…70 companies tap NCI fund, only 21 fully repaid
Nigeria’s petroleum and maritime regulators say they will expand financial and institutional support for indigenous oil and gas service firms, citing the rapid growth of Tamrose Limited as proof that targeted funding can accelerate local capacity in a sector long dominated by foreign players.
At an industry event held at the Nigerian Content Development and Monitoring Board (NCDMB) headquarters in Yenagoa, Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), said the Federal Government would broaden access to the Nigerian Content Intervention Fund (NCI Fund) after Tamrose fully repaid its $10 million facility and posted substantial operational gains.
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“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”, he said.
Lokpobiri, who also chairs the NCDMB, said Tamrose had become a case study in disciplined borrowing, expansion, and operational excellence.
The company grew its fleet from four vessels to 15 after securing the facility in 2019, expanding into Angola and creating hundreds of local jobs.
“Our commitment is to continue fostering this kind of growth by ensuring indigenous companies receive the support they need to scale and deepen their contribution to the nation’s oil and gas sector,” he added.
Representing Felix Omatsola Ogbe, NCDMB’s executive secretary, Esueme Kikile, corporate communications, said Tamrose embodies the outcomes envisioned under Nigeria’s local content framework.
“Tamrose has shown strong leadership, financial fidelity, and accountability,” he said. “Their transition from a small operator to a major marine logistics provider proves that the NCI Fund is working.”
The event drew senior Government officials, industry executives, and financiers, including Olasupo Olusi, Managing Director of Bank of Industry; Dayo Mobereola, Director-General of NIMASA; and representatives from ExxonMobil, First E&P, Oriental Energy, and Keystone Bank.
Ambrose Ovbiebo, Tamrose’s Executive Chairman, credited the company’s growth to long-term, low-cost financing and predictable regulatory support.
“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,” he said. “Nigeria can work, and indigenous companies can scale and dominate Africa with the right support.”
Founded as a modest marine services operator, Tamrose has evolved into one of Nigeria’s fastest-growing offshore logistics players. Since 2019, the firm has recorded nearly 300 percent growth in fleet size, now comprising 10 security patrol vessels and five platform supply vessels, all Nigerian-flagged.
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The company has created nearly 250 direct jobs, supported more than 600 indirect livelihoods, and trained over 100 cadets under its international-standard cadetship scheme.
Its human-capital investments extend beyond operations: more than 1,500 employees have been enrolled in health management schemes, while community-focused initiatives support the broader maritime ecosystem. Industry leaders say such outcomes strengthen Nigeria’s chances of meeting NCDMB’s target of 70% local content by 2027.
The Bank of Industry, which manages the NCI Fund, said Tamrose’s trajectory reinforces the importance of sustainable financing models.
