Business

Beyond Oil: Oceangate’s CSR Impact Across Nigeria

Published

12 months ago

September 11, 2025

Preport

WhatsApp Image 2025 09 11 at 09.19.55 e50e03ac

For many oil and gas companies, success is measured in barrels and balance sheets. But for Oceangate Engineering Oil & Gas Limited, success has always meant something deeper: how much positive change it can spark in the lives of everyday Nigerians. Through its corporate social responsibility arm, the Sam Empowerment Foundation (SEF), the company has quietly built a legacy of community impact that reaches far beyond rigs and refineries.

In towns across the FCT, Benue, Nasarawa, and Delta States, thousands of children walk into classrooms each day with hope in their eyes, thanks to scholarships funded by SEF. Since its establishment, the foundation has awarded over 1,300 scholarships, ensuring that dreams are not cut short by school fees. For many families, this is not just financial aid; it is the difference between a future shaped by opportunity and one constrained by circumstance.

For women and young people, SEF’s programs are more than training sessions — they are lifelines. To date, the foundation has trained over 7,500 women and youths in vocational skills, equipping them to launch businesses and build livelihoods. From tailoring shops in Nasarawa to agro-processing ventures in Benue, these success stories ripple through communities, proving that empowerment starts with skills and grows into independence.

Healthcare remains one of Nigeria’s most pressing challenges, especially in underserved communities. Oceangate, through SEF, has stepped into that gap, reaching more than 55,000 people with healthcare services, including life-saving surgeries. Beyond hospitals, the company has extended humanitarian relief by distributing over 40,000 meals to vulnerable households. In moments of crisis, SEF has ensured that families do not have to choose between survival and dignity.

For Oceangate, CSR is not a PR checkbox. It is woven into the very DNA of its operations. The company believes that oil and gas revenues must ripple into classrooms, clinics, and communities. In this way, CSR is not charity; it is responsibility — a philosophy that turns profit into progress.

At a time when Nigerians expect corporations to do more than extract resources, Oceangate is charting a new path. Its model of integrating social progress with business growth sets a benchmark for the energy sector and beyond. By proving that an oil company can be both profitable and transformative, Oceangate reminds us that the real measure of success is not in reserves underground, but in lives uplifted above it.

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Business

NAICOM, NCAA Sign MoU to Strengthen Aviation Insurance Oversight in Nigeria

Published

3 hours ago

September 9, 2026

Preport

BY NKECHI NAECHE-ESÉZOBOR—The National Insurance Commission (NAICOM) and the Nigeria Civil Aviation Authority (NCAA), on Wednesday signed a Memorandum of Understanding (MoU) establishing a Joint Technical Committee on Aviation Insurance, aimed at strengthening regulatory collaboration between the two agencies.

The agreement was formalized at a ceremony held at the NCAA headquarters in Abuja, with the Director General of the NCAA, Capt. Chris Najomo, describing it as a landmark moment for the sector.

Speaking at the event, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Segun Omosehin, described the MoU as a strategic step toward strengthening Nigeria’s aviation insurance framework and supporting the country’s broader economic ambitions.

He said the agreement represents a significant milestone in deepening collaboration between the two regulators, whose mandates, though distinct, are mutually reinforcing.

“This occasion represents not only the strengthening of institutional cooperation, but also a clear affirmation of our shared regulatory commitment to the safety, integrity, and resilience of Nigeria’s aviation ecosystem,” the Commissioner said.

He noted that effective insurance protection in the aviation sector is not merely a regulatory formality but an essential risk management tool that safeguards lives, property, businesses, and the broader economy.

Under the MoU, NAICOM will continue to provide regulatory oversight and technical expertise on insurance matters, including verifying aviation insurance arrangements and providing information on insurers licensed to underwrite aviation risks.

The agreement also establishes a Joint Technical Committee, which the Commissioner described as the “engine room” for implementing the partnership’s objectives.

The committee will be responsible for facilitating information sharing, conducting periodic reviews of insurance requirements, addressing operational challenges, coordinating stakeholder engagement, and promoting capacity building across both institutions and industry participants.

The Commissioner assured NCAA management of NAICOM’s full commitment to the committee’s success, pledging the technical support and expertise needed for effective delivery of its mandate.

