By Naija247news – Lagos | October 20, 2025 – First City Monument Bank (FCMB) has been selected as one of the Participating Financial Institutions (PFIs) for the rollout of the Community Contractors Finance Scheme, a joint initiative of the Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BoI).
The scheme, which forms part of the restructured Nigerian Content Intervention Fund, aims to bridge funding and capacity gaps hindering indigenous participation in Nigeria’s oil and gas industry. It provides loans of up to ₦100 million at a single-digit interest rate of 8% per annum, enabling qualified contractors to execute vital community-based projects.
Empowering Local Oil and Gas Contractors
Remodelled in 2025 under the leadership of Engr. Felix Omatsola Ogbe, Executive Secretary of the NCDMB, the programme is designed to deepen local content impact at the community level and foster inclusive growth within host communities.
According to the NCDMB, the Community Contractors Finance Scheme is one of five tailored funding products under its intervention framework, which seeks to enhance the competitiveness, skills, and sustainability of Nigerian contractors operating within the upstream, midstream, and downstream segments.
As a participating financial institution, FCMB will oversee the identification, prequalification, verification, and funding of eligible contractors. The bank is expected to leverage its strong credit management systems, extensive relationships with International Oil Companies (IOCs) and National Oil Companies (NOCs), and deep knowledge of the energy value chain to ensure seamless loan administration.
Flexible Funding Structure and No Collateral Requirement
A key feature of the scheme is its accessibility. Beneficiaries are not required to provide traditional collateral; instead, repayments are structured through domiciliation of contract proceeds, milestone-based disbursements, and strict monitoring mechanisms. Loan tenors range between 90 and 365 days, depending on project scope and performance.
These innovative financing tools — including invoice discounting and local purchase order financing — are tailored to help contractors deliver on their obligations while building financial credibility and operational discipline.
FCMB’s Commitment to Inclusive Growth
Speaking on the development, Yemisi Edun, Managing Director and Chief Executive Officer of FCMB, described the partnership as a testament to the bank’s role in supporting Nigeria’s local content agenda and sustainable economic development.
“We appreciate the confidence placed in us by the NCDMB, the Bank of Industry, and other stakeholders. The Community Contractors Finance Scheme aligns with FCMB’s mission to promote inclusive and sustainable growth by fostering a collaborative ecosystem that connects people, capital, and markets,” Edun said.
“Through this initiative, we anticipate stronger community participation, enhanced local capacity, job creation, skills acquisition, improved security, and overall national development.”
Driving Local Content to 70% by 2030
The NCDMB reaffirmed its commitment to raising Nigerian content in the oil and gas sector beyond the 56% level achieved as of December 2024, targeting 70% by 2030 through sustained partnerships with financial institutions and private sector actors.
About First City Monument Bank (FCMB)
First City Monument Bank (FCMB) is a member of FCMB Group Plc, committed to fostering inclusive and sustainable growth through a supportive ecosystem that connects people, capital, and markets across Africa.
About NCDMB
Established under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010, the NCDMB is charged with developing local capacity, enforcing compliance, and driving the participation of Nigerians in the oil and gas industry’s value chain.
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Reporting by Naija247news in Lagos, Nigeria.
