NCDMB sets $3m limit on equity investment scheme for local oil firms

By Obas Esiedesa, Abuja

The Nigerian Content Development and Monitoring Board (NCDMB) has announced a $3 million cap on the amount any local oil and gas company can access from its newly established $100 million equity investment scheme.

The limit, the Board said, is aimed at ensuring that more high-growth indigenous energy service companies benefit from the fund.

Speaking at a panel session on Wednesday during the Practical Nigerian Content Forum in Yenagoa, Bayelsa State, Fateemah Mohammed, General Manager of the Nigerian Content Development Fund, said the fund, managed by the Bank of Industry (BOI), will open for access on January 1, 2026. She emphasized that the scheme will offer not only financing but also technical support to participating firms.

“Equity participation works. Beyond funding, the scheme will provide technical support and improved corporate governance to create a strong institutional framework,” Mohammed said.

Mohammed Awami of NEXIM Bank highlighted the bank’s experience managing previous NCDMB funds, including the $30 million Working Capital and Capacity Building Fund and the $20 million Women in Oil and Gas Fund, noting varied uptake rates among beneficiaries.

Taye Emegha, General Manager of the Extractive Division at BOI, noted that slow disbursement from the Nigerian Content Intervention Fund has been partly due to companies struggling to secure the required guarantees from commercial banks.

The equity investment scheme is expected to further support the growth and sustainability of indigenous oil and gas companies while strengthening corporate governance within the sector.

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