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Beyond Oil: Oceangate’s CSR Impact Across Nigeria

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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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Enterprise Life Assurance Meets Full Regulatory Capital Requirements, Boosts Liquidity

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BY NKECHI NAECHE-ESEZOBOR—Enterprise Life Assurance (Nigeria) Limited has announced the full remittance of its statutory deposit of N1 billion to the Central Bank of Nigeria (CBN), underscoring its robust financial health and compliance with regulatory mandates.

The Managing Director and Chief Executive Officer of the company, Nelson Akerele, disclosed this during a recent media briefing while addressing the firm’s capital positioning and compliance with the National Insurance Commission (NAICOM).

According to Akerele, Enterprise Life—which entered the Nigerian market approximately five years ago alongside peers like Heirs General and Heirs Life—has progressively built on its foundational capital structure to satisfy current regulatory thresholds.

“We started with ₦8 billion,” Akerele stated, recalling the company’s entry as one of the four entities licensed in that licensing wave. “What we have as a statutory deposit right now, as I speak, is ₦1 billion, which has been fully remitted to the designated account assigned to us.”

Beyond meeting the statutory deposit mandate, the Enterprise Life boss revealed that the company has fully satisfied its Minimum Capital Requirement (MCR).

He attributed this seamless compliance to a deliberate operational strategy that favors liquid assets over heavy fixed investments.

Unlike traditional players with massive capital tied up in real estate, Enterprise Life has maintained an agile, cash-ready balance sheet.

“We are not heavy in terms of buildings and all that; our assets are held in liquid form—in cash and cash equivalents,” Akerele emphasized. “We are an extremely liquid company.”

This cash-heavy asset strategy positions the insurer to promptly meet its obligations, match underwriting risks effectively, and settle policyholders’ claims without the delays often associated with liquidating physical property.

The announcement comes at a critical time when NAICOM continues to emphasize stricter solvency and liquidity management across the Nigerian insurance ecosystem to boost public confidence in the sector.

The post Enterprise Life Assurance Meets Full Regulatory Capital Requirements, Boosts Liquidity appeared first on Business Today NG.

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NITDA, Meta partner to strengthen youth online safety

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The National Information Technology Development Agency (NITDA) has partnered with Meta to promote responsible digital citizenship and protect young Nigerians online.

The Director-General of NITDA, Kashifu Inuwa, disclosed the partnership at the Youth Safety Summit organised by Meta on Thursday.

At the summit, held in Abuja, Meta, in partnership with NITDA and the Federal Ministry of Youth Development, also launched the Youth Online Safety Campaign and My Digital World 2.0.

The stakeholders at the summit, including government officials, civil society organisations, educators, and industry leaders, deliberated on strategies to create a safer digital environment for young people.

Represented by Ahmed Tambuwal, acting director of NITDA’s Digital Literacy and Capacity Building Department, Mr Inuwa said the agency remained committed to ensuring that young people enjoy safe, positive, and age-appropriate online experiences.

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He noted that NITDA’s ongoing nationwide digital literacy programmes would receive a significant boost through its collaboration with Meta, particularly in advancing online safety education among young Nigerians.

READ ALSO: NITDA enters pact with DAWN Commission to accelerate digital literacy in Southwest

According to him, the partnership seeks to integrate online safety education into the school system, equipping students with the knowledge, skills, and values required to use digital technologies safely, responsibly, and productively.

Stakeholders at the event emphasised the need for stronger collaboration among government agencies, technology companies, educators, and civil society groups to address emerging online risks and promote digital well-being among young people.

The initiatives are expected to enhance digital literacy, strengthen online safety awareness, and support efforts to create a more secure and inclusive digital ecosystem for Nigerian youths.

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