A Review of the Nigerian Energy Industry

Nigerian Content Investment Fund, Wabote commissions security vessel

*MV Tamuno-Dein II

OpeOluwani Akintayo

07 October 2018, Sweetcrude, Lagos — The Executive Secretary, Nigerian Content Development and Monitoring Board, NCDMB, Simbi Wabote has commissioned a new security vessel, MV Tamuno-Dein II, acquired by BGAM Services Limited with financing from the Nigerian Content Intervention Fund, NCI Fund.

BGAM Services Limited is the first oil and gas company to access financing from the NCIF.

The ceremony was performed on Friday at the Naval Shipyard, Port Harcourt, Rivers State.

Prior to this time, Wabote had called on indigenous companies in the oil and gas sector, to take advantage of the loan, hinting that the Board had relaxed the once-tough modalities for accessing the loan.

In his address, the Executive Secretary explained that “the NCI Fund is part of our initiatives to increase Nigerian Content in the oil and gas sector to 70 percent within the next 10 years. We launched the Fund about a year ago with five products, all at single digit interest rates.”

He stressed that an important condition for accessing the NCI Fund is that applicants must be contributors to the one percent statutory Nigerian Content Development Fund (NCDF).

He hinted that BGAM Services benefitted from the Fund because it was faithful in its contributions to the NCDF, kept its accounts correctly and met the corporate governance requirements of the Bank of Industry (BOI).

“You do not need to know any official of the NCDMB or BOI to access the loan. You just need to meet the criteria.”

He charged BGAM Services to repay the loan as planned and expressed optimism that other companies will benefit from the Fund in the coming months.

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