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Chevron Nigeria invests $1.45 billion in local content development

Chevron Nigeria Limited has disclosed that it invested $1.45 billion in Nigeria Content Development (NCD) in 2019.

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Chevron Nigeria invests $1.45 billion in local content development

American oil exploration and production giant, Chevron Nigeria Limited, has disclosed that it invested $1.45 billion in Nigeria Content Development (NCD) in 2019.

According to the News Agency of Nigeria (NAN), this disclosure was made in Chevron’s Corporate Responsibility Report for 2019.

The report, while highlighting Chevron’s commitment to Nigerian content development, showed that the firm’s local content policy had been updated, in such a way that it gave contracting preference to competent Nigerian firms. It also pointed out that the local content policy promoted technology transfer.

It stated, “Our investment in Nigeria content in 2019 was approximately $1.45 billion. Of this amount, expenditure on materials and services obtained from local community contractors was approximately $358 million.’’

According to the report, some of the projects which were executed by Chevron Nigeria and its indigenous partners include Escravos Export System Project, Okan Gas Gathering Compression Platform (GCCP) Debottlenecking project, Meji GCCP Debottlenecking project, and Consolidated Maintenance Workshop project.

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(READ MORE: Exxon Mobil, Shell, Chevron, others might be forced to reduce oil production in Nigeria)

In addition, the report revealed that 184 Nigerians benefited from quality training in technical and professional skills in 2019, which is valued at over $5 million.

With the support of the Nigerian Content Development Monitoring Board (NCDMB), the oil firm trained over 200 community contractors to build local capacity, and strengthen indigenous participation in the oil and gas industry.

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The Managing Director, Chevron Nigeria, Jeffrey Ewing, in his comment, said the company was focused on operational excellence, and helping its hosts communities to prosper.

He added that the company is committed to continually improving the quality of life of the people of Nigeria, through its social investments and community engagement activities.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Coronavirus

COVID-19 Update in Nigeria

On the 28th of November 2020, 110 new confirmed cases were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 67,330 confirmed cases.

On the 28th of November 2020, 110 new confirmed cases were recorded in Nigeria, having carried out a total daily test of 7,101 samples across the country.

To date, 67,330 cases have been confirmed, 62,819 cases have been discharged and 1,171 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 756,237 tests have been carried out as of November 28th, 2020 compared to 749,136 tests a day earlier.

COVID-19 Case Updates- 28th November 2020,

  • Total Number of Cases – 67,220
  • Total Number Discharged – 62,686
  • Total Deaths – 1,171
  • Total Tests Carried out – 756,237

According to the NCDC, the 110 new cases were reported from 11 states- Lagos (26), FCT (23), Kaduna (20), Katsina (11), Ogun (7), Ekiti (6), Plateau (5), Rivers (4) Kano (3), Nasarawa (3) and Niger (2).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 23,190, followed by Abuja (6,767), Plateau (3,857), Oyo (3,721), Kaduna (3,064), Rivers (2,977), Edo (2,696), Ogun (2,222), Delta (1,824), Kano (1,794), Ondo (1,728), Enugu (1,332),  Kwara (1,096), Ebonyi (1,055), Katsina (1,025), Osun (945), Gombe (938). Abia (926), Bauchi (770), and Borno (745).

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Imo State has recorded 662 cases, Benue (496), Nasarawa (491), Bayelsa (445),  Ekiti (365), Akwa Ibom (339), Jigawa (331), Niger (298), Anambra (285), Adamawa (261), Sokoto (165), Taraba (159), Yobe (94), Kebbi (93), Cross River (90), Zamfara (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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Tech News

MTN, Vodacom launched 5G in sub-Saharan Africa in 2020 – GSMA Report

Vodacom and MTN launched their first major 5G networks in Sub-Saharan Africa in 2020, according to the GSMA 2020 report.

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The Global System for Mobile Communications (GSMA) 2020 report revealed that Vodacom and MTN launched their first major 5G networks in Sub-Saharan Africa in 2020.

The telecoms operators offered 5G mobile and fixed wireless access (FWA) services in several locations across South Africa – this appears to be a welcome development, as the South African government had already assigned temporary spectrum in the 3.5 GHz range in the wake of the Covid-19 pandemic.

