Indigenous Oil Firm Tamrose Completes $10m NCI Fund Repayment, Plans Celebration with NCDMB
By Naija Enquirer Staff
Tamrose Limited, a leading indigenous oil and gas services company, has announced the successful repayment of a $10 million loan obtained in 2019 from the Nigerian Content Intervention Fund (NCI Fund) — the financing scheme managed by the Nigerian Content Development and Monitoring Board (NCDMB) to support local capacity building in the oil and gas industry.
NCDMB confirmed that the final instalment of the facility was completed on September 30, 2025, without any missed payments throughout the six-year repayment period.
From Four to Fifteen Vessels
At the time of securing the loan, Tamrose operated just four security patrol vessels. With the NCI Fund’s support, the company expanded its operations significantly and now boasts a fleet of 15 vessels — including 10 security patrol vessels and five platform supply vessels — making it one of Nigeria’s foremost indigenous marine logistics providers.
This remarkable growth, achieved within six years, underscores the impact of the NCI Fund in enhancing local participation and competitiveness in Nigeria’s oil and gas value chain.
“This repayment milestone reflects both the rigorous standards NCDMB applies in selecting beneficiaries and the impact of its interventions in building real capacity among indigenous players,” said Mr. Ambrose Ovbiebo, Executive Chairman of Tamrose Limited.
A Defining Moment for Indigenous Growth
In a letter addressed to Engr. Felix Omatsola Ogbe, Executive Secretary of NCDMB, Ovbiebo expressed deep appreciation for the Board’s continued support of indigenous companies. He described the repayment as a defining moment in Tamrose’s growth journey and a testament to the success of the NCDMB’s local content agenda.
He added that the achievement reinforces Tamrose’s role as a “flag bearer of the NCDMB legacy” and an example of what indigenous innovation and accountability can achieve under well-structured funding programmes.
Celebration Event Scheduled for November
To commemorate this milestone, Tamrose announced plans to host a celebration event on November 13, 2025, at the NCDMB Conference Hall in Yenagoa, Bayelsa State. The event will bring together key stakeholders in the oil and gas sector to showcase the transformative impact of the NCI Fund on indigenous capacity development.
The event will also serve as a platform to discuss how initiatives like the NCI Fund continue to drive job creation, human capital development, and value-chain expansion across the sector.
Stakeholders are expected to reflect on the success of NCDMB’s funding interventions and explore new ways to deepen collaboration, empower more local companies, and sustain Nigeria’s journey toward full indigenous participation in the oil and gas industry.
