Business

Beyond Oil: Oceangate’s CSR Impact Across Nigeria

Published

11 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

Sovereign Trust, Guinea Insurance, 5 Others Join Verified List in Final Recapitalization Clearance

Published

6 minutes ago

August 14, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—Sovereign Trust Insurance Plc and Guinea Insurance Plc are among seven additional underwriting firms officially cleared and verified by the National Insurance Commission (NAICOM) as compliant with the Minimum Capital Requirements stipulated under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

This final batch of approvals formally completes the nation’s insurance recapitalization exercise, bringing the total roster of fully capitalized operators in Nigeria to 48 insurance companies and two reinsurance companies.

See details below:

List of Additional Insurance Companies that Complied with the MCR Prescribed by NIIRA 2025

The post Sovereign Trust, Guinea Insurance, 5 Others Join Verified List in Final Recapitalization Clearance appeared first on Business Today NG.

Business

Deep offshore incentive order will accelerate investment, production growth — NNPC

Published

8 hours ago

August 13, 2026

Preport

The Nigerian National Petroleum Company Limited (NNPC Ltd) has applauded the Federal Government’s signing of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, describing it as a landmark reform that will enhance Nigeria’s competitiveness for deep offshore investment.

President Bola Tinubu approved the order on Tuesday as part of efforts to attract large-scale investments into Nigeria’s deep offshore oil and gas sector.

In a statement issued on Thursday, NNPC said the new order establishes a transparent, predictable, and globally competitive fiscal framework for qualifying greenfield deep-offshore developments.

The company said the framework would provide the certainty required to unlock long-term capital, accelerate Final Investment Decisions (FIDs) and maximise value from Nigeria’s offshore resources.

The order is expected to support Nigeria’s ambition of increasing crude oil production to 3 million barrels per day (MMbopd) by 2030.

Framework to unlock offshore investments

President Tinubu, while announcing the approval on Tuesday, said the new incentive framework could unlock up to $50 billion in deep offshore investments, beginning with the approximately $10 billion Bonga South West project.

“I have signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, creating a clear and predictable framework capable of unlocking up to $50 billion in deep offshore investment, beginning with the approximately $10 billion Bonga South West project,” Mr Tinubu said.

The policy aims to make previously stalled offshore projects commercially viable by providing investors with tax incentives and greater certainty regarding the fiscal terms governing their investments.

According to NNPC, the framework is expected to reinforce Nigeria’s position as an attractive destination for deep-offshore oil and gas development and unlock more than $50 billion in new investment.

It said the expected investments include major projects such as Bonga South West, Zabazaba and Owowo Deep Offshore developments.

Bonga South West, which was approved in March 2026, is expected to be the first Final Investment Decision on a Nigerian deepwater Production Sharing Contract asset since 2008.

‘Transformative reform’

The Group Chief Executive Officer of NNPC Ltd., Bashir Ojulari, described the order as one of the most significant policy interventions in Nigeria’s upstream sector in recent years.

“This is a transformative reform that sends a strong signal to global investors that Nigeria is committed to providing a stable, competitive and investment-friendly environment for deep offshore development,” Mr Ojulari said.

“Fiscal certainty is a critical driver of investment decisions, and this framework provides the additional clarity the industry has long sought,” he added.

Mr Ojulari said the order aligns with NNPC’s strategy of protecting existing production, accelerating near-term growth and attracting new investments into high-value assets.

“For NNPC Ltd., the Order aligns directly with our strategy of protecting our existing production base, accelerating near-term growth, and attracting new investment into high-value assets,” he said.

He said the reform strengthens the company’s confidence in achieving its 3 MMbopd production ambition while creating greater value for its shareholders and the Nigerian economy.

Mr Ojulari said recent reforms across Nigeria’s petroleum sector had already stimulated more than $34 billion in new investment commitments.

READ ALSO: NNPC posts ₦535 billion profit, records 1.72 million barrels daily oil output in June

He said the Deep Offshore Incentives Order would build on the momentum by enabling timely FIDs on strategic offshore developments.

The NNPC chief executive commended President Tinubu for his commitment to creating an enabling environment for investment and sustainable growth in Nigeria’s energy sector through a series of presidential executive orders.

The company said the latest reform reinforces its commitment to driving sustainable production growth, attracting responsible investment, strengthening Nigeria’s energy security and delivering long-term value to the Federation.