launch $100m equity fund for indigenous oil and gas companies
Amgbare Ekaunkumo, Yenagoa
The Nigerian Content Development and Monitoring Board (NCDMB) has been named the overall best-performing federal agency in the Presidential Enabling Business Environment Council (PEBEC) Transparency and Efficiency Awards for the fourth consecutive year.
The agency topped the national Ease of Doing Business rankings in 2022, 2023, 2024 and now 2025, cementing its position as Nigeria’s foremost reformer in regulatory efficiency and transparency.
The award was presented on Monday evening during the PEBEC Awards and Gala Night at the State House in Abuja. The event, chaired by Vice President Kashim Shettima, celebrated significant strides in public-sector reforms across government agencies.
Receiving the Transparency and Efficiency Champion Award on behalf of NCDMB Executive Secretary, Engr. Felix Omatsola Ogbe, the Acting Director of Monitoring and Evaluation, Mr. Omomehin Ajimijaye, credited the achievement to the Board’s deliberate alignment with President Bola Tinubu’s reform agenda and its sustained focus on excellent service delivery.
“This fourth consecutive win is a testament to the dedication of our staff, the effectiveness of our automated processes, and our strong partnership with industry stakeholders,” Ajimijaye stated.
PEBEC Director General, Princess Zarah Audu, praised NCDMB for its comprehensive automation of key operations, which she said had drastically reduced human interference and opportunities for corruption.
She urged other Ministries, Departments and Agencies (MDAs) to follow NCDMB’s example.
In addition to the top honour, NCDMB received the Reform Champion Award, presented to its PEBEC liaison officer, Engr. Cityfaith Baribor Zorasi, in recognition of his exceptional coordination and leadership in implementing reforms.
Following the ceremony, NCDMB management reaffirmed its commitment to further improving service delivery, promoting Nigerian content in the oil and gas sector under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, and supporting the federal government’s ease-of-doing-business initiatives.
The Board expressed gratitude to PEBEC for the recognition and congratulated its entire workforce on achieving this historic fourth consecutive victory.
In a related development 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.
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.
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.
