First City Monument Bank (FCMB) has been named one of many 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 goals to shut the funding and expertise gaps constraining indigenous contractors within the oil and gasoline sector.
It supplies loans of as much as ₦100 million at a aggressive 8% rate of interest each year, empowering certified contractors to ship high-impact tasks of their host communities.
Part of the Nigerian Content Intervention Fund, the initiative represents considered one of 5 focused merchandise created by the NCDMB to strengthen native participation, broaden the sector’s contribution to the financial system, and stimulate sustainable growth.
Under the management of Engr. Felix Omatsola Ogbe, Executive Secretary of the NCDMB, the scheme was redesigned in 2025 to deepen native content material supply on the neighborhood stage.
As one of many PFIs, FCMB will oversee contractor identification, prequalification, contract verification, and mortgage disbursement.
The {bank} will deploy its sector experience, streamlined credit score evaluation programs, and robust partnerships with International Oil Companies (IOCs) and National Oil Companies (NOCs) to make sure easy execution.
The loans function modern devices reminiscent of bill discounting and native buy order financing, with versatile tenors starting from 90 to three hundred and sixty five days to swimsuit varied undertaking wants.
Speaking on the partnership, Yemisi Edun, FCMB’s Managing Director and Chief Executive Officer, described the initiative as a significant software for driving inclusive progress throughout the oil and gasoline 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 stated.
One of the defining options of the Community Contractors Finance Scheme is its accessibility, it eliminates the necessity for conventional collateral. Instead, mortgage repayments are structured by contract domiciliation, milestone-based disbursements, and shut monitoring mechanisms. This method ensures that funds are successfully channelled towards viable oil and gasoline tasks, enabling contractors to ship worth and strengthen Nigeria’s vitality sector from the grassroots.