Linking the partnership to national economic goals, the Commissioner said strong insurance protection remains a key enabler of investment and growth as Nigeria pursues a $1 trillion economy by 2030 under the Renewed Hope Agenda. He added that a robust insurance framework promotes public confidence in air travel, supports business continuity, facilitates access to financing, and contributes to broader economic stability.

He further stressed that compulsory aviation liability insurance serves as an important safeguard for air travellers and other stakeholders, offering assurance that compensation will be available where legally due.

Responding,, the Director General of the Nigeria Civil Aviation Authority (NCAA), Captain Chris Ona Najomo, said the MoU reflects a long-standing working relationship between the two regulatory bodies and reinforces their joint commitment to aviation safety, financial resilience, regulatory compliance, and the protection of the travelling public and other industry stakeholders.

“Aviation remains a paradoxical industry that is globally recognised as the safest mode of transportation, yet characterised by high-impact operational risks,” Najomo said, noting that the NCAA’s safety mandate must be backed by a transparent and verifiable insurance framework.

He explained that NAICOM for several years, supported the NCAA by assessing the adequacy of insurance policies procured by aviation operators, in line with Part 18.14 of the Nigeria Civil Aviation Regulations 2023. The newly signed MoU, he said, builds on that cooperation.

“This MoU we are signing today further deepens that cooperation, enhances stakeholder confidence, and supports cost-efficient operations while addressing challenges faced by Nigerian operators,” he stated.

According to Najomo, the goal of the partnership goes beyond regulatory enforcement. He said the aim is to create a balanced environment where aviation safety and financial protection reinforce one another, while promoting sustainable insurance practices and reducing avoidable regulatory bottlenecks — in alignment with the Federal Government’s Renewed Hope Agenda.

The post NAICOM, NCAA Sign MoU to Strengthen Aviation Insurance Oversight in Nigeria appeared first on Business Today NG.

Business

CBN to prioritise terrorism financing supervision

Published

11 hours ago

September 9, 2026

Preport

The Central Bank of Nigeria (CBN) has prioritised the supervision of terrorism financing as part of efforts to protect the country’s financial system from abuse by illicit actors.

The apex bank disclosed this in a statement signed by its Acting Director, Corporate Communications and Investor Relations Department, Sidi-Ali Hakama, on Tuesday.

The supervisory focus would cover terrorism-financing risk management, transaction monitoring, targeted financial sanctions implementation, and suspicious-transaction reporting related to terrorism financing.

“This supervisory priority covers, at a high level, terrorism-financing risk management, terrorism-financing transaction monitoring, targeted financial sanctions implementation, and terrorism financing-related suspicious transaction reporting,” CBN said.

CBN also said it would continue to apply a risk-based supervisory approach, including on-site and off-site engagements, to strengthen anti-money laundering, counter-terrorism financing, and counter-proliferation financing controls across the financial sector.

“The Bank will continue to apply a risk-based supervisory approach, including on-site and off-site engagement, to support effective AML/CFT/CPF controls across the financial sector in line with existing legal and regulatory obligations,” it said.

The regulator further explained that the supervisory focus would also support Nigeria’s domestic and international cooperation on counter-terrorism financing, counter-proliferation financing, financial integrity and the protection of the financial system.

The apex bank added that further supervisory engagement would be undertaken where necessary.

“Further supervisory engagement will be undertaken as appropriate,” it said.

This is another step by the regulator to curb terrorism financing and prevent illicit actors from abusing the financial system.

READ ALSO: CBN removes FX, government securities restrictions on discount window access

In June, CBN directed banks and other financial institutions to immediately freeze accounts and assets linked to six individuals and four Bureau de Change (BDC) operators designated for terrorism and terrorism-financing-related activities, following an update to the Nigeria Sanctions List on 18 June.

In March, the CBN also amended the Revised Regulatory Framework for BVN and Watch-List for the Nigerian Banking Industry.

The amendment introduced measures that include a temporary 24-hour watch-list for BVNs linked to suspected fraudulent transactions, restricting BVN enrolment to persons aged 18 and above, limiting phone number amendments to once, and restricting access to BVN databases to CBN-licensed financial institutions.