• About Us
  • Partners
  • Contact
Sunday, May 18, 2025
  • Login
No Result
View All Result
NEWSLETTER
The Energy Intelligence
  • Home
  • Solid Minerals
  • Oil
    Maersk Drilling secures $12.1 million contract from Dana Petroleum Netherlands B.V.

    Maersk Drilling secures $12.1 million contract from Dana Petroleum Netherlands B.V.

    SPE ex-Chair picks holes in petroleum subsidy removal

    SPE ex-Chair picks holes in petroleum subsidy removal

    Axxis Geo Solutions names

    Axxis Geo Solutions names Ronny Bøhn as new CEO

    Equinor transfers operatorship of Bressay project to EnQuest

    Equinor transfers operatorship of Bressay project to EnQuest

    Aker Solutions Secures Brownfield Services Contract for Hebron Platform in Canada

    Aker Solutions secures Brownfield services contract

    We have also been able to maintain stable operations and implemented several measures to safeguard our financial strength,” says Eldar Sætre, President and CEO of Equinor ASA.

    Amid Covid-19, Equinor presents impressive Q2 results

    The two entities will join forces to create a new supplier company with a stronger position as a solid execution partner, enabling sustainable, low-carbon oil and gas production, and accelerating growth in renewable energy industries.

    Norwegian oil services firm Aker Solutions announces merger with Kvaerner, names new CEO

    Aker Solutions won several new contracts for projects on the Norwegian Continental Shelf in June, and the order intake is expected to be about NOK 7 billion in the quarter.

    Improved Q2 results for Aker Solutions

    On behalf of the Oseberg partners, Equinor has awarded Aibel a portfolio agreement for the Oseberg fields for the period 2020-2026.

    Aibel awarded Oseberg portfolio agreement

  • Marine Services
  • Industry News
    Sweden, Denmark leading the energy transition

    Sweden, Denmark leading the energy transition

    Nigeria dominates solar offgrid sales in West Africa

    Nigeria dominates solar offgrid sales in West Africa

    Logos of The Energy Intelligence, The Energy Leaders Dialogue and REEEA-ALLIANCE

    REEEA-ALLIANCE Becomes Official Partner of Energy Leaders Dialogue 2023

    West Africa’s largest renewable energy group announces Ayo Ademilua as new West Africa’s largest renewable energy group announces Ayo Ademilua as new president smiling

    REAN announces Ayo Ademilua as new president

    REAN appoints Salamatu Tunzwang as new executive secretary

    REAN appoints Salamatu Tunzwang as new executive secretary

    Eplan Senior Vice President Strategy & Corporate Program Marco Litto

    New service: Eplan Marketplace

    MAXXDRIVE® industrial gear units – NORD’s toughest for every situation

    MAXXDRIVE® industrial gear units – NORD’s toughest for every situation

    Student Energy announces $150m  youth-led UN Energy Compact

    Student Energy announces $150m  youth-led UN Energy Compact🇨🇦

    Nidec-Leroy-Somer-LSA-473-alternator

    Nidec Leroy-Somer announces launch of LSA 47.3 industrial alternator with increased performance and an optimized cooling system

  • Insights
  • Partners
  • Home
  • Solid Minerals
  • Oil
    Maersk Drilling secures $12.1 million contract from Dana Petroleum Netherlands B.V.

    Maersk Drilling secures $12.1 million contract from Dana Petroleum Netherlands B.V.

    SPE ex-Chair picks holes in petroleum subsidy removal

    SPE ex-Chair picks holes in petroleum subsidy removal

    Axxis Geo Solutions names

    Axxis Geo Solutions names Ronny Bøhn as new CEO

    Equinor transfers operatorship of Bressay project to EnQuest

    Equinor transfers operatorship of Bressay project to EnQuest

    Aker Solutions Secures Brownfield Services Contract for Hebron Platform in Canada

    Aker Solutions secures Brownfield services contract

    We have also been able to maintain stable operations and implemented several measures to safeguard our financial strength,” says Eldar Sætre, President and CEO of Equinor ASA.

    Amid Covid-19, Equinor presents impressive Q2 results

    The two entities will join forces to create a new supplier company with a stronger position as a solid execution partner, enabling sustainable, low-carbon oil and gas production, and accelerating growth in renewable energy industries.

    Norwegian oil services firm Aker Solutions announces merger with Kvaerner, names new CEO

    Aker Solutions won several new contracts for projects on the Norwegian Continental Shelf in June, and the order intake is expected to be about NOK 7 billion in the quarter.

    Improved Q2 results for Aker Solutions

    On behalf of the Oseberg partners, Equinor has awarded Aibel a portfolio agreement for the Oseberg fields for the period 2020-2026.

    Aibel awarded Oseberg portfolio agreement

  • Marine Services
  • Industry News
    Sweden, Denmark leading the energy transition

    Sweden, Denmark leading the energy transition

    Nigeria dominates solar offgrid sales in West Africa

    Nigeria dominates solar offgrid sales in West Africa

    Logos of The Energy Intelligence, The Energy Leaders Dialogue and REEEA-ALLIANCE

    REEEA-ALLIANCE Becomes Official Partner of Energy Leaders Dialogue 2023

    West Africa’s largest renewable energy group announces Ayo Ademilua as new West Africa’s largest renewable energy group announces Ayo Ademilua as new president smiling

