NCDMB, Bank of Industry launch $100m equity fund for indigenous oil and gas companies

Amgbare Prince, Yenagoa

The Nigerian Content Development and Monitoring Board (NCDMB) on Tuesday launched a $100 million equity investment fund aimed at providing long-term risk capital to high-growth indigenous oil and gas service companies.

The fund, christened the Nigerian Content Equity Investment Fund, is a new component of the existing Nigerian Content Intervention Fund (NCIF) and will be managed by the Bank of Industry (BoI).

The Executive Secretary of NCDMB, Engr. Felix Omotsola Ogbe, and the Managing Director of BoI, Dr. Olasupo Olusi, signed the Memorandum of Understanding for the management of the fund during the opening ceremony of the 13th Practical Nigerian Content Forum in Yenagoa, Bayelsa State.

Advertisement

Ogbe described the initiative as a shift from debt-based financing to direct equity participation, saying it will help capable Nigerian firms scale up, remain competitive and contribute more meaningfully to the nation’s economy.

He disclosed that local content performance in major oil and gas projects monitored by the board increased from 56 per cent to 61 per cent over the past year.

The NCDMB chief further announced that, with effect from January 1, 2026, operators and service providers must obtain a Nigerian Content Compliance Certificate confirming payment of the mandatory one per cent NCDF levy before they can secure approvals and licences from the board.

Ogbe said the pioneer set of Project 100 companies launched in 2019 will graduate in April 2026, paving the way for a new cohort of beneficiaries.

He added that the board will review its seven operational guidelines and finalise the legal framework for the Nigerian Oil and Gas Parks Scheme at Emeyal 1 in Bayelsa and Odukpani in Cross River State during the first half of next year.

Obadare urges US lawmakers to pressure Nigeria to scrap Sharia, disband Hisbah

Construction work on the Oloibiri Museum and Research Centre, he said, is progressing, with Julius Berger having mobilised to site in July 2025 after the contract was signed in December 2024. The project is scheduled for completion within 30 months.

Speaking at the event, Dr. Olasupo Olusi said the equity fund will complement traditional loans by giving indigenous companies access to patient capital needed for growth, job creation, manufacturing expansion and technology transfer.

He stressed that investments will be subjected to rigorous due diligence and strict governance to ensure both commercial returns and the achievement of national development goals.

The 2025 Practical Nigerian Content Forum, themed “Securing Investments, Strengthening Local Content and Scaling Energy Production,” also introduced an industry town-hall session to allow direct engagement between NCDMB and stakeholders.