Tamrose Repays $10m NCDMB Loan, Expands Offshore Fleet to 15 Vessels
By Naija Enquirer Staff
Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has commended indigenous marine logistics company Tamrose Limited for its outstanding performance under the Nigerian Content Intervention Fund (NCI Fund), following the full repayment of a $10 million facility.
Speaking at the company’s “Celebration of Growth and Impact” event, Lokpobiri—who also chairs the Nigerian Content Development and Monitoring Board (NCDMB) Governing Council described Tamrose’s achievement as a benchmark for excellence in Nigeria’s oil and gas service industry.
“I commend Tamrose Limited for its exemplary commitment to fulfilling its obligations under the NCI Fund,” he said. “The company’s expansion from four to fifteen offshore support vessels is remarkable. We believe this is the right way to go.”
Indigenous Capacity Growth Aligned with Renewed Hope Agenda
The Minister encouraged other local oil service firms to emulate Tamrose’s success by taking advantage of available funding opportunities to grow capacity, build assets, and generate employment in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
“We are committed to seeing more indigenous players rise to global standards. This is how we build a sustainable oil and gas industry where Nigerians are not just participants, but leaders,” he added.
NCI Fund Driving Industrial Growth
Representing the NCDMB Executive Secretary, Engr. Felix Omatsola Ogbe, the Board’s General Manager of Human Capacity Development, Esueme Dan Kikile, praised Tamrose’s rise as evidence of the transformative impact of the NCI Fund.
“Dreams are free. Tamrose’s growth is a testament to what Nigerian talent, ownership, and innovation can achieve when supported,” he said.
He revealed that Tamrose’s successful repayment places it among more than 20 indigenous companies that have fully met their loan obligations under the Fund.
“The NCI Fund was established to empower Nigerian companies. Tamrose’s success story justifies that vision. We’re proud to see how this initiative continues to drive real impact across the sector.”
Ogbe also disclosed that the Board is preparing to launch a new Nigerian Content Equity Fund (NCEF) to provide long-term capital for Nigerian companies operating in high-impact industries.
Tamrose Celebrates Growth, Discipline, and Excellence
In his remarks, the Executive Chairman of Tamrose Limited, Mr. Ambrose Ovbiebo, described the milestone as “a moment of reflection,” recounting the company’s evolution from a modest operator to a major force in offshore support services.
“Our distinction lies in our steadfast commitment to safety, operational excellence, and customer-centric service,” Ovbiebo said. “We repaid our loan on schedule, without missing a single installment, and this is a testament to the discipline and resilience of our team.”
He attributed the company’s success to the strategic backing and visionary leadership of the NCDMB.
“The singular support of the NCDMB has been the key catalyst for our growth and success. We deeply appreciate the Executive Secretary for his unwavering belief in indigenous capacity,” he added.
Boost for Local Content and Marine Logistics
Tamrose’s accomplishment reinforces the growing impact of the NCI Fund in expanding Nigerian ownership and participation within the oil and gas logistics value chain. With a fleet of 15 offshore support vessels, the company is positioning itself as one of the leading players driving local content in the industry.
The milestone also underscores the importance of strategic financing in strengthening indigenous companies and enhancing Nigeria’s competitiveness in the global energy market.