Obviously, the proximate opportunity to be harnessed for the 5G in South Africa is to use FWA to bridge the gap in fixed broadband connectivity for homes and businesses.

According to the report, there has been 5G trial runs in almost all the countries in Sub-Saharan Africa, including Gabon, Kenya, Nigeria and Uganda but the possibility of mass deployment of the 5G network is still not guaranteed, as there are significant levels of unused 4G capacity. Also, the 4G adoption rate is still relatively low, creating opportunities for the operators to increase their stakes in 4G.

As a boost to mop up the unused 4G capacity, the partnership between Safaricom and Google to finance the acquisition of 4G smartphones, provides the desired momentum as low-income consumers pay for 4G devices in convenient and flexible daily installments.

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According to the report, it is expected that over the next five years, the number of smartphone connections in Sub-Saharan Africa will almost double to reach 678 million by the end of 2025 — an adoption rate of 65%.

What you should know

  • It is expected that by 2025, there will be a little below 30 million mobile 5G connections in Sub-Saharan Africa, equivalent to almost 3% of total mobile connections.
  • The mobile market in the region will reach several important milestones over the next five years: half a billion mobile subscribers in 2021, 1 billion mobile connections in 2024, and 50% subscriber penetration by 2025.
  • The achievement of these critical milestones would be predicated on the operators’ commitment in providing reliable infrastructural networks across the region.
  • Between 2019 and 2025, the operators in the region would have expended/invested about the sum of $52billion in infrastructure rollouts.
  • The GSMA represents the interests of mobile operators worldwide, uniting more than 750 operators with almost 400 companies in the broader mobile ecosystem, including handset and device makers, software companies, equipment providers and internet companies, as well as organizations in adjacent industry sectors.

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Financial Services

Stamp Duty on Nigerian Stock market transactions pegged at 0.08% from December 7

The NSE has given clarifications on the public notice released by the FIRS, itemizing contract notes at an ad valorem rate of 0.08%.

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NSE prepares to launch West Africa’s first Exchange-traded derivatives

The Nigerian Stock Exchange has given clarifications on the public notice released by the Federal Inland Revenue Service (FIRS) in July, itemizing contract notes at an ad valorem rate of 0.08% up from 0.075%, effective 7th December 2020.

The circular released by the Nigerian Stock Exchange reads:

“In reference to the Public Notice in the Business Day Newspaper of Monday, 20 July 2020, captioned ‘Clarification of Administration of Stamp Duties in Nigeria’ issued by the Federal Inland Revenue Service (FIRS) (A copy is attached as Appendix A for ease of reference).

The Public Notice provided, amongst other things, information on dutiable instruments and the applicable flat or ad valorem rates, with Contract Notes 1 itemized at an ad valorem rate of 0.08%. As you know, this is at variance with the current rate of 0.075% administered in the Nigerian Capital Market.”

To that extent, Dealing Members of the Nigerian Stock Exchange are to note the following:

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  • Effective December 7, 2020, the Central Securities Clearing System Plc. (CSCS) will adjust its system to implement the automated deduction of the Stamp Duty rate of 0.08%.
  • Dealing Members are required to immediately engage their software vendors for the required adjustments to their technology applications, to reflect the 0.08% rate ahead of the effective date of 7 December 2020.
  • Dealing Members are required to communicate the changes above to their clients immediately, ahead of the effective date.

What you should know

Nairametrics revealed that the FIRS listed at least 50 types of transactions that are eligible for stamp duty deductions.

Some of the listed chargeable transactions include bank deposit or transfer, loan agreement, Memorandum of Understanding (MoU), sales agreement, will, tenancy/lease agreement, and all receipts.

The FIRS noted that the recently inaugurated FIRS Adhesive Stamp is not the same as the postage stamp administered by NIPOST for the purposes of delivery of items and documents.

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The Stamp Duties Act, 19391 defines Contact Notes as “the note sent by a broker or agent to his principal, or by any person who, by way of business, deals, or holds himself out as dealing, as a principal in any stock or marketable securities, advising the principal, or the vendor or purchaser, as the case may be, of the sale or purchase of any stock or marketable security, but does not include a note sent by a broker or agent to his principal where the principal is himself acting as broker or agent for a principal.”

See the circular below:

Download (PDF, 566KB)

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