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NCDMB, BOI Inaugurate C’ttee for $100m Nigerian Content Equity Fund, To Invest $5m in Oil Firms

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President Bola Ahmed Tinubu (left) and President of the Senate,Senator Godswill Akpabio(right)

By David Owei,Bayelsa

In a move to provide a new financing solution to the Nigerian oil and gas service sector, and accelerate local content growth, the Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BOI) on Friday in Lagos inaugurated the Investment Committee of the Nigerian Content Equity Fund (NCEF) – a groundbreaking $100 million financing product designed to avail long-term financing to service companies and provide access to funds in exchange for equity rather than traditional debt instruments.
The committee was inaugurated by the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, setting the stage for the rollout of the pioneering financing window under the Nigerian Content Intervention Fund (NCI Fund).

According to the product paper, the underlying goal of the Nigerian Content Equity Fund (NCEF) is to reduce per-unit cost of oil and gas products and services locally, create an additional source of income for NCDMB, and play a catalytic role in attracting other investors and lenders to financially viable organizations. “By providing access to equity financing, the NCEF will enable service companies to expand and increase their market share, which will contribute to the growth of the Nigerian oil and gas industry,” the paper further read.

The Fund size is $100million, while the obligor limit is $5million. The Fund is provided by the NCDMB, while the Bank of Industry serves as the Fund Manager.
The target beneficiaries are oil field service companies, manufacturers connected to the oil and gas sector, fabrication yards, and connected sectors, with the primary goal being to promote economic growth, job creation, and wealth creation in Nigeria. The impact of the Fund on oil and gas projects could potentially create about 12,500 direct jobs and 7,000 indirect jobs, it was estimated.

The inauguration of the investment committee marks another milestone in the evolution of the NCI Fund, a flagship intervention established under section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, to bridge financing gaps confronting indigenous oil industry firms. While the five NCI Fund products managed by the BOI and two products managed by Nigerian Export-Import Bank (NEXIM) have provided debt financing to qualified service companies over the past decade, with loans lasting five years and interest rates of 8%, the Equity Fund has carved a new niche.

In his remarks, the Executive Secretary charged the investment committee to carry out rigorous due diligence on every company seeking support and ensure that the objectives for which the Fund was established are fully achieved. According to him, the Equity Fund must never be mistaken for a grant. He stressed that beneficiaries are expected to deploy the capital judiciously and repay in accordance with the terms of the investment.
He urged the committee to ensure that only credible people with viable businesses benefit from the scheme. “Our top priority should be identifying people who will use the Fund properly and, most importantly, return our funds back to us so that we can continue the programme for other deserving beneficiaries,” he said.

On his part, the Managing Director of the Bank of Industry, Dr. Olasupo Olusi, described the inauguration as a major milestone in the consummation of the NCI Fund Equity Fund, noting that the initiative represents the next phase in the long-standing collaboration between BOI and the NCDMB. According to him, the partnership, which has lasted for nearly a decade, began with the administration of the US$350 million Nigeria Content Intervention Fund, through which hundreds of indigenous oil and gas companies have accessed financing to expand their operations.

He noted that the introduction of an equity financing window addresses an important gap in the industry’s financing architecture. “The next step, which I am very impressed with and very thankful to the NCDMB for thinking through with BOI, is the need to fill the finance gap with equity,” he said.

According to Olusi, equity financing offers an entirely different class of financial instrument capable of supporting businesses that may not yet qualify for conventional debt facilities. He expressed confidence that the initiative would attract additional investment into Nigeria’s oil and gas sector while strengthening indigenous participation. “We believe that this fund will help fertilize additional resources and move the industry forward,” he said, while expressing confidence that members of the investment committee would serve the interest of the fund with integrity and professionalism.

Providing further insight, the Group Head, Equity Investments at the Bank of Industry, Mr. Chike Chukwuelu, explained that the Equity Fund addresses what industry experts describe as the “missing middle.” According to him, many indigenous businesses struggle to secure senior debt because they lack the level of collateral demanded by commercial lenders, despite possessing viable businesses with strong growth prospects.

Chukwuelu said the equity structure would also enable the fund managers to maintain closer oversight of beneficiary companies, helping them strengthen governance, improve operations and evolve into sustainable businesses. “What this also does is that we will now have more oversight in these companies because of the instrument that we’re using, and we can help them develop into sustainable companies, which is what the fund is targeted at,” he stated.

