FG commends Tamrose for repaying $10m NCI loan, expanding marine logistics operations

The Federal Government says Tamrose Ventures Limited has fully repaid the $10 million facility it obtained from the Nigerian Content Intervention (NCI) Fund in 2019, marking one of the most notable success stories under the Nigerian Content Development and Monitoring Board’s (NCDMB) financing programme.

Tamrose completed the repayment in September 2025, after deploying the facility, accessed through the Bank of Industry (BOI), to expand its fleet from four to 15 vessels and extend its operations to Angola, thereby strengthening Nigeria’s presence in regional offshore logistics.

Speaking at an event held at the Nigerian Content Tower in Yenagoa, Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), said the government is impressed with the company’s performance, describing it as clear evidence of the impact of targeted support for indigenous firms.

“This is a success story of what strategic partnerships between NCDMB and local firms can deliver,” he said, noting that the company’s trajectory demonstrates the value of the $350 million NCI Fund in deepening local capacity in oil and gas services.

Lokpobiri added that the government remains committed to ensuring the fund continues to support more Nigerian businesses.

Felix Omatsola Ogbe, Executive Secretary, NCDMB represented by Esueme Kikile, General Manager, Human Capacity Development, said Tamrose’s accomplishment underscores the importance of investing in indigenous talent.

He announced that the Board will launch the Nigerian Content Equity Fund (NCEF) in December at the 2025 Practical Nigerian Content Forum to provide long-term risk capital for priority sectors including gas, renewables, the blue economy, and Nigerian-led innovation.

Ambrose Ovbiebo, Tamrose’s Executive Chairman, described the NCI loan as a pivotal catalyst that enabled the company’s rapid expansion. He said the 15-vessel fleet which includes 10 security patrol boats and five platform supply vessels has delivered wider economic benefits, including workforce growth from 50 to 244 employees, training of more than 100 cadets, and healthcare coverage for over 1,500 beneficiaries.

He commanded clients such as ExxonMobil, SEPLAT, TotalEnergies, Chevron, First E&P, NLNG and Oriental Energy, and financial partners including Union Bank, Fidelity Bank, Keystone Bank, Afreximbank and BOI.

Read also: FG expresses satisfaction with increase in oil, gas output

Taiye Emagha, BOI’s Divisional Head for Extractive and Natural Resources, described Tamrose as a “model customer,” citing its strong repayment discipline.

Dayo Mobereola, Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), represented by Jibril Abba, commended the company for maintaining a fully Nigerian-flagged fleet and adhering to high operational standards, saying its growth aligns with broader national goals for indigenous participation in maritime logistics.