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NCDMB, NEXIM Disburse $42m Loans To Boost Local Content In Oil Sector
The Nigerian Content Development and Monitoriong Board (NCDMB), and Nigerian Export Import Bank (NEXIM) have distributed about $42million loans to Small and Medium Enterprises (SMEs) to boost local participation in the oil and gas industry.
The Head, Specialized Business at NEXIM, Muhammed Z. Awami, made the disclosure during a panel session at the NCDMB stakeholders’ sensitization and Engagement Forum in Port Harcourt, Rivers State.
Awami said the working capital of Capacity Fund was $30million, but that they exceeded the amount to attract more Nigerian players in oil and gas sector.
Awami appealed to the registered Nigerian oil service providers attached to the International Oil Companies (IOCs) and National Oil Companies (NOCs) to take advantage of the NCDMB Working Capital and Capacity Fund domiciled in NEXIM bank.
He said the fund was designed to offer flexible financing and tailoring solutions to meet their business needs, catalyse business growth, expand global footprint and unlock new opportunities.
In his words, “Once you meet pre-disbursement conditions, we disbursed the funds to you, and after disbursement, we also monitor sometimes jointly with NCDMB, sometimes, we just do spot check assessment of utilization of the funds, to make sure the funds are being utilized for the purpose it was disbursed.
“When it’s time to repay, we expect that repayment are made by the beneficiaries so that we can also lend again to other people, the fund Working Capital and Capacity Fund is $30 million but so far, we have disburse about $42 million.
“So, I’m sure a lot of challenges could be around collateral in terms of how the funds operate, so what we have done is to water down the requirements without compromising the bank or the board, so we use things like the assignments of receivables, we use things like insurance and other forms of collateral which make it easy for the beneficiaries to access the funds.
“Though we are transactional about it, we look at the transaction itself and build the finance structures around the transaction in such a way that the loan becomes self liquidity without the need for physical collateral.”
In his remarks, the Executive Secretary of NCDMB, Felix Omatsola Ogbe, who was represented by Dr. Osa Uchendu, said the forum offered the board an opportunity to deliberate with the stakeholders in the oil and gas industry.
Ogbe pointed out that the conversation would boost more participation of Nigerian players in the oil and gas industry and encourage their business growth.
Also speaking, the Group Head, Oil and Gas, in the Bank of Industry (BoI), Gabriel Yemidale, said the Nigerian Content Intervention Fund (NCI Fund), which started in 2017, with N200million grew to N300million in 2023.
“Most times, I see a lot of people come to the bank to apply for loans, some of them are not veritable for this loan, they are not contributing the one percent, I want to really emphasize on this, that you have to be a contributor to this fund, you have to pay that one percent NCD which the take from your contract, that you have the IOCs.
“We have five funds, the community financing which is now being done with the PFIs, and one of the PFIs, we have given it to FCMB, and why I’m starting with that is because this is the baby of the current Executive Secretary of NCDMB, and he wants to touch the lives of the grassroots, he wants to grow that market, that segment and make them start playing where the foreign players are, which is the life enterprise space.
“So we started that funds with FCMB, and the single obligor is N100 million for starters, we will continue to review it as time goes on, and moratorium on that is 3 to 6 months, and it’s depending on your needs, it’s about two years, all you need to do, go to NCDMB with your ISPO, go with your contract and the loan will be issue to you.
“There is no bank guarantee for community finance, it is just the ISPO, from the IOCs issuing you those PO, this fund is readily available for community people to utilize.
“Also we have the contract financing, which has the single obligor of $5million, there is a portal system that the NCDMB has created. We also have refinance. Refinance is $10million. The aim of all these funds is to create employments, create local and indigenous businesses, they are now able to participate with the foreign and the big boys out there.”, he said.
The Sensitization and Engagement Forum, titled, “Deepening Local Content through Certification, Compliance and Financing Support” had in attendance key players, who came from the oil and gas industry to witness the unveiling of the board’s Compliance Certificate.
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NEM Insurance Plc – the number one motor insurance provider in Nigeria, in a vibrant commemoration of the 2026 International Women’s Day (IWD), has reaffirmed its dedication to fostering an inclusive environment that empowers women to excel in their endeavours.
