Reprieve is coming to oil firms as the Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BOI) have relaxed some of the conditions for accessing the US$200 million Nigerian Content Intervention Fund (NCI Fund) by qualified oil and gas service companies.

The new step was agreed upon at a stakeholders meeting convened by NCDMB and BOI, 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, Engr. Simbi Wabote and the Managing Director of BOI, Mr. Olukayode Pitan and it drew the participation of 84 delegates from different companies.

At the meeting there was consensus among other decisions, 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.

Source: Oriental News