The Senior Technical Adviser to the Executive Secretary, Engr. Austin Uzoka, observed that the Equity Fund represents an opportunity to accomplish what previous financing interventions could not fully achieve. “The striking thing is that the fund is about doing things the other funds have not been able to accomplish.”

He said the committee’s responsibilities are to provide strategic oversight for the Equity Fund, ensure prudent investment decisions and build a portfolio of companies capable of growing into major industry players.

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Politics

2027 : PDP Candidate re-connects Zanchita community with National grid after two years of darkness

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Dr Mohammed Nami

By Uthman Baba-Naseer,Minna

It was a celebration galore in Zanchita community in gbako local government area of Niger State,as former Chairman federal inland Revenue service (FIRS)and gubernatorial candidate of the people’s Democratic party PDP re-connect the community with National grid after two years of darkness.

The coming on board of the former Chairman of federal inland Revenue service to contest as the governor of Niger State was described as a round peg in a round hole by Nigerlites as he has been known as a philanthropist touching the life of less privileged and communities.

In there response youths in the community express their bitterness over the attitude of government officials who took away the damaged transformer in the community for the past two years living them to their faith without electricity, adding that the only primary school have been in delapidated condition for over five years without government attention.

They express disappointment over the non challant attitude of the government, state and National assembly members for not responding to their several requests for the past two years, and assured NAMI for their commitment and support.

Presenting the brand new transformer to the people of Zanchita community on behalf of the PDP governorship candidate, Dr Mohammed Shaba popularly known as (psychology) said the transformer provided for the community is part of NAMI humanitarian gesture to improve the soci- economics of the community.

Dr Shaba said the foundation is part of the humanitarian services rendered by the Niger South foundation under the chairmanship of Dr Mohammed Nami who always shows concern to the plight of the people.

He said the community can reciprocate their kind gesture in rendering prayers for the PDP Governorship candidate,Dr Mohammed Nami for God’s guidance and protection to succeed in his ambition as an opportunity to do more particularly for the rural dwellers.

In his response the village head of Zanchita,Ahmadu Mohammed Zanchita appreciated the kind gesture of Mamman NAMI for redeeming his pledge and prayed for protection and more blessings to enable him to provide succour to rural dwellers.

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Politics

SPC 2026 Annual Wkshop: Journalists Deliberate on Legislative Oversight, Budget Integrity,Media Collaboration

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SPC Chairman,Comrade Taiye Odewale

By Our Correspondent

The 2026 Capacity-Building Workshop of the Senate Press Corps will focus on strengthening legislative oversight and media collaboration as mechanisms for safeguarding Nigeria’s national budget from unlawful insertions and other practices capable of undermining budgetary integrity.

In a statement signed by Chairman Senate Press Corps, Taiye Odewale on Friday, the workshop, scheduled to hold on Monday, September 28, will have as its theme: “Leveraging Legislative Oversight and Media Collaboration to Safeguard the National Budget from Unlawful Insertions.”

According to the statement, the theme of the workshop was carefully chosen in view of the critical role of effective legislative oversight, responsible journalism and public accountability in ensuring that the national budget reflects approved priorities and serves the broader interests of Nigerians.

The statement futher noted,”As part of efforts to provide participants with expert perspectives on the subject, the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC), Auwal Rafsanjani; Director of BudgIT, Oluseun Onigbinde; and Publisher of Eagle Times Newspaper, Ikechukwu Chukwunyere, have been invited to make presentations on relevant aspects of the workshop theme.

“The workshop will also feature an intensive training session on the use of Artificial Intelligence (AI) tools, to be facilitated by London-based instructors from Mass Media TX Limited.”

According to the organisers, the AI session is designed to expose participants to emerging technologies and their practical applications in contemporary media and professional practice.

The event is also expected to bring together key stakeholders from the National Assembly and the National Assembly bureaucracy, with invitations extended to the President of the Senate, Senator Godswill Akpabio (GCON); Deputy President of the Senate, Senator Barau Jibrin (CFR) and Chairman, Senate Committee on Media and Public Affairs, Senator Yemi Adaramodu.

Others are, Chairman, Senate Committee on Appropriations, Senator Olamilekan Adeola; Chairman, Senate Committee on Finance, Senator Sani Musa; Chairman, Senate Committee on Petroleum (Downstream), Senator Kawu Sumaila; and the Clerk to the National Assembly, Barrister Kamoru Ogunlana.

The organisers said the participation of lawmakers, budget experts, civil society advocates, media professionals and technology instructors would provide a platform for robust discussions on budget transparency, legislative scrutiny and the role of the media in promoting accountability.

