of the fund to grow their businesses and at the long run add value to the economy,” he said.
Team Offshore Nigeria, a leading offshore support service provider in the Nigerian oil and gas industry, held the namegiving ceremony for its first daughter vessel, Team Beleuzi, which is 100 per cent Nigerian-owned.
Mrs. Funke Agbor, partner at ACAS Law, owners of Team Offshore was formally named as Team Beleuzi’s Godmother.
The ceremony was attended by several government officials and distinguished delegates from the Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian Content Development and Monitoring Board (NCDMB).
Afolabi Caxton-Martins, Managing Partner at ACAS Law, owners of Team Offshore Nigeria commented: “At TEAM Offshore, our mission has been to focus on maximising our Nigerian content contribution and creating in country value, through investment for growth and local employment. Team Beleuzi, which is a 100 per cent locally owned vessel, highlights our commitment towards value creation through our continuous and increased investment in the maritime sector in Nigeria.”
Team Beleuzi is a Platform Supply Vessel (PSV) built in 2019 and is currently located in the Nigerian Naval Dockyard in Lagos. Team Beleuzi is designed to transport supplies and equipment to and from offshore installations, in addition to supply drilling equipment, drilling bulks, fluids and pipes.
Earlier, minister of state for transportation, Hon. Gebemisola Saraki, commended the firm for improving local content drive in the industry, as she assured of governments desire to provide a clement environment for investment to thrive in both maritime and oil and gas sectors.
Saraki, who spoke through Mrs. Chinwe Ezenwa, chief executive officer, CEO, of OCEANSERVE, described the ceremony as a landmark project which was intended to boost offshore oil and gas services in the country.
The Minister was deeply impressed by massive investment by local operators which she described as a positive step toward improving local capacities and creating jobs in the country.
In his remarks, the Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dakuku Peterside, said the unveiling of the vessel clearly demonstrated that the country’s Cabotage law is working and douses the tension created by reports that the Nigeria’s maritime industry is not safe.
Dakuku, was elated that the company which began operations not too long ago has increased its fleet to 14 vessels which is an encouraging leap in the industry.
He advised the company to continue to operate within regulation assuring that government would continue to support local companies participation and growth in the industry.