Speaking at the corporate headquarters in Lagos, the Chairman of NEM Insurance Plc, Tope Smart, stated that the company remains resolute in its mission to support women affairs, noting that their contributions are vital to the sustainability of the insurance industry.
Aligning with the global theme “Give To Gain,” Smart highlighted that the insurance provider views gender diversity not just as a corporate social responsibility, but as a core driver of innovation and high-level performance.
“Our commitment to female professionals at NEM Insurance is unwavering,” Smart declared. “We recognize that by ‘giving’ women the right tools, mentorship, and leadership platforms, the industry ‘gains’ unparalleled dedication and diverse perspectives that move the needle of progress.”
The multiple award winning underwriting company and one of the top three leading general insurance business companies in Nigeria, has remained focused in promoting and supporting women affairs.
Adding her voice to the celebration, the General Manager, Corporate Services, Mrs. Mojisola Teluwo, emphasized that the company’s gender-focused initiatives, such as the “She Means Business” contest, represent a practical approach to inspiring inclusion.
Mrs. Teluwo maintained that supporting women-led initiatives is a strategic investment in the fabric of society, rather than just a philanthropic gesture.
“At NEM Insurance, we believe that when a woman thrives, a family thrives, and the nation prospers,” Mrs. Teluwo stated. “The ‘She Means Business’ initiative is our way of moving beyond mere applause for women toward active, tangible support. We are proud to provide the financial catalyst needed for visionary women to turn their business aspirations into reality.”
To mark the occasion, the leadership outlined several key pillars of support:
Leadership Development: Targeted training programs to prepare more women for executive-level decision-making.
Inclusive Work Culture: Sustaining a workplace environment that balances professional growth with personal well-being.
Economic Catalyst: Providing grants and professional frameworks to help female entrepreneurs upscale their operations.
The event featured a series of internal sessions where female staff engaged in mentorship dialogues, focusing on career advancement within the evolving landscape of the Nigerian insurance sector and paint and Sip, which provided an opportunity for women to showcase their creativity.
Smart concluded by urging other industry stakeholders to prioritize the development of female talent, asserting that a more inclusive sector is a more prosperous one for all Nigerians.
Trading on the Nigerian Exchange (NGX) closed slightly lower on Wednesday as profit-taking in selected equities continued to weigh on the market, dragging key performance indicators into negative territory.
Market data showed that the benchmark All-Share Index (ASI) declined by 0.09 per cent to close at 195,898.53 points, compared with the previous session’s level, as investors booked profits in some large and mid-cap stocks.
Consequently, market capitalisation shed N107.57 billion, settling at N125.75 trillion. Despite the marginal decline, the market still maintained positive returns, with the month-to-date gain standing at 1.6 per cent, while the year-to-date return moderated to 25.89 per cent.
The downturn was largely driven by losses recorded in stocks such as Presco Plc and UAC of Nigeria Plc, both of which declined by 10 per cent, alongside Dangote Cement Plc, which slipped by 0.6 per cent.
Market breadth closed negative, reflecting bearish investor sentiment, as 40 stocks recorded losses compared with 29 gainers, translating to a market breadth ratio of 0.7 times.
Among the top gainers were NGX Group Plc and Premier Paints Plc, which appreciated by 10 per cent and 9.9 per cent respectively. Other notable gainers included Omatek Ventures Plc, Prestige Assurance Plc and HMC Allied Plc.
On the losers’ chart, Presco Plc and UAC of Nigeria Plc led the decline with 10 per cent losses each, followed by Morison Industries Plc, LivingTrust Mortgage Bank Plc and SCOA Nigeria Plc.
Sectoral performance was mixed, with the Industrial Goods index leading the gainers after advancing by 1.42 per cent, while the Banking index recorded a marginal gain of 0.04 per cent.
Conversely, the Commodities sector topped the laggards, declining by 1.30 per cent. The Insurance index fell by 0.44 per cent, the Consumer Goods index dipped by 0.43 per cent, while the Oil and Gas index edged down by 0.06 per cent.
