… Company to Host Industry Celebration at NCDMB Headquarters, Yenagoa, on November 13
Tamrose Limited, one of Nigeria’s foremost indigenous oil and gas marine service companies, has announced the successful completion of its $10 million loan repayment to the Nigerian Content Intervention Fund (NCI Fund) — a facility managed by the Nigerian Content Development and Monitoring Board (NCDMB) to strengthen local participation and build sustainable capacity in the nation’s oil and gas industry.
According to official confirmation from NCDMB, Tamrose made its final loan repayment on September 30, 2025, thereby fulfilling its six-year financial obligation without missing a single instalment since the loan was accessed in 2019. This milestone represents a rare feat in Nigeria’s oil and gas financing landscape, reflecting the company’s financial discipline, operational growth, and management integrity.
A Journey of Growth and Transformation
When Tamrose first secured the $10 million NCI Fund loan in 2019, it operated a modest fleet of only four security patrol vessels serving offshore clients. Today, just six years later, the company’s operational capacity has grown exponentially, boasting a fleet of 15 vessels, including 10 state-of-the-art security patrol vessels and five platform supply vessels.
This 200% fleet expansion not only underscores Tamrose’s operational success but also validates the vision behind the NCI Fund — to empower credible indigenous companies with the financial means to compete with international service providers.
“This repayment milestone reflects both the rigorous standards NCDMB applies in selecting beneficiaries and the tangible impact of its interventions in building real capacity among indigenous players,” said Mr. Ambrose Ovbiebo, Executive Chairman of Tamrose Limited.
He noted that the success story of Tamrose goes beyond financial repayment. It embodies a broader narrative of Nigerian resilience, innovation, and strategic collaboration between the private sector and government agencies.
“For Tamrose, this achievement marks a defining moment in our growth journey. We are proud to be a testament to what the Nigerian Content Development initiative can achieve when backed by vision, integrity, and execution,” Ovbiebo added.
Gratitude to NCDMB: A Partnership Built on Trust
In a formal letter to the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, Mr. Ovbiebo expressed deep appreciation to the Board for its consistent support of indigenous enterprises. He commended NCDMB’s leadership for maintaining transparent funding processes and strict performance evaluations that ensure only credible companies benefit from the intervention scheme.
He emphasized that the repayment milestone “represents not just a financial closure but also a symbolic reinforcement of Tamrose’s credibility and NCDMB’s effectiveness as an enabler of indigenous growth.”
Ovbiebo also acknowledged the Board’s continuous drive to strengthen local capacity through funding, technical training, and strategic partnerships — initiatives that have significantly reduced capital flight and increased Nigeria’s self-reliance in critical oil and gas services.
Celebrating Indigenous Excellence – November 13 in Yenagoa
To commemorate this historic achievement, Tamrose Limited will host a special celebration event on November 13, 2025, at the NCDMB Conference Hall in Yenagoa, Bayelsa State.
The event, expected to attract leading stakeholders across Nigeria’s oil and gas industry, will celebrate the success of the NCI Fund and its far-reaching impact on local businesses. The celebration will also serve as a platform for knowledge sharing, collaboration, and renewed commitment toward deepening local content participation.
According to Dr. Obinna Ezeobi, General Manager, Corporate Communications, Tamrose Limited, the event will spotlight the transformative role of structured funding mechanisms in enabling indigenous players to scale sustainably.
“This celebration is more than a corporate milestone; it is a showcase of what Nigeria’s oil and gas sector can achieve when vision meets accountability. It will provide an opportunity for stakeholders to reflect on the positive outcomes of NCDMB’s interventions, including job creation, human capital development, and expanded value chains,” Dr. Ezeobi stated.
He further noted that the event will inspire more indigenous companies to tap into the NCI Fund and similar financial mechanisms to accelerate their growth and contribute to Nigeria’s economic transformation.
The Broader Impact: Jobs, Skills, and Value Chain Development
Beyond fleet expansion and loan repayment, Tamrose’s growth trajectory has had a wider socio-economic impact. The company’s operational scale-up has created hundreds of direct and indirect jobs, provided training opportunities for young Nigerian seafarers and engineers, and boosted the local marine logistics value chain.
Industry experts point out that Tamrose’s story is a strong validation of the NCDMB’s core mandate — to ensure measurable Nigerian participation in the oil and gas industry. Through the NCI Fund, the Board has facilitated access to single-digit interest loans for qualified indigenous operators, thereby addressing one of the biggest challenges local companies face: access to affordable capital.
By responsibly managing its loan and demonstrating consistent operational growth, Tamrose has set a benchmark for other beneficiaries to emulate, reinforcing the message that government-backed funding, when properly utilized, can yield lasting national benefits.
NCDMB’s Vision: Enabling Indigenous Capacity for a Sustainable Future
The Nigerian Content Development and Monitoring Board has, over the years, positioned the NCI Fund as a catalyst for local participation and industrial capacity building in Nigeria’s energy ecosystem. Under the leadership of Engr. Felix Omatsola Ogbe, the Board continues to deepen partnerships with commercial banks and development finance institutions to provide accessible financing options for qualified local operators.
The success of companies like Tamrose strengthens the Board’s resolve to continue investing in indigenous capacity development — ensuring that Nigerian companies not only participate but lead in the nation’s oil and gas value chain.
“Every loan successfully repaid under the NCI Fund demonstrates that indigenous operators can manage capital responsibly and deliver tangible growth,” an NCDMB official commented. “Tamrose’s achievement is a national success story — a validation of our shared vision for a sustainable, inclusive energy future.”
Looking Ahead: Building on Success
With its loan fully repaid and its operational base significantly expanded, Tamrose is now charting a new strategic direction focused on technological innovation, regional expansion, and sustainable operations.
Mr. Ovbiebo revealed that the company plans to leverage digital solutions for fleet monitoring, enhance its environmental management systems, and explore strategic partnerships that can position it for long-term competitiveness across West Africa.
He reaffirmed Tamrose’s commitment to the principles of Nigerian Content Development, pledging to continue creating opportunities for local talent and fostering partnerships that align with Nigeria’s broader economic diversification goals.
Tamrose’s full repayment of its $10 million NCI Fund loan is more than a financial achievement — it is a symbol of faith in Nigeria’s local capacity, a validation of the NCDMB’s empowerment strategy, and a beacon of inspiration for indigenous entrepreneurs striving to compete globally.
As the company prepares to celebrate in Yenagoa, the event will not only honor a single corporate milestone but also tell a larger story of collaboration, accountability, and national progress — a narrative where Nigerian ingenuity and responsible governance unite to drive the country toward self-reliance in the oil and gas sector.
Tamrose Limited achieves a landmark by fully repaying its $10 million NCI Fund loan, expanding its fleet by 200%, and setting the stage for a grand industry celebration at NCDMB headquarters in Yenagoa. The milestone reflects NCDMB’s success in empowering indigenous oil and gas players and boosting local content capacity.
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