BoI, NCDMB seal pact on $100m fund for indigenous energy firms

The Bank of Industry (BoI) and the Nigeria Content Monitoring and Development Board (NCDMB) have signed a Memorandum of Understanding (MoU) on a $100 million Nigerian Content Intervention Fund (NCIF) equity investment scheme to support high-potential Nigerian companies. The scheme will also complement traditional debt financing and strengthen access to the long-term risk capital required for scale, competitiveness, and value creation. The Managing Director and Chief Executive Officer (MD/CEO) of the bank, Dr Olasupo Olusi, who spoke briefly at the ongoing Practical Nigeria Content (PNC) forum in Yenagoa, Bayelsa State, stated that the collaboration between the BoI and the board marks a significant expansion of their long-standing relationship. “I extend my sincere appreciation to the Executive Secretary, Felix Omatsola Ogbe, and the entire NCDMB leadership for their partnership, shared vision, and unwavering commitment to strengthening indigenous participation across Nigeria’s oil and gas value chain. “Through the $100 million NCIF Equity Investment Scheme, the Bank of Industry will 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”, he added. Ogbe said the deal was part of the board’s efforts to provide affordable finance for local players in the industry. “This is a new product in our Nigerian Content Intervention Fund. This finance scheme will provide equity financing to high-growth indigenous energy service companies while diversifying our NCDF’s income base and strengthening local content development. “The Board has completed the framework for the issuance of the NCDF Compliance Certificate. This instrument will confirm companies’ compliance with the 1% remittance obligations. “The certificate will become effective 1st January 2026 and will be required to get key permits and approvals from the Board,” Ogbe stated.

Ogbe stated that the board is also diversifying the Nigerian Content Development Fund (NCDF) income base and strengthening local content development.

Deliberating on the theme of the 2025 PNC, which is “Securing Investments, Strengthening Local Content and Scaling Energy Production” he said the board has already completed the framework for the issuance of the NCDF Compliance Certificate, adding that the equity investment finance scheme will help in providing equity financing to high-growth indigenous energy service companies.

He stated that to drive the board’s mandate, NCDMB has launched the 10-Year Strategic Roadmap which is built on five strategic pillars and supported by four enablers, to build the capacity of Nigerian companies and individuals in order to participate actively in the oil and gas industry.

He said: “As part of our efforts to provide affordable finance for local players in the industry, we have concluded arrangements to establish the $100 Million Dollars Equity Investment Scheme in partnership with the Bank of Industry. This is a new product in our Nigerian Content Intervention Fund.

“This finance scheme will provide equity financing to high-growth indigenous energy service companies while diversifying our NCDF’s income base and strengthening local content development.

“The Board has completed the framework for the issuance of the NCDF Compliance Certificate. This instrument will confirm companies’ compliance to the 1% remittance obligations.

“The certificate will become effective 1st January 2026 and will be required to get key permits and approvals from the board.”

Also Speaking, the Minister of State for Petroleum Resources (Gas) Obongemem Ekperikpe Ekpo, described the present situation in the industry as a defining time for the nation when investment decisions, energy policies and local capacity development carries unprecedented weight.

Similarly, Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, before the present government, there was no investment in oil and gas industry because of misapplication of the local content law, explaining that investment will not come to Nigeria unless the investment environment is globally competitive.

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