NCDMB Pushes Intervention for Local Oil Firms to $550m with New $100m Equity Fund

•Board reveals Nigerian Content implementation has hit 61% 

•Ekpo pledges to address industry bottlenecks, reduce transaction timelines

Peter Uzoho and Blessing Ibunge in Yenagoa

Nigerian Content Development and Monitoring Board (NCDMB) has unveiled a fresh financing intervention initiative, known as Equity Investment Scheme, with a total amount of $100 million to complement the existing Nigerian Content Intervention Fund (NCIF) in helping to build capacities of indigenous oil and gas companies.

The move pushed the volume of the board’s funding interventions to indigenous service companies to $550 million.

Executive Secretary of NCDMB, Mr. Felix Ogbe, announced the latest funding scheme yesterday in Yenagoa, in his welcome address at the opening ceremony of the 14th Practical Nigerian Content Forum (PNC) 2025.

The forum had the theme, “Securing Investments, Strengthening Local Content and Scaling Energy Production.”

Ogbe said the $100 million Equity Investment Scheme, developed in partnership with Bank of Industry (BOI), represented a bold step towards strengthening local participation and deepening investment in the sector. He said the scheme would diversify the income base of Nigerian Content Development Fund (NCDF).

“This finance scheme will provide equity financing to high-growth indigenous energy service companies. It will also diversify our NCDF income base while strengthening local content development,” he stated.

He also disclosed that the board had completed the framework for the issuance of the NCDF Compliance Certificate, a mandatory document that would confirm companies’ adherence to the statutory one per cent remittance.

According to him, the certificate would become effective January 1, 2026 and would be required to get key permits and approvals from the board.

As part of the new compliance regime, Ogbe stated that NCDMB had also barred the transfer of Nigerian Content Equipment Certificates (NCECs) and related certifications.

“Effective 1st January 2026, our NCECs and other certificates are no longer transferable. This ensures that entities without NCECs are not admitted into the tendering process,” he said.

The executive secretary highlighted progress on other initiatives, including the expansion of the Community Contractors Scheme, which he said recorded over 94 disbursements in 2025.

He also provided updates on Project 100 programme, where a new batch of beneficiary companies would be on-boarded after an exit ceremony in April 2026.

He confirmed that the board would between the first quarter (Q1) and Q2 2026, review seven existing guidelines and finalise the legal and fiscal framework for the Nigerian Oil and Gas Parks Scheme (NOGAPS) ahead of operations at the Odukpani and Emeyal 1 parks.

Ogbe further announced the commencement of the Nigerian Content Academy Lecture Series, adding that “so far, we have held seven lectures on key industry issues”.

On infrastructure, he stated that construction of the long-awaited Oloibiri Museum and Research Centre commenced following the signing of the contract with Julius Berger, with the project scheduled for delivery in 30 months.

The executive secretary also revealed that Nigerian content levels in projects monitored by the board had risen from 56 per cent to 61 per cent in 2025, describing the improvement as a sign of the industry’s commitment to the local content mandate.

Ogbe stated, “Our interventions to enhance capacity and participation are yielding results.”

He announced that the board would hold its R&D Fair in Q2 2026 and launch the NCDMB Technology Challenge in Q1 2026, while its new Field Readiness Training Programme for high-demand skills had already attracted over 11,000 applications.

Ogbe reaffirmed the board’s commitment to Science, Technology, Engineering and Mathematics (STEM) development in rural Niger Delta communities through the Back-to-Creek Initiative, stating that feasibility studies and site assessments have been completed for selected schools.

He concluded by emphasising the board’s renewed focus on industry engagement, including a Townhall Meeting scheduled for Wednesday.

 He stated, “The work before us is significant, but so is the opportunity.

“Let us move forward with renewed purpose and the firm belief that Nigerian Content is key to national development and industrialisation.”

In his remarks, Chief Executive Officer of Bank of Industry (BOI), Dr. Olasupo Olusi, said the collaboration with NCDMB on the Equity Investment Fund marked a significant expansion of their long-standing relationship.

Olusi said through the $100 million NCIF Equity Investment Fund, BOI would deploy equity and quasi-equity capital to support high-potential Nigerian companies, complementing traditional debt financing and strengthening access to the long-term risk capital required for scale, competitiveness and value creation.

Olusi added that with a single obligor limit of $5 million, the fund was designed to catalyse multiple huge-impact investments while maintaining strong governance and prudent risk management.

The BOI managing director commended the NCDMB leadership for their partnership, shared vision, and commitment to strengthening indigenous participation across Nigeria’s oil and gas value chain.

He said, “We are proud to partner with NCDMB on this milestone initiative, which aligns fully with the board’s (NCDMB) 10 years roadmap and Nigeria’s broader industrial development agenda under the leadership of President Bola Tinubu.

“Together we reaffirm our shared commitment to building resilient indigenous enterprises that can compete globally and deliver lasting economic value for Nigeria.”

In his goodwill massage, Minister of State for Petroleum Resources (Gas), Dr Ekperikpe Ekpo, said the ministry will continue to work with all the agencies and institutions under its supervision, including NCDMB, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and Nigerian National Petroleum Company Limited (NNPC), as well as industry partners to address bottlenecks, reduce transaction timelines, and create a conducive environment where investors could thrive and expand operations with confidence.

Ekpo lauded NCDMB’s dedication to strengthening local participation, expanding capacity, and deepening industrial integration, saying they remain central to national aspirations.

He said the PNC forum continued to thrive because of the board’s strategic focus and effective coordination across industry stakeholders.

Ekpo stated that the theme of the forum captured the national priorities that guided the board’s and government’s interventions.

According to him, “Investment remains the lifeblood of the energy sector, and we are committed to providing stable policies, transparent processes, and market-driven incentives to attract long-term capital.”