First City Monument Bank (FCMB) has been selected as one of the Participating Financial Institutions (PFIs) for the Community Contractors Finance Scheme. This scheme is an initiative launched by the Nigerian Content Development and Monitoring Board (NCDMB) in collaboration with the Bank of Industry Limited (BoI).
Scheme Details and Objectives
The program is designed to address the gaps in funding and skills that restrict the growth and capacity of local contractors in the oil and gas industry. It offers loans of up to ₦100 million at an attractive interest rate of 8\% per annum, specifically to enable contractors to undertake meaningful projects within their host communities.
The Community Contractors Finance Scheme is one of five offerings under the Nigerian Content Intervention Fund, established by the NCDMB to empower local contractors, stimulate growth in Nigeria’s oil and gas sector, and increase the industry’s contribution to the national economy. The scheme was updated in 2025 under the leadership of Engr. Felix Omatsola Ogbe, the Executive Secretary of the NCDMB, reflecting his goal of strengthening local content implementation at the community level.
FCMB’s Role and Commitment
As a PFI, FCMB will be responsible for identifying, prequalifying, verifying contract execution, and disbursing loans to eligible indigenous contractors in the communities. The Bank will rely on its industry knowledge, efficient credit procedures, and established relationships with both International Oil Companies (IOCs) and National Oil Companies (NOCs) to execute its role effectively.
The loans are supported by flexible financing solutions, including invoice discounting and local purchase orders, with tenors ranging from 90 to 365 days to suit various contractor needs.
Yemisi Edun, the Managing Director and Chief Executive Officer of FCMB, emphasized the initiative’s significance as a strategic commitment to realizing the immense potential of the oil and gas sector. She expressed appreciation for the confidence shown by the NCDMB and BoI. Edun stated that the scheme is consistent with FCMB’s mission to promote inclusive and sustainable growth by fostering a collaborative environment that links people, capital, and markets. She anticipates that the partnership will yield significant benefits for communities, enhance local content development, empower community-based contractors, create jobs, improve skills acquisition, boost security, and contribute to overall sustainable national development.
Accessibility and Repayment Structure
A defining feature of the Community Contractors Finance Scheme is its accessibility, as it does not require traditional collateral. Instead, loan repayment is managed through the domiciliation of contract proceeds, milestone-based disbursements, and careful monitoring. This ensures the funds are used efficiently to support vital oil and gas projects while catering to the specific requirements of the contractors.
About the Partners
First City Monument Bank (FCMB): A member of FCMB Group Plc, committed to fostering inclusive and sustainable growth by building a supportive ecosystem rooted in Africa (primarily Nigeria) that connects people and markets.
NCDMB: The Nigerian Content Development and Monitoring Board was established by the NOGICD Act of 2010. Its mandate includes developing human and material capacities, implementing the NOGICD Act, increasing Nigerian participation, and ensuring industry compliance. As of December 2024, the NCDMB had increased Nigerian content in the industry to 56\%.
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