The Nigerian Content Development and Monitoring Board (NCDMB) and the Petroleum Technology Association of Nigeria (PETAN) have signed an agreement on US$30M Working Capital Scheme that will support the operations of oil companies against the adverse effects of COVID-19 Pandemic and loss of contracts due to low oil price.
Simbi Kesiye Wabote, executive secretary of NCDMB, Nicolas Odinwume, chairman of PETAN, signed the Memorandum of Understanding (MOU) on the credit scheme in Abuja.
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The Working Capital Scheme is one of the newly introduced products in the Nigerian Content Intervention Fund (NCI Fund) approved by the NCDMB Governing Council under the leadership of the Minister of State for Petroleum Resources, Timipre Sylva.
Key features of the credit scheme are single obligor limit of One Million US Dollars ($1000,000.00), tenor of 365 days after 90 days moratorium and eight percent interest per annum for Naira and five percent for United States Dollars.