    REAN announces Ayo Ademilua as new president

    REAN appoints Salamatu Tunzwang as new executive secretary

    REAN appoints Salamatu Tunzwang as new executive secretary

    Eplan Senior Vice President Strategy & Corporate Program Marco Litto

    New service: Eplan Marketplace

    MAXXDRIVE® industrial gear units – NORD’s toughest for every situation

    MAXXDRIVE® industrial gear units – NORD’s toughest for every situation

    Student Energy announces $150m  youth-led UN Energy Compact

    Student Energy announces $150m  youth-led UN Energy Compact🇨🇦

    Nidec-Leroy-Somer-LSA-473-alternator

    Nidec Leroy-Somer announces launch of LSA 47.3 industrial alternator with increased performance and an optimized cooling system

  • Insights
  • Partners
No Result
View All Result
The Energy Intelligence
No Result
View All Result
hhh hhh hhh
ADVERTISEMENT
Home Uncategorized

NCDMB, BoI relax conditions for $200m NCI fund applications

by Ayobami Adedinni
September 25, 2018
in Uncategorized
0
NCDMB, BoI relax conditions for $200m NCI fund applications

Following complaints in some quarters over tough conditions for accessing the $200 million Nigerian Content Intervention Fund (NCI Fund) by qualified oil and gas service companies, the Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BoI) have moved to relax some of the requirements.

0
SHARES
Share on FacebookShare on Twitter
Oman Petroleum and Energy Show
ADVERTISEMENT
Following complaints in some quarters over tough conditions for accessing the $200 million Nigerian Content Intervention Fund (NCI Fund) by qualified oil and gas service companies, the Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BoI) have moved to relax some of the requirements.

The NCDMB and BoI convened a stakeholders’ forum in Lagos recently to address the major challenges applicants face in processing their loan applications. The forum was chaired by the Executive Secretary of NCDMB, Simbi Wabote and the Managing Director of BoI, Olukayode Pitan, and it drew the participation of 84 delegates from different companies.
Rising from the engagement, the NCDMB and BoI agreed that: “The Bank of Industry may consider the inclusion of insurance bonds as collateral for accessing the fund, provided the bonds are issued by competent and major insurance companies qualified by the Bank.”
There was consensus that BoI should accept other forms of collateral outside of bank guarantees, which are listed against each loan type and applicants that have unencumbered collateral acceptable to the BoI can access the NCI Fund loan without recourse to bank guarantee.
A key resolution is that an applicant can access loans for two different categories or product types, subject to the applicable single obligor limit under the scheme. The NCDMB said it will also consider increasing the single obligor limit for refinancing from $2m to between $5m and $10m, particularly because many companies that attended the forum have such needs.
It was also agreed that there would be no discrimination between international oil companies and national oil companies, rather the history and performance of the Nigerian oil companies will be considered by the BoI when taking a decision.
The BoI also committed to standardising the conditions for obtaining bank guarantees from each commercial bank and this shall be issued to each applicant at the point of application to guide and speed up their pursuit of the document.
As part of efforts to ease access to the NCI Fund, the BoI would no longer insist on appointing a director on the board of borrowers; but would rather place an officer to monitor the project financed by the loan.
The NCI Fund is a portion of the Nigerian Content Development Fund (NCDF) set aside by the NCDMB for BoI to manage and lend directly to indigenous manufacturers, service providers and other key players in the oil and gas industry, to meet their funding needs.
The available types of funding under the NCI Fund include: loans for manufacturing, asset acquisition, contract finance, community contractor finance and loan re-financing.
One percent of all contracts, subcontracts, projects and activities in the upstream sector of the Nigerian oil and gas industry is statutorily to be deducted and remitted to the NCDF, as stipulated by Section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010.

ADVERTISEMENT
Ayobami Adedinni

Ayobami Adedinni

Ayobami founded The Energy Intelligence in 2017. He is an experienced energy journalist having previously worked for two national dailies. At The Energy Intelligence, Ayobami provides market intelligence to leaders in the African clean energy space. When he's not writing, he's busy daydreaming.

Hyundai marks nearly three decades of hydrogen fuel-cell electric vehicle (FCEV) powertrain development by unveiling the Initium concept that also displays an entirely new design language.

Hyundai unveils latest hydrogen fuel-cell concept

November 3, 2024
Air pollution levels in Lahore rise 40 times above WHO limit

Air pollution levels in Lahore rise 40 times above WHO limit

November 3, 2024
EXCLUSIVE: Norway launches program to tackle climate change in Nigeria, others

EXCLUSIVE: Norway launches program to tackle climate change in Nigeria, others

November 1, 2024

Popular News

    Tweet at us!

    Connect with us

    Newsletter

    Join thousands of other senior energy decision makers and gain access to exclusive stories and reports
    SUBSCRIBE

    Category

    • Amazons in Energy
    • Bio Energy
    • Clean Cooking
    • Climate Change
    • EnergyPreneur
    • Environment
    • Events
    • Food and Pharmaceuticals
    • Gas
    • Geothermal Energy
    • Governance
    • GreenTech Made in Africa
    • Hydro Power
    • Hydrogen Power
    • Industry News
    • Insight
    • Logistics
    • Magazine
    • Marine Services
    • Nuclear Power
    • Oil
    • Partners
    • Press Release
    • Recycling
    • Solar Energy
    • Solid Minerals
    • Sustainable Mobility
    • Technergy
    • Uncategorized
    • Wind Power

    Our Mission

    The Energy Intelligence is dedicated to focusing on all the key trends and developments that are emerging from within the Global Energy industry through Business Intelligence, Networking and Strategic Communications.

    • About Us
    • Partners
    • Contact

    © 2020 The Energy Intelligence. All rights reserved

    No Result
    View All Result
    • Home
    • Solid Minerals
    • Oil
    • Marine Services
    • Industry News
    • Insights
    • Partners

    © 2020 The Energy Intelligence. All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Create New Account!

    Fill the forms bellow to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    You cannot copy content of this page