The Managing Director/Chief Executive Officer of Sepha Energies Limited, Engr. Sandra Ekpe Agho, has called for improved access to sustainable financing for indigenous oil and gas companies, warning that inadequate capital could undermine efforts to deepen local content in Nigeria’s petroleum industry.

Speaking at the 49th Nigeria Annual International Conference and Exhibition (NAICE 2026) of the Society of Petroleum Engineers (SPE) Nigeria Council in Lagos, Agho said indigenous service providers needed financing that would enable them to acquire assets, execute contracts and build the capacity required to compete in the upstream sector.

“We cannot build indigenous capacity without indigenous capital. If local content is to reach its full potential, indigenous service companies must have access to sustainable financing that enables us to invest, innovate and compete globally,” she said.

Agho said the financing challenge remained particularly important as Nigerian-owned companies sought to take on more complex projects and reduce dependence on foreign service providers.

She cited Sepha Energies’ experience over the past year, saying the company had executed more than 30 upstream oil and gas projects, with more than 10 additional projects in its pipeline.

According to her, the company currently has projects across four locations, while its workforce has increased from 25 to 50 professionals.

Agho said access to financing following the award of a 2,000-horsepower, 10,000 PSI land drilling contract enabled the company to invest in additional drilling capacity.

“The opportunity became much more than a contract. It became a vote of confidence in our competence. That confidence opened the doors to financing, strategic partnerships, asset acquisition, employment opportunities and greater capacity to serve the industry,” she said.

She disclosed that Sepha Energies subsequently invested in a 2,000-horsepower, 10,000 PSI land rig and a 460-horsepower workover unit. The company also has access to a 3,000-horsepower, 15,000 PSI swamp drilling rig, which she said could be mobilised to Nigeria within three months.

The Sepha Energies chief executive also disclosed that the company had supported several Nigerian marginal field operators to achieve first oil production without requiring upfront payment.

She said such arrangements demonstrated the potential for collaboration among operators, service companies, financial institutions and government agencies to expand investment and production in the upstream sector.

Agho further said indigenous financing should complement government policies aimed at increasing Nigerian participation in the oil and gas industry, noting that access to capital was essential for companies seeking to acquire technology, equipment and other productive assets.

She commended the Nigerian Content Development and Monitoring Board (NCDMB) for policies supporting indigenous participation and urged continued collaboration among regulators, financial institutions, investors, technology providers and industry operators.

The call comes as Nigeria seeks to attract more investment into the oil and gas sector while increasing indigenous participation and developing local technical and financial capacity.

Agho said stronger collaboration and sustainable investment would be critical to building a more resilient domestic oil and gas service industry.