First City Monument Bank (FCMB) has been named one of the Participating Financial Institutions (PFIs) for the newly remodelled Community Contractors Finance Scheme, a ₦15 billion initiative by the Nigerian Content Development and Monitoring Board (NCDMB) in partnership with the Bank of Industry (BoI).
The scheme aims to close the funding and skills gaps constraining indigenous contractors in the oil and gas sector.
It provides loans of up to ₦100 million at a competitive 8% interest rate per annum, empowering qualified contractors to deliver high-impact projects in their host communities.
Part of the Nigerian Content Intervention Fund, the initiative represents one of five targeted products created by the NCDMB to strengthen local participation, expand the sector’s contribution to the economy, and stimulate sustainable development.
Under the leadership of Engr. Felix Omatsola Ogbe, Executive Secretary of the NCDMB, the scheme was redesigned in 2025 to deepen local content delivery at the community level.
As one of the PFIs, FCMB will oversee contractor identification, prequalification, contract verification, and loan disbursement.
The bank will deploy its sector expertise, streamlined credit assessment systems, and strong partnerships with International Oil Companies (IOCs) and National Oil Companies (NOCs) to ensure smooth execution.
The loans feature innovative instruments such as invoice discounting and local purchase order financing, with flexible tenors ranging from 90 to 365 days to suit various project needs.
Speaking on the partnership, Yemisi Edun, FCMB’s Managing Director and Chief Executive Officer, described the initiative as a vital tool for driving inclusive growth within the oil and gas ecosystem.
“We appreciate the confidence reposed in us by the NCDMB, the BoI, and all stakeholders. This initiative supports our mission to promote sustainable development by linking people, capital, and opportunities. Through this collaboration, we expect to see stronger local content participation, community empowerment, job creation, and improved security outcomes,” Edun said.
One of the defining features of the Community Contractors Finance Scheme is its accessibility, it eliminates the need for traditional collateral. Instead, loan repayments are structured through contract domiciliation, milestone-based disbursements, and close monitoring mechanisms. This approach ensures that funds are effectively channelled toward viable oil and gas projects, enabling contractors to deliver value and strengthen Nigeria’s energy sector from the grassroots.