Tamrose Limited, an indigenous Nigerian marine logistics and offshore support company, has successfully repaid its $10 million Nigerian Content Intervention (NCI) fund acquired in 2019, according to the Nigerian Content Development and Monitoring Board (NCDMB). The company completed the repayment without missing a single installment, joining 20 other firms that have met their obligations under the fund.
From a modest beginning with just one vessel 15 years ago, Tamrose leveraged the NCI fund to scale its operations by 300 percent. Its fleet grew from four to 15 vessels, while its workforce expanded from 50 to over 200 employees. The company also extended its footprint beyond Nigeria into Angola, aiming to dominate the African marine logistics sector.
Speaking at Tamrose’s ‘Celebration of Growth and Impact,’ Minister of State for Petroleum Resources, Heineken Lokpobiri, praised the company’s integrity and growth, warning that the government would take legal action against 49 other firms that have yet to honor their NCI fund obligations. “The fund was never free; it is meant to develop globally competitive indigenous firms,” he stated, emphasizing the role of strong logistics companies in Nigeria’s oil and gas success.
Tamrose’s Executive Chairman, Ambrose Ovbiebo, highlighted how the NCI fund enabled the company to train over 100 young professionals capable of competing globally. He described the company’s journey as a testament to tenacity, focus, and strategic investment, stressing that the success of indigenous service providers is critical to Nigeria’s energy sector growth.
Felix Ogbe, Executive Secretary of NCDMB, echoed the praise, noting that Tamrose’s achievement showcases the potential when funding, professionalism, and opportunity converge. He also revealed that the Nigerian Content Equity (NCE) fund will be launched at the Practical Nigerian Content Forum in Bayelsa from December 1-4, aiming to boost the growth of local firms and strengthen the country’s oil and gas supply chain.
source: The Guardian