In a significant boost for Nigeria's indigenous oil and gas sector, Tamrose Limited has successfully repaid a $10 million loan facility obtained from the Nigerian Content Intervention Fund (NCI Fund). This achievement was celebrated at a high-profile event in Yenagoa, where government officials lauded the company as a benchmark for operational excellence and financial accountability.
Government Applauds Tamrose as a Model of Success
The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, personally commended Tamrose during an event themed "Celebration of Growth and Impact" at the Nigerian Content Development and Monitoring Board (NCDMB) headquarters. He highlighted that Tamrose is one of only 21 companies to have fully repaid their loans out of over 70 that have accessed the NCI Fund.
Senator Lokpobiri stressed the Federal Government's unwavering commitment to supporting Nigerian-owned service companies. He stated that Tamrose's growth trajectory is clear evidence of what can be accomplished with structured financial and institutional backing, empowering local firms to compete domestically and across Africa.
From Small Operator to Major Logistics Provider
In his remarks, Mr. Ambrose Ovbiebo, the Executive Chairman of Tamrose Limited, detailed the transformative impact of the $10 million facility accessed in 2019. The capital was pivotal in accelerating the company's expansion, enabling a massive scaling of its operational capacity.
The company's remarkable growth includes:
- Fleet expansion from just 4 vessels to 15 active units.
- The fleet now comprises 10 security patrol vessels and 5 platform supply vessels.
- Geographic expansion of operations into Angola.
- Creation of nearly 250 direct jobs and support for over 600 indirect family livelihoods.
Building Sustainable Capacity for Nigeria's Future
Representing the NCDMB Executive Secretary, Engr. Felix Omatsola Ogbe, the Board's General Manager for Corporate Communications, Esueme Dan Kikile, described Tamrose as an exemplar of discipline and capability. He noted that the company's journey from a small operator to a major marine logistics provider is proof that the Nigerian Content framework is achieving its intended goals.
Beyond fleet expansion, Tamrose has made significant contributions to human capacity development and social welfare, including:
- Training more than 100 cadets through its Tamrose Cadetship Training Scheme.
- Providing healthcare coverage for over 1,500 employees.
- Contributing to NCDMB’s target of achieving 70 per cent local content by 2027.
The event underscored a powerful message: with the right support, indigenous Nigerian companies can not only succeed but also dominate the market, setting new standards for the entire African continent.