“The workshop is expected to examine practical approaches to strengthening the budget process, improving oversight mechanisms and enhancing collaboration between legislative institutions and the media in the public interest,” it noted.

The organisers expressed optimism that the capacity-building initiative would contribute to improved understanding of budgetary processes and promote stronger professional engagement around issues of transparency, accountability and responsible public expenditure.

The 2026 Capacity-Building Workshop will take place at Hearing Room 231 on Monday.

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Politics

Diri Laments Oil Production Effects, Inaugurates 18-Member C’ttee For Cancer Treatment Centre

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Bayelsa State Deputy, Gov.Dr. Peter Akpe(middle) flanked by committee members

By David Wei,Bayelsa

Governor of Bayelsa State, Senator Douye Diri, has described as unfair and unacceptable the situation whereby communities in the state which bear the cost of the nation’s wealth are left without the care they need to remain healthy and productive.

Governor Diri stated this at the weekend while inaugurating an 18-member steering committee for the establishment of the Bayelsa Cancer Treatment and Research Centre at Government House, Yenagoa.

Represented by his Deputy, Dr. Peter Akpe, the Bayelsa helmsman noted that cancer “is no longer a distant disease in communities around the state, due to decades of oil pollution with serious long-term health consequences on the people.”

According to him, breast, cervical and prostate cancers have become quite rampant among the populace, resulting in deaths even among young people in their most productive years, thus necessitating the establishment of the centre.

His words: “Let me begin with the plain truth: Cancer is no longer a distant disease in our communities. Almost every family in this hall has a story: a mother diagnosed too late; a brother who traveled to Lagos, Abuja or abroad and spent everything they owned on treatment.

“Breast, cervical and prostate cancers in particular are taking our people in their most productive years. Too many of these deaths are not because the disease cannot be treated, but because treatment was too far away, too expensive, or came too late.

“In Bayelsa, we carry an additional burden. Decades of oil pollution have left their mark on our land, our water, and we fear, on the health of our people. The Bayelsa State Oil and Environmental Commission Report of 2023 raised serious concerns about the long-term health consequences of that exposure.

“We will not accept a situation where our communities bear the cost of the nation’s wealth and are then left without the care they need. Therefore, a cancer treatment centre in Bayelsa State is not a luxury; it is a matter of health justice.”

Highlighting the terms of reference for the committee, Governor Diri charged the chairman and members to make an empirical assessment of the cancer burden in the state, as well as recommend the most suitable location for the centre, equipment, infrastructure, partnerships and financing options, amongst others.

He also charged them to plan for the requisite and competent manpower, maintenance, training, accessibility to the facility and steady supply of drugs and consumables, noting that they were chosen on account of their competence and years of experience.

In his acceptance speech on behalf of the steering committee, the Chairman and Commissioner for Health, Prof. Seiyefa Brisibe, expressed gratitude to the governor for finding them worthy to work for the establishment of a world-class cancer centre in Bayelsa.

Prof. Brisibe, noted that setting up of the committee underscores the unwavering commitment and seriousness the Douye Diri Administration attaches to the health and well-being of the people of the state.

He said the burden of cancer in the state is a reality with huge economic and health burden on families and could no longer be managed with half measures, which informed the careful selection of members with the required expertise.

According to him: “First of all, let me appreciate, with deepest gratitude, on behalf of the members of this steering committee, His Excellency the Governor of Bayelsa State, Senator Douye Diri, for his unwavering commitment to the health and well-being of all Bayelsans.

“It is visionary leadership and decisive mandate that have brought us to this inauguration today. The burden of cancer on communities is a reality that we can no longer afford to manage with half measures.

“Families in Bayelsa endure the excruciating financial, physical and emotional toll of travelling outside the state and often outside the country, just to access basic diagnostic and therapeutic cancer care. This will end with the mandate for the work we are about to begin.”

Members of the steering committee include Dr. Jones Stow, Prof. Jumbo Johnbull, Dr. Boboye Ifie, Dr. Oluwadare Marcus and Dr. James Omietimi.

Others are Dr. Ebikapaye Okoyen, Dr. Ngowari Torunana, Mrs. Beatrice Olomiete, Hon. Kingsley Kuku, Dr. Ibimonye Porbeni and Mr. Nimifagha Esindu.

Also to serve on the committee are Prof. Kelvin Kiridi, Dr. Timipa Peregha-West, Magdalene Alabinte, Prof. Beleudanyo Fente, Dr. Elizabeth Obiorah and Dr. Embeleakpo Apere.

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