First City Monument Bank (FCMB) has been chosen 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 collaboration with the Bank of Industry (BoI).

The scheme aims to address funding and capacity challenges faced by local contractors in the oil and gas sector. It provides access to loans of up to ₦100 million at an affordable interest rate of 8% per annum, empowering community-based contractors to undertake significant projects within their host environments.

The Community Contractors Finance Scheme is one of five products under the Nigerian Content Intervention Fund, established by the NCDMB to enhance local participation in the oil and gas industry, strengthen indigenous capacity, and expand the sector’s contribution to national development.

Revamped in 2025 under the leadership of the NCDMB Executive Secretary, Engr. Felix Omatsola Ogbe, the scheme reflects his vision to deepen the benefits of local content at the grassroots level.

As a participating financial institution, FCMB will identify, prequalify, and verify contractors’ performance before disbursing approved loans. The Bank plans to leverage its industry expertise, streamlined credit processes, and strong relationships with International Oil Companies (IOCs) and National Oil Companies (NOCs) to ensure the success of the initiative.

The facility also includes innovative financing mechanisms such as invoice discounting and local purchase order financing, with flexible repayment terms ranging from 90 to 365 days, catering to contractors’ varying project timelines.

Speaking on the development, FCMB’s Managing Director and Chief Executive Officer, Mrs. Yemisi Edun, described the initiative as a strategic move to unlock the immense potential within Nigeria’s oil and gas industry.

“We appreciate the confidence placed in us by the Nigerian Content Development and Monitoring Board, the Bank of Industry, and other stakeholders,” she said.
“This initiative aligns with our mission to foster inclusive and sustainable growth by connecting people, capital, and markets. Through this collaboration, we anticipate significant community benefits, enhanced local content participation, contractor empowerment, job creation, skill development, improved security, and overall sustainable national progress.”

A key feature of the scheme is its accessibility, as it eliminates the need for conventional collateral. Instead, repayments are structured through domiciliation of contract proceeds, milestone-based disbursements, and close project monitoring — ensuring funds are used efficiently to deliver vital oil and gas projects.

About FCMB

First City Monument Bank (FCMB), a member of FCMB Group Plc, is dedicated to promoting inclusive and sustainable economic growth across Africa, primarily Nigeria, by connecting people and markets through innovative financial solutions.

About NCDMB

The Nigerian Content Development and Monitoring Board (NCDMB) was established under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010. Its mandate includes building human and material capacities, enforcing compliance with local content policies, and increasing Nigerian participation in the oil and gas value chain. As of December 2024, the NCDMB had grown indigenous content participation in the sector to 56%.