Activity level on the exchange weakened as investors traded a total of 671.27 million shares valued at N26.13 billion in 58,792 deals.
This represents a decline of 8.61 per cent in volume, 5.18 per cent in value and 9.31 per cent in the number of transactions compared with the previous trading session.
Wema Bank Plc emerged as the most actively traded stock by volume and value, accounting for 106.36 million shares worth N2.75 billion.
Analysts said the cautious mood in the market reflects continued portfolio rebalancing by investors following the strong rally recorded earlier in the year.
They noted that trading may remain mixed in the near term as investors react to corporate earnings releases and macroeconomic development.
Wema Bank has admitted 10 Nigerian startups into the 2026 edition of its Hackaholics Accelerator Programme as part of efforts to strengthen innovation, entrepreneurship, and sustainable business growth in the country.
The 10 cohort selected startups for the 2026 edition such as; Farmslate, Ploy, Stocmed, Feest , Varsityscape, MamaAlert, Sane, Cyclex, Kieva and Loocomo were drawn from the top performing finalists of Hackaholics 6.0.
The Hackaholics Accelerator, a selective growth programme under the bank’s Hackaholics platform, is designed to help promising startups reinforce their business foundations while preparing them for scalable growth and investment readiness.
Wema Bank said the programme represents a strategic expansion of its support for innovators, moving beyond ideation and competition to hands-on startup development after six years of driving innovation through the Hackaholics initiative.
According to Wema bank, the accelerator provides founders with structured mentorship, industry guidance and access to networks required to transform innovative ideas into viable and scalable businesses.
Speaking at the programme, Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said the accelerator demonstrates the bank’s commitment to supporting founders beyond the early stages of innovation.
He noted that Hackaholics has evolved from a competition into a platform that showcases Nigeria’s entrepreneurial potential and technological creativity. Where he explain that the second edition of the accelerator focuses on helping founders transition from ideation to building sustainable business capable of long trem projects .
“Over the past six years, Hackaholics has grown into more than a competition; it has become a platform that reveals the depth of innovation and entrepreneurial potential that exists across Nigeria,”Oseni said.
Oseni stressed that the startups selected are representing some of the most promising solutions emerging from the Hackaholics ecosystem, and the back remain committed to helping them refine their business models, strengthen their operational foundations, and scale their impact.
Also speaking at the program , Wema Bank’s Chief Transformation Officer,Mr. Babatunde Mumuni, said the accelerator would guide founders through a structured process aimed at strengthening their operations and positioning them for sustainable growth.
As part of the programme, startups founders will participate in intensive training sessions facilitated by industry experts across key areas of business growth. Facilitators include Wema Bank executives such as Chief Transformation Officer, Babatunde Mumuni; Head of Strategy and Investor Relations, Femi Akinfolarin; Head of Data Transformation, Olamide Jolaoso; and Team Lead, Corporate Social Investment, Oluwatoyin Adetunji. While External facilitators include Managing Director of Impact Hub Lagos, Idowu Akinde; Managing Director of B4B Partners, Napa Onwusa; startup advisor and scout, Onaopemipo Dara; Google for Startups mentor, Rosemond Phil-Othihiwa; Head of Growth at Africhange, Tega Ogigirigi; and startup advisor and mentor, Ademola Adewuyi.
The Hackaholics Accelerator is also supported by Wema Bank’s broader innovation ecosystem, including IDEAx Labs, the bank’s innovation and venture platform, and its corporate venture programme focused on enabling startup growth through partnerships, infrastructure and access to capital.
Since its launch in 2019, Hackaholics has grown into one of Nigeria’s leading youth innovation platforms, attracting more than 15,000 applicants and supporting hundreds of digital solutions across multiple sectors.
Through the initiative, Wema Bank said it has disbursed more than $400,000 in funding to young innovators and startup founders nationwide.
Previous participants such as Feegor, Myitura and Bunce have emerged from earlier editions of the programme, highlighting the accelerator’s focus on nurturing growth-ready companies. Meanwhile the 2026 edition builds on this progress by supporting startups as they transition from innovation to sustainable business growth.