21 out of 70 Indigenous firms fully repaid NCI fund – Minister

The Minister of State for Petroleum resources (Oil), Senator Heineken Lokpobiri, has said that only 21 indigenous companies out of 70 that accessed the Nigerian Content Intervention Fund (NCI Fund) have fully repaid the loan managed by Nigerian Content Development and Monitoring Board (NCDMB). Lokpobiri, while speaking at a landmark stakeholder event held at the […]

The Minister of State for Petroleum resources (Oil), Senator Heineken Lokpobiri, has said that only 21 indigenous companies out of 70 that accessed the Nigerian Content Intervention Fund (NCI Fund) have fully repaid the loan managed by Nigerian Content Development and Monitoring Board (NCDMB).
Lokpobiri, while speaking at a landmark stakeholder event held at the NCDMB Headquarters in Yenagoa, the Minister commended Tamrose Limited for its financial discipline and operational growth following the full repayment of its $10 million NCI Fund facility. He noted that the company’s progress underscores the importance of expanding support mechanisms to enable more Nigerian-owned companies to scale capacity and deepen their participation in the country’s offshore and marine logistics sector.
The fund which is set aside by the federal government to support indigenous companies to thrive in the oil and gas industry is repayable, and most Nigerian Firms have used it to make inroads into the oil and gas sector.
Lokpobiri, also renewed the Federal Government’s commitment to unlocking wider financial and institutional support for indigenous oil and gas service companies, citing the success of Tamrose Limited and the Nigerian Content Intervention Fund (NCI Fund) as a strong demonstration of what structured, accessible support can achieve.

 

He said: “Over 70 companies have accessed the NCI Fund, yet only 21 have fully repaid their loans and Tamrose is one of them. Their achievement reflects the very purpose for which the Fund was created: to strengthen local capacity and empower Nigerian service companies to compete at home and across Africa.”

 

Also speaking on behalf of the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, the General Manager, Corporate Communications & Zonal Coordination, Esueme Dan Kikile, described Tamrose as an example of the outcomes envisioned when indigenous firms apply discipline, capability, and innovation in their operations noting, “Today is not just a celebration of one company; it is a reaffirmation of what is achievable through the Nigerian Content framework.

 

In his remarks, Mr. Ambrose Ovbiebo, Executive Chairman of Tamrose Limited, expressed appreciation to the Ministry, NCDMB, and Bank of Industry for their support and reiterated the company’s commitment to strengthening indigenous capacity in offshore marine logistics.

 

He said, “We are gathered here today using Tamrose as a point of contact, a convergence and amplification of the voices of all Nigerian entrepreneurs in the oil and gas sector and beyond.

 

“We are here to say loudly that Nigeria can work, and that indigenous Nigerian companies can scale and dominate Africa and indeed the world with the right government and institutional support.

 

“In 2019, Tamrose accessed and secured a US $10 million facility through the NCI Fund. That singular support from NCDMB turned out to become not just pivotal, but a foundational catalyst that has propelled and continues to accelerate our growth and evolution as a company.

 

“Since then, our operations have grown from four vessels to fifteen active units, comprising ten security patrol vessels and five platform supply vessels all purpose-built and carefully selected, to safely deliver our hallmark excellent services of reliability and efficiency.

 

“Over the years, Tamrose Limited has consistently demonstrated its commitment to indigenous capacity development, human capital growth, and community empowerment through a range of initiatives.

 

“Since accessing the NCI Fund in 2019, the company has expanded its fleet from four to fifteen vessels — achieving about 300% fleet growth and extending operations from Nigeria to Angola while proudly flying the Nigerian flag everywhere they go.

 

“Tamrose has created nearly 250 direct jobs, supported over 600 indirect family livelihoods across the maritime ecosystem, and trained more than 100 cadets under the Tamrose Cadetship Training Scheme to international seafaring standards.

 

“The company has also enhanced healthcare accessibility for its workforce, enrolling over 1,500 employees in HMOs, and significantly accelerated NCDMB’s goal of achieving 70% local content by 2027,” he said.