First City Monument Bank (FCMB) has been named among the financial institutions, in partnership with the Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BoI), selected to disburse a ₦15 billion loan initiative aimed at empowering indigenous oil and gas contractors.
The loan scheme is designed to address funding and capacity gaps faced by local contractors in the oil and gas industry.
It offers up to ₦100 million at a competitive interest rate of 8% per annum, enabling qualified firms to execute impactful projects within their host communities.
As part of the Nigerian Content Intervention Fund (NCIF), the scheme is one of five specialized products developed by the NCDMB to enhance local participation, boost the sector’s economic contribution, and promote sustainable growth.
Under the leadership of NCDMB executive secretary, Felix Omatsola Ogbe, the initiative was revamped in 2025 to further strengthen community level local content delivery.
As one of the PFIs, FCMB will oversee contractor identification, prequalification, contract verification, and loan disbursement.
The bank will deploy its sector expertise, streamlined credit assessment systems, and strong partnerships with International Oil Companies (IOCs) and National Oil Companies (NOCs) to ensure smooth execution.
The loans feature innovative instruments such as invoice discounting and local purchase order financing, with flexible tenors ranging from 90 to 365 days to suit various project needs.
Speaking on the partnership, Yemisi Edun, FCMB’s Managing Director (MD) and Chief Executive Officer (CEO), described the initiative as a vital tool for driving inclusive growth within the oil and gas ecosystem.
Edun said, “We appreciate the confidence reposed in us by the NCDMB, the BoI, and all stakeholders.
“This initiative supports our mission to promote sustainable development by linking people, capital, and opportunities.
“Through this collaboration, we expect to see stronger local content participation, community empowerment, job creation, and improved security outcomes.”
One of the defining features of the Community Contractors Finance Scheme (CCFS) is its accessibility, it eliminates the need for traditional collateral.
Instead, loan repayments are structured through contract domiciliation, milestone-based disbursements, and close monitoring mechanisms.
This approach ensures that funds are effectively channelled toward viable oil and gas projects, enabling contractors to deliver value and strengthen Nigeria’s energy sector from the grassroots
