First City Monument Bank (FCMB) has been selected as one of the Participating Financial Institutions (PFIs) for the implementation of the Community Contractors Finance Scheme, an initiative of the Nigerian Content Development and Monitoring Board (NCDMB) in partnership with the Bank of Industry Limited (BoI).

The scheme is designed to bridge the funding and skills gaps hindering the capacity and growth of local contractors in the oil and gas industry. It offers loans of up to N100 million at a favourable interest rate of 8% per annum, enabling contractors to execute impactful projects within their host communities.

The Community Contractors Finance Scheme is one of five products under the Nigerian Content Intervention Fund, created by the NCDMB to empower local oil and gas contractors, grow the Nigerian oil and gas industry, and increase the sector’s contribution to the national economy. Remodelled in 2025 under the leadership of Engr. Felix Omatsola Ogbe, Executive Secretary of the NCDMB, the scheme reflects his broader goal of deepening the impact of local content implementation at the community level.

As a participating financial institution, FCMB is responsible for identifying, prequalifying, verifying contract performance, and disbursing loans to qualified indigenous contractors in the communities. The Bank will leverage its industry expertise, efficient credit processes, and strong relationships with International Oil Companies (IOCs) and National Oil Companies (NOCs) to deliver effectively. The loans are supported by innovative financing options such as invoice discounting and local purchase orders, offering flexible tenors ranging from 90 to 365 days to suit the diverse needs of contractors.

Managing Director and Chief Executive Officer of FCMB, Yemisi Edun, highlighted the significance of the initiative, describing it as a strategic commitment to unlocking the vast potential of the oil and gas sector.

“We appreciate the confidence placed in us by the Nigerian Content Development and Monitoring Board, the Bank of Industry, and all stakeholders. The Community Contractors Finance Scheme aligns with our mission to promote inclusive and sustainable growth by fostering a collaborative ecosystem that connects people, capital, and markets. Through this partnership, we expect to see significant benefits for communities, enhanced local content development, empowerment of community-based contractors, job creation, skills acquisition, improved security, and overall sustainable national development,” she stated.

A hallmark of the Community Contractors Finance Scheme is its accessibility, as it does not require traditional collateral. Instead, repayments are structured through domiciliation of contract proceeds, milestone-based disbursements, and diligent monitoring. This approach ensures that funds are effectively utilised to support critical oil and gas projects while focusing on the contractors’ unique needs.

About First City Monument Bank (FCMB)

First City Monument Bank (FCMB) is a member of FCMB Group Plc. The Bank is committed to fostering inclusive and sustainable growth by building a supportive ecosystem rooted in Africa (primarily Nigeria) that connects people and markets.

About NCDMB

The Nigerian Content Development and Monitoring Board (NCDMB) was established by the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010. It is mandated to develop human and material capacities, implement the provisions of the NOGICD Act, deepen Nigerian participation, and ensure compliance by players in the oil and gas industry. As of December 2024, NCDMB had grown the level of Nigerian content in the industry to 56%.